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"