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Feds Finally Seize Failed Bank That McCain's Son Ran
One item that I've discussed a great deal here has been that of the failing bank (Silver State Bank) that John McCain's son -- Andrew McCain -- ran as a member of the bank's board of directors and its audit committee. (See previous stories below)
Well, we have an update. The bank has finally failed, and seized by federal regulators on Friday night, making it the 11th bank to fail in the U.S. this year.
In light of the attention being paid to the takeovers of Fannie Mae and Freddie Mac, and the two political conventions, the media seems to be overlooking this very important story on how the son of the Republican presidential nominee -- and one of the campaign's biggest fundraisers -- suddenly and mysteriously resigned from Silver State Bank in July, citing only "personal reasons," refusing to discuss the issue with the media (or even return their calls). Sadly, America is in the thick of the biggest national financial crisis since the savings and loan meltdown of the 1980s and McCain was at the epicenter of the 11th bank failure this year. Yet, silence.
According to the FDIC:
The failure is expected to cost the FDIC deposit insurance fund between $450 million and $550 million...[and] estimated there was about $20 million in uninsured deposits.But nothing from the McCain camp. Maybe they fear the obvious comparison.
Recall that John McCain was at the center of the S&L scandal when he tried to keep federal regulators from investigating the bank of then top donors and Cindy McCain's business partner -- Charles Keating. That scandal -- forever known as The Keating Five -- would emerge as the biggest black mark on McCain's political career resulting in a rebuke by the Senate Ethics Committee.
As they say, the apple doesn't fall far from the tree...Is it too much to ask the media to do its job?
- [Aug 15]: National Media Finally Examining McCain's Son Role In Failing Bank
- [Aug 6]: FDIC Poised To Seize Failing Bank Where McCain's Son Served As Director and Audit Committee Member?
- [Aug 1]: Pres/CEO and Chairman Resign From Failing Bank Where McCain's Son Suddenly Left Last Week
- [Jul 31]: Still No Answer Why McCain's Son Quit Board Of Failing Bank
- [Jul 28]: 20 Years Later: Another McCain At Center Of A Bank Collapse and Government Take-Over?
Mark Nickolas is the Managing Editor of Political Base, and this story was from his original post, "Feds Finally Seize Failed Bank That McCain's Son Ran"
Follow Mark Nickolas on Twitter: www.twitter.com/mnickolas
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How is it that this story isn't side by side up front with the Oil/Sex story. Perfect tie in.
A rich member of the McCain family is involved in the current banking crisis?????.....HMMM.....With all the media hype about lipstick on a pig vs. lipstick on a dog......isn't the topic of a banking crisis in Arizona worthy of their investigation.....this entire news cycle since Plain came on the scene is like a carnival side show.
Yeah, Obama is smart, highly educated, but he's not right for America.....we need more of the same...a rootin' tootin' Annie Oakley coming into town to solve all our problems....seems like we just put a skirt on GW & its the same-old, same old Carl Rove story........How dumb can the American people be!
Apparently McCain's son didn't run the bank. He was on the board for 5 months and left this summer. I don't know what problems the bank had but it's doubtful that (1) McCain's son ran it into the ground in 5 months and (2) As a board member he had sole responsibility for the bank's failure.
The current mortgage mess that we are in did not start just a couple of months ago.
On the other hand since it seems you guys are saying a candidate is responsible for their family, Biden's son and brother are being sued for fraud. Here's a link to their hedge fund fraud story.
http://www.washingonpost.com/wp-dyn/content/article/2008/0823-AR2008092302200.html
Will this son be the one to replace Joe Biden as Senator if Obama wins in November? If so he's off to a great start.
There was a typo on the link. My bad.
http://www.washingtonpost.com/wp-dyn/content/article/2008/08/23/AR2008092302200.html
McCain's son Andy didn't "run" those banks. He was -- for a time -- a member of the board, until he resigned. Andy has been a full-time employee of Hensley & Co.-- where he is now the CFO -- for years.
Why is the Obama campaign waiting for the media to air this story and link it to the Keating 5 scandal?
Obama should come out with a statement and FORCE the issue................... One statement from him and the media will respond.
There have been so many blaring things that have surfaced during this campaign which have been ripe for the picking by the Obama campaign ................... But we hear nothing.
Is Obama waiting for a later date to pounce ..................... there are ONLYl 56 days until the election.
I was hoping that the "anger" that came out at the Invesco Field would continue.
"Why is the Obama campaign waiting for the media to air this story and link it to the Keating 5 scandal?"
Because it's not true that Andy was running that bank?
McCain Jr was deeply involved ................... That's why when the heat was on the bank, he did what McCains do best RUN AND HIDE.
It's only because the MSM have become lap dogs for McCain that this hasn't aired.
McCain Sr and McCain Jr were involved in activities that caused Americans to lose their life savings.
Did one Michael Williams of Williams and Associates have anything to do with this and secondly has anyone on the Democratic side taken a hard look at this fellow and his connection with John McCain and the many public land real estate dealings that have taken place in Arizona and God knows where else?
The NYT and the WP both had articles last spring but then seemed to be chased off the stories.
The fact that the OLD MEDIA isn't dealing with this story of John McCain's son (in spite of dealing with Joe Biden's son) not only reveals that some of them are in the tank for McCain, but also that OLD MEDIA knows that Obama is beating McCain in most of the country.
Yeah, McCain is narrowly ahead in one poll with "LIKELY VOTERS", but Obama is dominating the ground game everywhere with the tens of millions of new voters his campaign has signed up...something John McCain can only dream about.
Possibly, but will these new voters be able to run the gauntlet of the Rethugs' vote suppression tactics? You know they've got it rigged. This is a 'Thugocracy.
david gregory, I know you're reading because you toned down you uber-McCain leanings today on your show (the 10 minutes of it I watched anyway) .. why don't you cover this?
Are you a newsman or a parrot?
Until the public gets informed on their own, we are headed for armageddon....The MSM is not going to cover the way the Rethugs have stolen us blind, they are a part of it.....look at who owns the Media.
Putting family ties aside, banking is one area in John Mc Cain is both experienced and missing in action. As the NY Times noted in a front-page on Sept. 4, his “straight-talking maverick” image emerged after 1989, as a personal reaction to being “caught up in a scandal over meetings with savings and loan regulators on behalf of Mr. Keating, a wealthy donor.”
Mr. McCain has transformed that experience into efforts at campaign finance reform. But in the Republican convention’s mantra of “reform” of Washington, including attacks on “bureaucrats” as obstructing the economy, he and his party leaders have ignored another cause of banking failures in the 1980s and this decade. Confronted with the ruinous impact of subprime lending and other unchecked financial abuses, Mr. McCain, despite his searing first-hand experience with systematic banking failures, continues to support the deregulatory zeal that nurtured this recurring threat to our economic security. Perhaps “shaking up Washington” also requires shaking up the anti-government ideology of self-styled reformers.
like father like son .keating 5 scam again
Dear Koolaide drinkers:
Are we going to hear about how much of our $$$ the Dems ended up with via contributions from Freddie and Fannie?? Curious if you'll dare comment/write about this???
Now the feds need t go after the 501c3 that had an Obama campaign booth at their convention.
That would be the ISNA!
Market Watch reports "Until six weeks ago, Andrew McCain, the son of Republican presidential nominee Sen. John McCain of Arizona, was a member of Silver State's board and also its three-member audit committee. Andrew McCain left the Henderson, Nev., bank July 26 after five months on the board, citing "personal reasons." He is Sen. McCain's adopted son from his first marriage". Note, a member of the board not the man who ran it. And even if he did, is Andrew McCain running for Pres?
Can we talk about real issues.
O.K. lets talk about REAL ISSUES you want to highlight, like;
Moose Hunting
Snowmobile racing
Lipstick
Community Organizers
Number of kids you have
Haircuts
Lapel Flag Pins
Whether or not your particular brand of "Christianity" is PURE enough
Former Ministers idiotic sermons
Color of your Skin
Where your genitalia are (inside or outside?)
You know, IMPORTANT stuff? No?
I would rather discuss "trivial" things like;
War
Poverty
Taxes
Health Care
Infrastructure
The Economy
You know, little things....................
We didn't get into the mortgage crisis that we are now in during a 5 month period. It took a couple of years to build this mess.
On the other hand, did you hear that Biden's son and brother are being sued for fraud in dealings with their hedge fund?
See, another Republican family up to their eyes in Bank Fraud, just like the Bushes. McCain keeps saying he isn't Bush, but the facts keep saying, oh yes he is.
YES HE IS!
YES HE IS!!
YES HE IS!!!
; ^ )
Thanks for documenting prior work about this. It had seemed a bit off the radar, like so many things ... like virtually everything ...
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