Another McCain Involved In Bank Collapse?
By Nicole Belle Monday Jul 28, 2008 3:00pmIt appears the apple doesn't fall far from the McSame. The Political Base:
Almost exactly 20 years ago -- in the middle of the saving and loan crisis -- federal regulators seized Lincoln Savings and Loan Association of Irvine, California. The takeover took place more than a year after five United States senators had tried to hold-off a government investigation by the Federal Home Loan Bank Board into Lincoln's risky loan practices regarding home loans.
Those five senators included Sen. John McCain (R-AZ) and the chairman of Lincoln was Charles Keating -- who was not only a top McCain donor but was Cindy McCain's business partner in a real estate deal in Arizona (as I detailed earlier this year). This scandal -- known as The Keating 5 -- remains an albatross for McCain's political career.
As a result of Lincoln's collapse, American taxpayers lost more than $2 billion on the bailout and more than 21,000 mostly elderly investors lost their life savings as a result of bankruptcy of Lincoln's parent company.[..]
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.
Mr. McCain previously served as a director of Choice Bank in Scottsdale, Arizona from 2006 to April 1, 2008 when Choice Bank merged into Silver State Bank. Mr. McCain had been appointed to the Boards of the Company and Silver State Bank in February, 2008 and had served on the Audit Committee.
Andrew is none other than the son of John McCain.
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How come nobody mentions Neil Bush anymore when they talk about these things?
Ya just can't make this stuff up. If someone wrote a novel with a plot like this, the publishing houses would never publish it. Who'd ever read something that crazy?
IOKIYAR
A chip off the old block.
this is another nail in the mcgaffey duck coffin...
which is what i would be saying if the media actually did its job, and actually focused on important issues.
but, once again, one of the members of the ruling class is allowed to skirt around these landmines, with the media running 3 yards ahead with the mine detector.
like father like son
just one more criminal family
affair. let's see how long the
media will try to cover this up.
The McCain's are a veritible wellhead of intellectual and moral prowess
this will keep happening unless you actually punish them...
got corruption?
scandals? your soaking in it!
Net Neutrality
Surragote Michael Powell
(what a D*ck)
McCain’s upcoming policy statement is expected to serve as a rejoinder to Obama’s technology platform. The Democrat supports “network neutrality” rules that would require broadband providers to treat most Internet traffic the same, while McCain does not. Obama also wants to draw a line on further consolidation it the media industry, which legislation backed by McCain has encouraged.
http://public.cq.com/docs/cqt/news110-000002912191.html
WTF is an internal "Audit Committee"? Oh, it now comes to me; it's kind of like the
"creative accounting dept." at Enron.
Crook just seems to run in their blood. Is there a particular gene that causes them to avoid playing by the rules?
Today’s GOP is a freak show of hate-filled sociopaths, immoral religious and social extremists, insecure, overcompensating, irresponsible, dangerously incompetent, war-mongering imperialists and greedy, exploitive corporate anarchists. Just look at the odious and inadequate carnival barkers and snake oil salesmen the Republican Party had competing to be their presidential candidate. Being an Irish Catholic Democrat raised with four younger siblings by an uneducated single mom, I have never agreed with social conservatives, but compared to Bush’s Republican Party Eisenhower’s Republican Party was a liberal bastion of social and economic enlightenment and pluralism. Defending the actions of today’s GOP is advocating ignorance and evil over common sense and common decency. It would be hard to imagine that any presidential administration, Republican or Democrat, could have been as malicious, polarizing, undemocratic, corrupt or destructively pernicious to the founding causes and defining principles of our republic than George W. Bush’s. I am surprised that I am ashamed for the “good” Republicans, only because I could’t have imagined how “bad” some Americans were capable of being.
Will he get a big bonus now or did he already get it?
antoniseb @ 1:
I have been wondering that myself since oh, I dunno...2000...
AND, yet isn't it fascinating that despite all the crapola going on with banks today NO ONE in our illustrious media ever even brings THE KEATING FIVE...can you imagine the conservative talkers/bloggers/media giving a pass like that to Hillary and Bill...why they make every snarky comment they can on a daily basis (along with idiots like BIG EDDIE SCHULTZ)
Man... this all reminds me of the history books describing the reign of Louis and Marie Antoinette... time for a revolution, my friends. Seize power and storm the (proverbial) Bastille! Overthrow those who think they have some inherent "right" to rule others.
pissed off patricia @ 14:
Don't know, but as most of us are aware, a "golden parachute" is typical for
BIG Business managers/executives, so suspect no different in this instant;
regardless if Company is solvent or insolvent...Just part of "doing business"
Image if this was OBAMA'S son.
We would have breaking bulletins and 24/7 non-stop repetition of this story.
If it was Obama's second cousin we would have non-stop 24/7 repetition.
If it was someone Obama had dinner with 6 years ago the story would be plastered everywhere.
osage @ 13:
Awesome! Absolutely the best description yet! Though ya forgot closet homosexuals filled with self loathing.
flavor409 @ 19:
I have heard that you'll be able to find this on page 7 of the Scottdale paper one
maybe Thur. or Fri. of this week...or maybe one day next week.
flavor409 @ 19:
Yep, that's what I was thinking. If this were a relative of Sen. Obama, cable would be ignoring the earthquake and instead be talking about this 24/7. They would be saying if we can't trust his relatives, how can we trust him?
flavor409 @ 19:
The current sitting president's grandfather was part of a coup to overthrow the United States government in the 30s, was found guilty of aiding the enemy during WWII, his baby brother (Neil Bush) was involved in one of the biggest financial scandals in this country's history (the savings an loan crisis of the 80s), his sister in law was detained and prosecuted for contraband (Jeb's wife), several of his nephews have been detained (from restraining orders issues against them, to crack possession), his wife actually committed manslaughter (the first first lady with a confirmed kill to her name), his daughters have been convicted of underage drinking AND possession of falsified ID (which is actually a federal offense). That is besides his own shenanigans (drug problems, DUI, and actual desertion from the military)....
You would think that a single one of those items would have enough to sink any sort of presidential run, alas... the US mass media should be tried for crimes of treason. And I am not fucking kidding...
The Republicans are good at raking in millions and sticking the taxpayer with the bill. The Bush Crime Family's savings and loan scandal http://rationalrevolution.net/war/bush_family_and_the_s.htm
Then there's McSame's economic advisor Foreclosure Phil http://www.motherjones.com/news/feature/2008/07/foreclosure-phil.html
And now Andrew McSame has his hand in the kitty.
Yea, we really need 4 more years of this.
Which one of McCain's families is this kid from?
If Sen. Obama picks Sen. Biden as his veep (which I don't believe he will) get ready for the press to dig up the old plagiarism story from a zillion years ago. But the Keating 5, not a word.
I am so ashamed of Republican politicians and their sickening offspring and Republicans in general. Republicans are the leading lowest form of organized criminals in human society. What does it mean to be an American in the 21st century?
flavor409 @ 19:
No need to imagine, did you forget the fun and games that was to be reminded by the MSM for almost 1 month what his pastor said 7 years ago?
The fun part? Nothing that his pastor said was wrong, remotely criminal, nor inaccurate.
Now, I am sure that the fact that some people say that (FOX news for "I just pulled that out of my arse and since journalism in the USA is a fucking joke I don't have to provide any sort of reference, source, or proof of that statement") Michelle Obama may have said "whitey" 20 years ago will be far more reason to be concerned that John McCain's son actually committing a serious financial crime.
what's that smell?
the rotting, decaying corpse of our democracy.
Andrew K. McCain (age 46) is also Chief Financial Officer of Hensley & Co. (Phoenix, AZ) - the fourth largest Anheuser Busch distributor in America and the source of Cindy McCain's (inherited) wealth.
"daddy what should i be when i grow up ?"
"how about a crook and swindler like i was, it worked for me, then you can get into politics and make a killing, marry a girl just like dear old mom and run for president."
Time to spend more time with his family. Republican's seem to be doing that quite a lot lately.
The modern conservative movement is a total sham which is coming more and more to light. This Itis an old school conservative's take on what has happened with the way the GOP has run things. It is very interesting to see what a REAL compassionate conservative is (or was - for I think few exist).
What's so funny (in an ironic sense, of course) is that they are getting what they wanted but what they wanted didn't play out as they thought it might.
And it's imploding around them.
And I hope for a total and complete collapse. Forever.
Tyler Durden @ 23:
Right on "Sir"
Oh what a Tangled web They Weave .... etc. etc.
And still there is a large number of dumbf*cks who will poll on the side of
McSwindle. They will continue to vote against their own best interest.
The Moron factor seems to be growing pretty fast.
They are like mushrooms, kept in the dark and fed a bunch of shit.
I read the Reuters articlce inthe attached link and it doesn't mention anything about the Silver Stae Bank collapsing or being in financial trouble. Just says that Andy the K resigned from the their board - becasue he was recently appointed as Chariman of the Greater Phoenix CHamber of Commerce.
So, what did McCain's kid do? Is the bank failing?? Looks like he's just changing jobs....
Roger Clinton is amused by this thread.
Why does anybody think this is gonna matter?
Know the ol' memory hole?
Kerflush!
The only thing that matters is whether the bosses have decided to let Obama fail spectacularly, or to go McShame, with the status quo, and keep a confirmed thief, liar and murderous thug in power.
you think any ot this matters? Bwahahahahahahaha
Amitola @ 35:
Very, very good point. I too am having somewhat of a problem with indications/implications the Bank, at which McCain's son worked, is in financial
distress or is failing, for I find no such indication. Does someone have any proof
or information that the Silver State Bank is collapsing????
Rusty Shackleford @ 25:
His mother is NOT the c*nt/trollop...
Well....Bush/McSame has something in common. Bush family member was also involved in a Savings & Loan Scandal.
I wouldn't be surprise if the same gangs of Crooks and Liars (many of the Top 1% and their clueless misguided misinformed GOP followers) will attempt to "TRY" get McSame the presidential seat come November 2008.
Off course the Main-stream media will do its part to put the lid on their Republican patsy boy and censore any scandal linked to McSame in order to remain in control of our GOVERNMENT puppets. They want to be able to pull the string whenever they need to. What better candidate to do this but a notorious crook and liars.
I am not worried about it. The empire's will eventually crumble and his pirate's ship will eventually sink in time and take everyone linked to them in hell
Right on Osage.
The Repugs could be running no one at all or maybe a dead body and the MSM would still be touting him/her as a viable candidate. If the Repukes get in again, it's all over for the experiment known as democracy.
Privatize the profits, socialize the losses. The Keating 5 only cost us taxpayers 2 billion; a drop in the bucket compared to the housing bailout us taxpayers have to pay for. We the people are being looted en masse and few seem to care. We barely sneeze at anything that costs half a trillion now. Inflation is out of control.
Amitola @ 35:
My screen name is honest, not in the least sarcastic. I come to this site several times a day for political information. I trust C&L to be above board.
BUT...I have to agree with Amitola, where's the beef? (Yes, I'm old, but feel free to play on my lawn.)
Just a few stories down, you run the story about Mitt Romney calling McCain dishonest. I am NOT going that far, but C&L, unless you can link to something amiss with this particular bank company, I do feel that you are being, at the least, misleading.
Do Not Lower Yourself To Their Level.
Thank you. I truly am an Adoring Fan, and I want to stay that way.
Neil Bush, director of Silverado Savings and Loan....
Issued a loan to John Hinckley Sr., (father of would-be presidential assassin John Hinckley, Jr.)
Had dinner with Neil on the day Reagan was shot...
Oh, by the way... John Sr., was President G HW Bush (41) #1 campaign contributor during his failed 1980 Presidential bid. (of course he took advantage of Reagan's offer to make him VP)..
Peas of a pod.
please... with our bought-and-sold corporate media, nothing hangs like an albatross around McShame's neck. NOTHING.
Ah, there it is, in the "The Political Base" link.
"Be mindful that while Silver State Bancorp has not been seized by federal regulators, it isn't hard to conclude that they're near the top of the watch list. Just last week, the investment site The Motley Fool listed Silver State as three bank stocks not to buy right now. Last month, fears were raised in another Motley Fool analysis of underperforming loans that showed Silver State in dire straits....
"Already this morning, Silver State (SSBX) is down another 10 percent.
"So what is going on? Why did McCain leave the bank's board so suddenly?
"Here's what my political gut is telling me: It was pointed out above that Andrew McCain served on the bank's audit committee -- the entity which would know most about the bank's financial situation and its portfolio of increasingly bad loans. Is McCain fleeing the bank, knowing that federal regulators are likely to seize it in short order and did not want his name attached to a collapsing bank right in the middle of a presidential race where his dad is the trailing nominee and whose own political history is soiled with unethical actions involving a bank collapse during the last great banking crisis?"
Thanks again C&L. I Love You Guys!! (Again, I'm old. Is it OK capitalize just the first letter of each word for emphsis? I don't want to be rude or shouting.)
AdoringFan @ 42:
http://finance.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=maxi...
In less than 18 months it has dropped 94.82% in value. I.e. it is a failed bank, McCain's son is being investigated.
It is called a rat jumping ship, the naivete of certain parts of the American populace never ceases to astound me...
AdoringFan @ 42:
True; same point I attempted to make in #38. No need for any of us frequently
visiting this C&L site to automatically "jump on board" and make allegations and/or
associations when they are not on the table. Rumors are not fact...remember that,
so until something concrete or of substance is shown me, I say "lets move on."
The same political faces in government decade after decade, honing the SYSTEM. Those same families put their elite prodigy, undeservingly through power and wealth, in powerfull high-paying positions inside and out of government.
Then we sit back and scratch our heads, gee, how did things get screwed up so easily.
The elite send their kids to college. We send our kids to Iraq to come back and work for their kids. It's a self perpetuating, never-ending cycle.
Tyler Durden @ 46:
Source please, where it indicates McCain's son is being investigaged. Thanks.
doggiebobo @ 47:
Check post #46.
Ah, Lincoln Savings. I worked at their ad agency when the shit came down. The FBI showed up one day to take all our LS client records. Fortunately, we were clean, just dupes.
But why isn't anyone mentioning McLame's Keating 5 involvement these days?
I had been wondering about Keating 5. I was a teenager when my family moved to AZ, right about the time that whole scandal went down, and if I remember correctly, McCain was the only one who did not wind up behind bars (even the state Governor, Fife Symington, got pinched..took culinary classes in prison, and, ironically enough, is now a chef at one of the restaurants in The Esplanade, which is one of the developments which was financed under the whole scam). Point is...how the hell has this not been mentioned even ONCE in the MSM or even on Air America, Keith Olbermann, etc...how has his involvement in one of the biggest rip offs in AZ history, not to mention his wife's ongoing battle with drug addiction, not been mentioned at all this election. (Though, in all "fairness" "C" McCain's drug addiction was in the forefront of the MSM headlines when he was challenging W in 2000.)
Tyler@46: In fact, when I did a Google Search of the Silver State Bank, I found one
site (dated in June of 2008) that the bank had made $5.1 Billion in new SBA loans
during the second quarter. Not being argumentative as to condition of bank, but
it seems some are jumping the gun with statement like."the bank has failed."
Tyler Durden @ 50:
I did, and found nothing in that website that says" the bank has failed and that McCain's
son is under investigation". Give me a more specific reference please.
doggiebobo @ 53:
Please, let me know in which universe you consider a bank losing over 90% of its value in less than 18 months as "not being failed."
Tyler Durden @ 55:
I worked, as an auditor, in the financial arena for over 25 years, and first hand saw
many institutions who lost or were losing money, but until delcared insolvent or claiming
bankruptcy, it is not a "failed" operation.
This is just abominable reporting, even for a blog and even though it's just a reprint of someone else's story. No evidence or reporting of any suspicion of impropriety on Andrew McCain whatsoever. Did he resign from the Board of Directors, a position he was assigned to just this last April, because of potential fallout? Maybe, but so what? He was a very minor shareholder,(1,125 shares) and was not even a key executive. The bank had 90% of it's loan portfolio in real estate in one of the most hardest hit real estate markets in the country. A market where two much larger banks failed just this past weekend.
So he bailed, it appears. But that could be explained from about 100 different reasons. And to print that he had a hand in the collapse, or to state it with a question mark, with absolutely no evidence of having anything at all to do with it is wrong. Very wrong.
dennis @ 57:
We agree Dennis...
doggiebobo @ 58:
Sure you do... troll on troll action always makes me barf a little. Ugh...
I guess it's not just old age that makes McLame crooked; it's in his genes.
privelege and corruption: the two McKeatingFive family traits that stand out the most.
Tyler Durden @ 59:
Tyler, no offense, but you don't know what you're talking about. Doggiebobo is correct, just because the market value of the bank's stock has depreciated 94%, doesn't mean that it has failed. Bank failure is a technical term, look it up. They are still operating. Maybe paring assets, letting go of key personnel, rearranging lines of credit, a whole host of measures, but they have not failed in the bank sense. And the odds that Andrew McCain, in his limited capacity and relatively short tenure there, was at all responsible for the failure, even if it does eventually fail, I would guess is somewhat remote.
And I'd say that if it was anybody's son.
uk visa @ 60:
But the moment that someone suggests that whites are smarter or that blacks are better athlete, you lose it, right?
Osage, the sad news is that, being the cynic that I am, I can envision this as only more of the long decline for our nation that began with the evil brain addled Ronald Reagan. What is worse, with today’s Democratic party firmly planted to the right of Eisenhower there is no end in sight.
antoniseb @ 1:
"You have to look at the entire Bush Family in this context -- as if the family ran a corporation called ‘Frauds-R-Us,’
George Jr.’s specialty was insurance and security fraud.
Jeb’s specialty was oil and gas fraud.
Neil’s specialty was real estate fraud.
Prescott’s specialty was banking fraud.
And George Sr.’s specialty? All of the above." -- Lt. Cmdr. Al Martin, US Navy,(Ret)
While it very well may be Andrew McCain just happened to be working for the wrong bank at the wrong time, but it does raise interest considering his father's background with the Keating 5 and his stepmother, Cindy McCain's business dealings with Charles Keating. He was chairman of Lincoln Savings and Loan Association which was seized during the saving and loan crisis.
A question was posed in a previous post suggesting that McCain had only been appointed to the Board of Directors in April, so he could have little to do with what is happening. This may be true, but McCain certainly has been involved with the banks in question longer than being appointed as a director which actully occurred February 2008. (I know one big month.) Prior to this, Andrew McCain served as a director of Choice Bank in Scottsdale, Arizona dating back to 2006 until April 1, 2008 when Choice Bank merged into Silver State Bank.
Andrew did serve on the bank's audit committee. I am not sure exactly what kind of information Andrew would be privy to, but sure would seem he most certainly played some part in the bank's current standing. Surely McCain had a pretty good understanding of the bank's portfolio and potential impact of the growing list of bad loans.
dennis @ 58:
Do you invest this much time in the misreporting at FOXaganda?
dennis @ 63:
No you wouldn't and I am about done with you troll.
In case you were not aware of, banks are not like other publicly traded corporations in regard to their common stock value. Remember, and I can't believe I am lecturing a troll, that a bank charter revolves around credit. So if you look at their issue debt, and the fact that they are nowhere near the 10% (although for commercial banks I believe it is more) of the minimum in actual reserves that is required. The fact that their stock is worthless compounds the problem even further. And once the FDIC kicks in, an investigation follows... and guess who was one of the people at the top.
I doubt you would be so self righteous and with enough free time to spare your bullshit if you had your money in that bank. LOL...
JTM @ 64:
Wow... someone is itching to be justified in their bigotry.
The Apple doesn't fall far from the tree.
Is Gram related to any of the Keating crew?
Tyler Durden @ 69:
Tyler, again you throw out about seven or eight terms that prove you have no idea what you are talking about. If it wasn't for your arrogance in pretending you do know what it is you're talking about, I might go over every one of them and try to help you out. But the fact of the matter is, even if this bank fails and there is an investigation, there is nothing reported anywhere that implicates Andrew McCain for malfeasance. None that has been reported by any blogger 'covering' it, none by you, try as you might, and none by any poster here jumping at the gun just because someone baselessly alludes to it. His resigning from the board now would afford him no protection from regulators if he had done something improper, either.
He wasn't at the top; you can find that out for yourself by visiting the Yahoo Finance website under the bank's stock symbol. There is a ton of information on this bank you can find out to inform yourself if you want to do the work on your own, but what you won't find is that this bank is now in a failure position as you have claimed, and you won't find that Andrew McCain is under any suspicion for any wrongdoing.
Ask yourself how many people would be on the Audit Committee. Ask yourself how many loan officers there were at the bank. Ask yourself how many people were on the loan approval committee. The CEO, the CFO, the Chief Lending Officer, the Chief Compliance officer, all have responsibilities for what loans get approved, what loans the bank wants to pursue and what risk the bank wants to take. 368 full-time employees work at this bank. Why you or anyone here wants to implicate Andrew McCain as somehow being the chief culprit is obvious, but it's also very dishonest.
dennis @ 72:
The only person here being dishonest is you and your bullshit concern troll
Nice strawmen, btw. And please, go over them...
No one here claimed he was at the top, he is/was however part of the board, and there are responsibilities with such level of involvement. Talk about intellectual dishonesty BTW.
If you are trying to equate the responsibility of a board member with the one shared by a common cashier, you must be even more of a GOP hack that I had guessed.
Funny, how you guys needed so much proof of the obvious... but at the same time you feel entitled to diffuse blame or implication of Mr. McCain Jr as a member of the board, and all with no knowledge or proof yourself.
Enough of the troll feed, go back to your bridge. Thanks.
oh, i get it....they slap on a little after shave,put on the right suit and tie,slip on the wingtips, THEN they loot, pillage, plunder, pick your pocket, rob you blind, screw up your infrastructure and bring down your respected institutions! OOOOOOOH!
A Blog you will want to check out for information about this story is: http://www.faulkingtruth.com/Articles/BlogFest/1097.html
pretty funny quote for a title: "Silver State Bank: What’s Deposited in Vegas Doesn’t Stay in Vegas
by Mark Faulk
"When the casinos treat you poorly, let Silver State treat you like a valued customer."
~ Silver State Bank Motto
Apparently Silver State Bank also has had problems in the past with counterfeit cashiers checks: http://www.fdic.gov/news/news/specialalert/2005/sa3705.html
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