The current economic crisis demands that we understand John McCain’s attitudes about economic oversight and corporate influence in federal regulation. Nothing illustrates the danger of his approach more clearly than his central role in the savings and loan scandal of the late ’80s and early ’90s.
John McCain was accused of improperly aiding his political patron, Charles Keating, chairman of the Lincoln Savings and Loan Association.
From Keating Economics.com. There’s a 13-minute video on the site that’s ever so informative. Let it load quite a bit before running; it’ll run better without breaking up.
Oh, an FYI….four of the five accused senators were democrats*, something I’d forgotten: Alan Cranston (D-CA), Dennis DeConcini (D-AZ), John Glenn (D-OH), Don Riegle (D-MIN) “were accused of strong-arming federal officials to back off their investigation of Charles Keating, former chairman of the Lincoln Savings and Loan association. In exchange, the senators reportedly received close to $1.3 million in campaign contributions.”
An interesting letter from a student at Ohio State University …..