Spring Break
Time For Straight Talk About McCain's Ethics
Bryan Murphy
Issue date: 3/17/08 Section: Commentary
Thus far, it's been a good presidential primary season for mudslingers-cum-historians, with revelations coming out about Obama's drug-use and Clinton-haters scouring through every pore of the Bill presidency for facts they can use against Hillary. Oddly enough, though, John McCain - with by far the longest and most interesting of records to examine - has been getting a relative free pass from the media. Thus, it's only appropriate to go highlight some of the events in the life of the Republican who would be president, especially events that can help voters judge and interpret McCain's personality.
The Keating Five scandal is obligatory reading for a primer on McCain, though many of the younger generation are entirely unaware of the ordeal. Quickly summarized, there was this guy named Charles H. Keating, Jr. Keating ran a savings and loan institution called Lincoln S&L Association. Keating, well, he kind of ran Lincoln into the ground, racked up losses which would cost American taxpayers around $3 billion to recover from and garnered himself a decade-long state sentence for fraud, racketeering and conspiracy. Keating was the kind of guy who knew how to work things, so he was out of jail within four years.
Actually, who Keating knew ended up being more important than Keating himself. Question: How do you rack up over $3 billion in losses without the protection of the politically powerful? Answer: You don't. Instead, you contribute to the campaigns of five senators - four Democrats and one young(ish) Republican, a certain Sen. John McCain - and then ask them to pressure regulators to ease up on your S&L. The senators complied, earning themselves the moniker of the "Keating Five," and their corruption became a story bigger than the actual failure of Lincoln itself.
Of all the five, McCain's connection to Keating was a particularly interesting one. Not only had McCain received campaign contributions from Keating, but the two were personal friends. Keating had allowed McCain free use of his private jet, and McCain and Keating's respective families had vacationed together repeatedly at an estate owned by Keating in the Bahamas.
The Keating Five scandal is obligatory reading for a primer on McCain, though many of the younger generation are entirely unaware of the ordeal. Quickly summarized, there was this guy named Charles H. Keating, Jr. Keating ran a savings and loan institution called Lincoln S&L Association. Keating, well, he kind of ran Lincoln into the ground, racked up losses which would cost American taxpayers around $3 billion to recover from and garnered himself a decade-long state sentence for fraud, racketeering and conspiracy. Keating was the kind of guy who knew how to work things, so he was out of jail within four years.
Actually, who Keating knew ended up being more important than Keating himself. Question: How do you rack up over $3 billion in losses without the protection of the politically powerful? Answer: You don't. Instead, you contribute to the campaigns of five senators - four Democrats and one young(ish) Republican, a certain Sen. John McCain - and then ask them to pressure regulators to ease up on your S&L. The senators complied, earning themselves the moniker of the "Keating Five," and their corruption became a story bigger than the actual failure of Lincoln itself.
Of all the five, McCain's connection to Keating was a particularly interesting one. Not only had McCain received campaign contributions from Keating, but the two were personal friends. Keating had allowed McCain free use of his private jet, and McCain and Keating's respective families had vacationed together repeatedly at an estate owned by Keating in the Bahamas.
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