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View Full Version : ***Keating Five and Savings and Loan Crisis Key to McCain Takedown***




RPinUptownChi
01-21-2008, 12:24 AM
I believe i have the best smear against mccain, one that doesn't need to mess with vietnam at all.

The Keating Five Scandal was the product of the failure of Lincoln Savings and Loan Association. Over 21,000 mostly elderly investors lost their lives' savings, totalling about $285mil... The federal government took over LSLA and covered about $3bil of losses to many creditors, one of the many hits hung on taxpayers during the S&L crisis...

Charles Keating was the principal at LSLA and inflated the banks assets from about $1bil to about $5bil by 1988. When the Federal Home Loan Bank Board tried to go after Keating the head of FHLBB was discouraged from pursuing an investigation by pressure from five senators on the senate ethics committee, of whom john mccain was one.

It turns out that the 'Keating Five', as they came to be known, had accepted past donations from Charles Keating totalling $1.3mil between the five of them. All senators involved were reprimanded to varying degrees and Charles Keating ended up spending over four years in prison.

This story needs to get plastered all over. The parallels between the S&L crisis and the leveraged subprime debt crisis need to be highlighted big time...mccain needs to be attacked on his ethics and his apology from the other day needs to be shown as just more of the same from the keating business and how he mismanaged that.

i think it would be great, especially in states hit hard by the housing crisis like FL, OH and CA...

Creating a slim-jim format attacking McCain on public record points regarding Keating and drawing parallels between the S&L scandal and the current subprime/economy crisis (which mccain has done nothing to stop despite his positions of power on committees) would go a long way to dispelling the notion that McCain is some sort of ethical superstar and hang keating on him all over again...

SIC EM...

Wiki:

The Keating Five

Charles Keating, Jr.

Lincoln Savings and Loan Association

Savings and Loan Crisis.

MJfromCT
01-21-2008, 12:39 AM
Sadly the media ignores this story and many websites will delete posts mentioning this subject in regards to McFraud.

N13
01-21-2008, 12:55 AM
Romney and Huckabee will do the dirty work here. I guarantee it.

TNFreedom
01-21-2008, 12:59 AM
Romney and Huckabee will do the dirty work here. I guarantee it.

Yup.

RPinUptownChi
01-21-2008, 01:09 AM
it needs to be done...ron paul needs to use the next debate to ask mccain directly about keating and draw a preemptive parallel between the savings and loan scandal, the subprime crisis and looming credit default crisis...if romney and huckabee are gonna do this then what are they waiting for? time to take off the kids gloves and wipe that stupid smirk off of McCain's face...

Kotin
01-21-2008, 01:09 AM
we can always count on our sweater wearing attack dog.