Flashback: McCain's Presidential Ambitions Raised In Keating Hearing

Prominently featured in the Obama campaign's new Keating Five documentary is a former chief federal regulator named William Black, who had a front-row view of John McCain's role in the Savings and Loan scandal.

"Charles Keating was and is a very nasty, fraudulent guy. His reputation was for 'buying and selling politicians,'" Black says in the new documentary. Moreover, Black notes, Keating and McCain "were confidants, they were mutual political supporters. Of course, the money flowed in one direction, from Keating to [McCain]."

But lest you think that Black is engaging in election year politics, here's video of him discussing the Keating scandal during a Senate Ethics Committee hearing in 1990. He was just as clear then about his feeling that the meetings in which McCain participated were designed to intimidate regulators against intervening in the Keating case:

Q: What made you feel that the meeting was intimidating?

A: Well, first, the meeting itself, and the players involved. We had the whip, and he was #2 on Senate Banking. We had #3 on Senate -- that's Senator Cranston. We had #3 on Senate Banking, Senator Riegle. We had 'recap' pending in front of them, and the Senate by then was our only chance for recapitalization that was anything other than disastrous. We had two bona fide national heroes, in Senator Glenn and Senator McCain... I think Senator Glenn was running for the presidential nomination at that time... We all knew Senator McCain's war record, and he was considered one of those super rising stars in the Republican who quite possibly would be a candidate for the presidency one day on the Republican standard bearer.

Comments

[Jasel]

What's up with the sound? I'm not hearing anything.

[Last-LiberalRepublicans]

ME TOO, No Audio!

[Tobiasism]

What did McCain learn from the Keating FIve?
He clearly did not learn the important lesson that deregulation of the S&L industry cost Americans their pensions and savings.
The same push to deregulate has cost us $700 billion so far in this ruination.
McCain did not learn anything important form that scandal that al ost cost him everything.
I think that it should have cost him everything.

[marinade]

McCain learned that he could get away with unethical behavior that damages the country and hurts the taxpayer.

[eden4barack08]

Bush Sr, had considered McCain as his running mate, but dropped him due to the Keating scandal.
Now, if that was bad enough to stop him from being VP, how in the hell can it be ok for running for Pres?

[Keith52]

There is no sound on this video?

[Tommygun264]

Thank God - I thought I was going deaf.

[markkraft]

Alan Dershowitz has previously contributed to HuffPo, and he was Alan Cranston's lawyer in the Keating Five investigation. At that time, he said that Cranston was made a scapegoat, but that others who were investigated were better at "covering their tracks".

Please HuffPo... encourage Professor Dershowitz to write about his recollections of the investigation. It's something we all need to know, after all this time.

[wbarley]

That ginger beard cannot be real.

[liberalrebuttal]

I can't see the video. Its not playing.

[BartLA]

THE PALINS TIED TO TERRORISM:

http://thebruceblog.wordpress.com/2008/10/06/country-first-sarah-and-todd-palins-troubled-ties-to-aip-alaska-first-secession-and-terrorism/

[guntotenliberal]

But he was found guilty of using poor judgement.
Don't think that is a good thing for him either.

[Ramirez]

McCain was cleared of all charges of wrongdoing in the keating 5 scandal.

[GemNY]

Not true. McCain was not cleared of wrong doing. Check your facts. he was not complicit of committing a criminal activity but he was most certainly smaked for reprehensible behavior. And should have been.

[Ramirez]

McCain was cleared of all charges of wrongdoing. He WAS criticized - as he should have been - for poor judgement, i.e. hanging out with four Democrats and a crooked banker.

[Puddin]

That is not the point...but, tell me this, was Ayers ever convicted? McCain was directly involved (but not really aware of what was going down) with Keating and his actions, Obama was 8 yrs old when the organization rebelled. What is good for the goose, is good for the gander!

[Ramirez]

Ayers tried to k i l l Americans. He spent ten years on the run. The charges were dropped due to prosecutorial misconduct. To this day he is an unrepentant enemy of our nation.

Most recently in Chicago he was a colleague and associate of Barack Obama, a presidential candidate.

[Bitsko]

Being called for "poor judgment" ain't exactly the same as being cleared. That's a big deal in the Senate, where you can get away with murder and still be considered ethical. BTW, do you approve of Senators being bought off? Sounds like it. Light a candle for yourself in church. You may need it.

[AshyLarry]

Right. And OJ never killed anybody right?

[OmniDude]

Just like Joe Scarborugh, Laura Bush and George have not killed anyone

[shelobo]

Obama wasn't involved in Ayers mess either,he was EIGHT years old ,and when he worked for the same Community orginization that Ayers did ,Ayers had 'changed ' his lifestyle ,just as McCain changed his after his involvment in the Keating scandal. All these 'scandals 'about Obama have been known about for several years.To label some one a Terrorists when they aren't ,just for Publicity and Votes is really going a bit overboard. We should be more concerned about how dis-honest Palin/McCain are being .The Palin/McCain ticket are SHAMEING OUR Country ,lies,dishonesty and UNETHICAL Conduct seem to be WHO Palin is .

[Ramirez]

Anyone who b o m bs American buildings and tries to k ill Americans is a terrorist. No decent American would have anything to do with a person like this, ever.

Even politician should have some standards. Some things should be a deal-breaker.

[damebee]

Golly gee I was attending studies at University of Chicago in the 60's at the same time as the Weatherman remember the Beatnick's (probably mispelled that) sat in numerous rallies and speeches I thought was really cool except had to rush home was raising 3 children 2 1/2 in diapers guess that makes me a terrorist! Not ! I'm surprised these morons haven't rounded up every person that were sympathizers!

That was forty eight years ago are these people crazy, Ayres is now a respected professor! That was then this is now, he committed no crimes, just talked about how unfair our social systems were, still are now!

By the way I do have my degree in Economics one of the best Universities around and I did not graduate at the bottom of my class!

Wink wink Sarah, I have my degree in Economics,
'

[cbates]

Real Change must come to our Capitol.

[grantlingel]

McScrewed
http://grantlingel.blogspot.com

[Nancy84]

I don't see how the media can call bringing up this Keating scandal is a negative smear. It is more timely now than ever and is just one more example of McCain's poor judgement. If he had learned anything from that experience, we would be a little more cautious when it comes to deregulation.

[timberdoodle]

CNN has just posted an article on the Keating 5 story Obama broke and confirmed it as true. Poor old John he has lost all his marbles since anyone with a modicum of intelligence had to know this story would come out if the GOP kept up with their dirty politics. Palin/McCain have just too many ghosts in their closets to get into this type of debate.

[JCB360]

If you support Barack Obama and Joe Biden and are tired of all of the republican lies, smear campaigns and swift boat politics, please visit this website

www.republicansareliars.com