McCain’s Involvement in ’80s Keating Scandal
Rears its Head in 2008 Election
After meriting a couple of momentary mentions during the primary season, the “Keating Five” scandal — the 1980s savings-and-loan debacle that Sen. John McCain once called the biggest mistake of his career — now has surfaced again in all its ugly glory.
As global financial stability today teeters on the edge of collapse, those looking for reasons leading to the present meltdown should take a close look at the Republican presidential candidate’s regulatory philosophy over his quarter-century in Congress and his role in the infamous S&L scandal.
After GOP vice presidential candidate Sarah Palin’s latest vitriolic attack over the weekend attempting to tie Barack Obama to a 1960s-era anti-war “domestic terrorist”, the Obama campaign today responded in kind — releasing a 13-minute video documenting McCain’s shameful record in the Keating scandal and why it is relevant today.
Read more about the issue at the Daily Kos, in a recent Washington Independent commentary or at KeatingEconomics.com, or view the trailer and full video below:
Trailer (0:36)
Video (13:26)
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It’s really interesting. Some are saying that Obama is stooping to the same level as McCain by releasing the video. There is no comparison between Ayers and the Keating-5. McCain was reprimanded by Congress for helping a crook (Keating) swindle customers and cause the collapse of banks (savings and loans). Sound familiar? It looks like McCain hasn’t learned his lesson. As for Ayers, he served on two boards in the past with Obama and they haven’t had any contact since he was elected to the Senate. They aren’t friends. Republicans are trying to paint Obama as scary, but the reality is that 50-60 million people have seen him at odds with this caricature. McCain’s attack strategy with Ayers, etc. in the last several days has backfired. They are simply out of ideas and they are running out of time!