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Monday, October 6, 2008

KeatingEconomics.com - a devastating indictment

McCain - Maverick, crusader against corruption?

KeatingEconomics.com , a new site funded by the Obama campaign, exposes McCain's leading role in the 1980’s Keating 5 scandal. Testimony by a former federal bank regulator involved in the Lincoln Savings and Loan case forms the backbone of a documentary which is nothing less than a devastating indictment of the GOP presidential candidate.

“Fraud is the creation of trust and then its betrayal.” – William Black, PhD, former federal banking regulator.

In brief, John McCain was one of 5 senators (the infamous Keating 5) who took contributions from Charles Keating, head of Lincoln Savings and Loan, and then intervened on his behalf to stall regulatory investigation of what Black calls “the worst control fraud in our nation.”

Intervention by the Keating 5 caused a two year regulatory delay – two years that allowed Keating to continue to bilk elderly investors who, with Lincoln’s encouragement, invested $250 million dollars in high risk bonds. The bonds defaulted, Lincoln collapsed and more than 20,000 people lost their savings, at a cost to taxpayers of 3.4 billion dollars. The wider government bail-out of the savings and loan industry cost tax-payers 153 billion dollars by 1999, according to a FDIC report.

What did McCain know about Keating and Lincoln Savings?

“Senator McCain knew the facts because we had briefed him. He knew it was a criminal enterprise. He knew that what was being done was improper… He was uniquely in a position where he could have protested this and stopped this loss. But he did nothing.”

So testifies the regulator who was there, William Black. KeatingEconomics.com lists several background articles, but the video is the most damning document of all, in part due to Black’s intimate involvement in the case.

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