In 1991, the Senate Ethics Committee rebuked McCain, finding that he had "exercised poor judgment in intervening with the regulators." The net effect of the actions of the Keating 5 senators was to Prevent Federal Regulations from Intervening a year earlier and Limiting the amount of Exposure to Taxpayers and Investors.
Why is this relevant?
Well, 20 years later, we're back in the middle of another banking crisis and federal regulators have already begun seizing insolvent banks, and this advisory ran on the wires over the weekend:
Silver State Bancorp (NASDAQ:SSBX), the holding company for Silver State Bank, announced today that Andrew K. McCain submitted his resignation today as a director on the Boards of Directors of Silver State Bancorp and Silver State Bank, citing personal reasons.
Andrew is none other than the son of John McCain.
for the complete story
http://firstread.msnbc.msn.com/archive/2008/08/23/1286207.aspx
Why is this relevant?
Well, 20 years later, we're back in the middle of another banking crisis and federal regulators have already begun seizing insolvent banks, and this advisory ran on the wires over the weekend:
Silver State Bancorp (NASDAQ:SSBX), the holding company for Silver State Bank, announced today that Andrew K. McCain submitted his resignation today as a director on the Boards of Directors of Silver State Bancorp and Silver State Bank, citing personal reasons.
Andrew is none other than the son of John McCain.
for the complete story
http://firstread.msnbc.msn.com/archive/2008/08/23/1286207.aspx