Ok, the Presidential debates are over, but i can't get a couple of John McCain's catch phrases out of my head like "I am A Maverick" and " I have been Known To Reach Across The isle".
Well, McCain seems to make these phrases the cornerstone of his campaign and nothing shows a better example of that than " The Keating 5 Scandal" of 1989.
The Keating Five were five United States Senators accused of corruption in 1989, igniting a major political scandal as part of the larger Savings and Loan crisis of the late 1980s and early 1990s.
The five senators, Alan Cranston (D-CA), Dennis DeConcini (D-AZ), John Glenn (D-OH), John McCain (R-AZ), and Donald W. Riegle (D-MI), were accused of improperly intervening in 1987 on behalf of Charles H. Keating, Jr., chairman of the Lincoln Savings and Loan Association, which was the target of a regulatory investigation by the Federal Home Loan Bank Board (FHLBB).
The FHLBB subsequently backed off taking action against Lincoln.
Lincoln Savings and Loan collapsed in 1989, at a cost of over $3 billion to the federal government.
Some 23,000 Lincoln bondholders were defrauded and many elderly investors lost their life savings. The substantial political contributions that Keating had made to each of the senators, totalling $1.3 million, attracted considerable public and media attention. After a lengthy investigation, the Senate Ethics Committee determined in 1991 that Alan Cranston, Dennis DeConcini, and Donald Riegle had substantially and improperly interfered with the FHLBB in its investigation of Lincoln Savings, with Cranston receiving a formal reprimand. Senators John Glenn and John McCain were cleared of having acted improperly but were criticized for having exercised "poor judgment".
All five of the senators involved served out their terms. Only Glenn and McCain ran for re-election, and they both succeeded. McCain would go on to become the Republican nominee for president in 2008.
Now that is some great partisan leadership! To reach across the isle and being the only Republican involved with this scandal is proof that John McCain is not scared to work with the Democrats.
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