John McCain was directly involved in sheltering Charles Keating, whose Lincoln Savings and Loan failed, forcing US taxpayers to pay $3.4 billion to make up for the debacle. Also more than 20,000 Americans lost their savings. Charles Keating was an active and major supporter of McCain and vice-versa throughout the years leading up to and during the S&L’s failure and the resulting scandal. In 1991 McCain was reprimanded by the Senate Ethics Committee for his involvement in aiding Charles Keating.
Now McCain wants voters to believe he represents change from the Republicans currently in Washington--the ones who are against federal regulation of financial institutions. McCain is against – McCain!
The gap between facts and talk can't get much wider.
McCain's campaign is working hard to draw attention away from the causes of the financial crisis - Keating-like non-regulated, high-risk investments. According to news reports in Seattle Times, Los Angeles Times and others, McCain intervened on behalf of Charles Keating with federal regulators who were working to prevent banking fraud, and McCain fully backed legislation that would delay regulation of the savings and loan industry – which, in turn, allowed Keating to continue his fraud which cost taxpayers $3.4 billion and ultimately lost over 20,000 investors (Joe Six-Packs and Hockey Moms) all of their savings.
To draw attention away from the financial crisis and his part in it this week McCain's campaign through Palin, is taking up an attack on Obama for his association with William Ayers, a former member of the Weather Underground. The Weather Underground were activists against the war in Vietnam in the late 1960s. Obama met Ayers 26 years later – nearly 30 years after the Weathermen had disbanded. That's quite a lot of time between Ayer's actions and his meeting with Obama. Too bad McCain can't claim that kind of distance from the financiers who brought us the current recession and $700 Billion buy-out.
Causes Priscilla Hodgkins Supports
Stillpoint Retreat Center, Mechancville, NY...