John McCain and the Keating Five scandal – Lincoln Savings collapse (Video)
Lets take a trip down memory lane back into the late ’80s and early 1990s when John McCain was a part of the Keating Five. This was was a group five United States Senators accused of corruption in 1989. Four of them where Democrats. The other was John McCain. From Wikipedia:
The Keating Five were five United States Senators accused of corruption in 1989, igniting a major political scandal as part of the larger Savings and Loan crisis of the late 1980s and early 1990s. The five senators – Alan Cranston (Democrat of California), Dennis DeConcini (Democrat of Arizona), John Glenn (Democrat of Ohio), John McCain (Republican of Arizona), and Donald W. Riegle, Jr. (Democrat of Michigan) – were accused of improperly intervening in 1987 on behalf of Charles H. Keating, Jr., Chairman of the Lincoln Savings and Loan Association, which was the target of a regulatory investigation by the Federal Home Loan Bank Board (FHLBB). The FHLBB subsequently backed off taking action against Lincoln.
Lincoln Savings and Loan collapsed in 1989, at a cost of over $3 billion to the federal government. Some 23,000 Lincoln bondholders were defrauded and many investors lost their life savings. The substantial political contributions Keating had made to each of the senators, totaling $1.3 million, attracted considerable public and media attention. After a lengthy investigation, the Senate Ethics Committee determined in 1991 that Cranston, DeConcini, and Riegle had substantially and improperly interfered with the FHLBB’s investigation of Lincoln Savings, with Cranston receiving a formal reprimand. Senators Glenn and McCain were cleared of having acted improperly but were criticized for having exercised “poor judgment”.
John McCain was eventually cleared of impropriety but criticized for ‘poor judgment.’ Ironic isn’t it? That the same old codger McCain who is BFFs with Obama all of a sudden and criticizing Rand Paul is the same man involving in the Keating Five scandal and was the only Republican. McCain, Lindsey Graham, Lisa Murkowski, Richard Burr and Harry Reid could form the Barack Obama Five.