Thursday, September 25, 2008

Hmmm: McSame and the Jackson...oops Keating 5

From Reason Magazine...

McCain was one of five senators who met with regulators in 1987 and encouraged them to ease up on Keating's Lincoln Savings and Loan Association, which was under scrutiny for risky investment practices. The government ended up bailing out the S&L's federally insured depositors two years later at a cost to taxpayers of $3.4 billion, and Keating served several years in prison for fraud, although his conviction was later reversed because of juror misconduct.

Between 1982 and 1987, Keating had steered $1.4 million in campaign contributions and gifts to the five senators. McCain had received $112,000 of that, along with nine trips on Keating's jets to the Bahamas and elsewhere.

For his transgression McSame was reprimanded by the Senate Ethics Committee for his "poor judgment."

For a quick video summary of McSame's ethical scandal watch the short video below.





Perhaps McSame could have learned a lesson or two from the Jackson 5...

"Those other guys will put you down
As soon as they succeed!
They'll ruin your reputation!"

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