Back in 1987, McCain was one of five U.S. senators who met with federal regulators to urge them not to intervene to stop banker Charles Keating from using Lincoln Savings and Loan deposits for risky real estate investments. When Lincoln went bankrupt in 1989, it helped trigger the S&L collapse that wiped out billions in savings for millions of depositors. Keating went to jail and the careers of three of the senators were ended.
McCain, son of a U.S. Navy admiral, got off easy, offering pious promises to wage war against corruption. Now the “Keating Five” scandal, like an unwanted ghost, is hovering over McCain’s presidential bid.
Tim Wheeler is the national political correspondent for the People's Weekly World, www.pww.org.
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