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Author Topic: Ethics, Todays Credit "Crisis", and the Deregulators-tsk, tsk  (Read 1671 times)

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princess of ptTopic starter

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Ethics, Todays Credit "Crisis", and the Deregulators-tsk, tsk
« on: October 20, 2008, 05:13:35 PM »

I'm very conflicted about how clean Obama is running his campaign in comparison to McCain. If you look at any negativity generated on behalf of the Obama ad's, they focus mainly on how sad and pathetic McCain's policies are, how erratic and unorganized McCain and his campaign are, and how McCain lacks anything substantiative as far as any solutions for the issues go.

Between McCain and Palin focused on assassinating Obama's character with lies and exaggerations, I would love for Barry to stand up publicly just once and tick off the vast list of questionable, as well as irrefutable evidence of poor judgments and behaviors of the republican side. From Palin insisting that she did NOT violate any ethic codes in the Troopergate scandal even though the report boldly states otherwise right down to Mccain's role in the Keating 5 debacle.

If you read in depth about this Keating scandal, it is an eerily comparable situation to what we're currently experiencing with our economy on a slightly smaller scale.

The current economic crisis demands that we understand John McCain's attitudes about economic oversight and corporate influence in federal regulation. Nothing illustrates the danger of his approach more clearly than his central role in the savings and loan scandal of the late '80s and early '90s.

John McCain was accused of improperly aiding his political patron, Charles Keating, chairman of the Lincoln Savings and Loan Association The bipartisan Senate Ethics Committee launched investigations and formally reprimanded Senator McCain for his role in the scandal. Today, John McCain is the only major party presidential nominee in US history to have been rebuked, censured or otherwise admonished after a Congressional ethics investigation.

At the heart of the scandal was Keating's Lincoln Savings and Loan Association, which took advantage of deregulation in the 1980s to make risky investments with its depositors' money. McCain intervened on behalf of Charles Keating with federal regulators tasked with preventing banking fraud, and championed legislation to delay regulation of the savings and loan industry -- actions that allowed Keating to continue his fraud at an incredible cost to taxpayers.

When the savings and loan industry collapsed, Keating's failed company put taxpayers on the hook for $3.4 billion and more than 20,000 Americans lost their savings. John McCain was reprimanded by the bipartisan Senate Ethics Committee, but the ultimate cost of the crisis to American taxpayers reached more than $120 billion.

The Keating scandal is eerily similar to today's credit crisis, where a lack of regulation and cozy relationships between the financial industry and Congress has allowed banks to make risky loans and profit by bending the rules. And in both cases, John McCain's judgment and values have placed him on the wrong side of history.


http://www.keatingeconomics.com/



McCain: The Most Reprehensible of the Keating Five


The story of "the Keating Five" has become a scandal rivaling Teapot Dome and Watergate
By Tom Fitzpatrick
Published on November 29, 1989

You're John McCain, a fallen hero who wanted to become president so desperately that you sold yourself to Charlie Keating, the wealthy con man who bears such an incredible resemblance to The Joker.
Subject(s):
John Mc John McCain, Keating Five
 
Obviously, Keating thought you could make it to the White House, too.
He poured $112,000 into your political campaigns. He became your friend. He threw fund raisers in your honor. He even made a sweet shopping-center investment deal for your wife, Cindy. Your father-in-law, Jim Hensley, was cut in on the deal, too.
Nothing was too good for you. Why not? Keating saw you as a prime investment that would pay off in the future.

So he flew you and your family around the country in his private jets. Time after time, he put you up for serene, private vacations at his vast, palatial spa in the Bahamas. All of this was so grand. You were protected from what Thomas Hardy refers to as "the madding crowd." It was almost as though you were already staying at a presidential retreat.

Like the old song, that now seems "Long ago and far away."

Since Keating's collapse, you find yourself doing obscene things to save yourself from the Senate Ethics Committee's investigation. As a matter of course, you engage in backbiting behavior that will turn you into an outcast in the Senate if you do survive.

They say that if you put five lobsters into a pot and give them a chance to escape, none will be able to do so before you light the fire. Each time a lobster tries to climb over the top, his fellow lobsters will pull him back down. It is the way of lobsters and threatened United States senators.

And, of course, that's the way it is with the Keating Five. You are all battling to save your own hides. So you, McCain, leak to reporters about who did Keating's bidding in pressuring federal regulators to change the rules for Lincoln Savings and Loan.

When the reporters fail to print your tips quickly enough--as in the case of your tip on Michigan Senator Donald Riegle--you call them back and remind them how important it is to get that information in the newspapers.

The story of "the Keating Five" has become a scandal rivaling Teapot Dome and Watergate. The outcome will be decided, not in a courtroom, but probably on national television.

Those who survive will be the sociopaths who can tell a lie with the most sincere, straight face. You are especially adept at this.

Last Friday night, on The John McLaughlin Show, which features well-known Washington journalists, the subject of the Keating Five was discussed. Panelist Jack Germond suggested that three of the Keating Five were probably already through in politics.

So you spend your days desperately trying to make sure you will be one of the survivors. You keep volunteering to go on radio and television stations to protest your innocence. Last week you made ABC's Nightline.

Not long before that you somehow managed to get James Kilpatrick, the national columnist, to write a favorable paragraph about you. Last Sunday morning, you made it to national television again; this time on ABC's This Week With David Brinkley. You smiled at the panel with your usual studied insouciance. Sitting next to you was Senator John Glenn of Ohio.

Brinkley, Sam Donaldson, and George Will were the interrogators.
It was a sobering scene. There you sat with Glenn, both sweating before the cameras, waiting to answer questions: two badly tarnished American icons.

No one forgets that Glenn was the first American astronaut to orbit the Earth. You won't let anyone forget that you were a prisoner of war. But you have played that tune too long. By now your constant reminders about your war record make you seem like a modern version of Arthur Miller's tragic failure Willy Loman.

Clearly, both you and Glenn sold your fame for Charles Keating's money.

It was a Faustian bargain. It was also a bad joke on the rest of us and a disaster for many old people who lost their life's savings to Keating.

The money was never really Keating's to give. But he never would have got his hands on it if you and the rest of the Keating Five didn't halt the government takeover for two long years while Keating's people continued their looting.

And now, the tab for the Savings and Loan heist must be paid from taxpayer pockets.

On Sunday, Senators Dennis DeConcini, Alan Cranston, and Riegle refused offers to appear on the Brinkley show. What must we make of that?

You, the closest of them to Keating and the deepest in his debt, have chosen the path of the hard sell. You may even make it out of the pot, but to many, your protestations of innocence taste like gall.

You are determined to bluff your way. You will stick to your story that you were acting to help a constituent and intended to do nothing improper. The very fact you attended the meeting makes you guilty, just as every man who entered the Brinks vault went to prison.

You insist that an accounting firm Keating hired told you Lincoln was sound. Alan Greenspan, who Keating also hired, wrote a report saying it was sound. Why shouldn't you believe the people Keating hired? You were, after all, fellow employees.

Perhaps you might silence your own conscience about all this someday.
Just keep telling everyone that it was your wife's money invested in that shopping center with Keating and that you knew nothing about it.

Keep saying that cynical newspaper people don't understand that every move you make has always been for the enrichment of Arizona . . . the education of our Native Americans on the reservations . . . for the love of the elderly in Sun City and Green Valley.

Keep telling them that it wasn't that you were bought off but that Charlie Keating got special help only because he was one of the biggest employers in the state.

Just keep sitting there and staring into the camera and denying that Keating bought you for money and jet plane trips and vacations.

So what if he gave you $112,000? Just keep smiling at the cameras and saying you did nothing wrong.

Maybe the voters will understand you took those tiring trips to Charlie's place in the Bahamas in their behalf. Certainly, they can understand you wanted to take your family along. A senator deserves to travel on private jets, removed from the awful crush of public transportation.

You sought out a master criminal like Keating and became his friend. Now you've discarded him. It shouldn't be surprising that you are now in the process of selling out your senatorial accomplices.

You're John McCain, clearly the guiltiest, most culpable and reprehensible of the Keating Five. But you know the power of television and you realize this is the only way you can possibly save your political career.






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Re: Ethics, Todays Credit "Crisis", and the Deregulators-tsk, tsk
« Reply #1 on: October 20, 2008, 05:47:20 PM »

I cant fault Obama for his businesslike approach because it's working. If it aint broke, dont fix it.

As far as laying some smack down on McCain for his lies, double-standards, inconsistencies, incompetence and record of failure, that's what sites like this and shows like Bill Maher and Keith Olbermann are for.  :grin:
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Re: Ethics, Todays Credit "Crisis", and the Deregulators-tsk, tsk
« Reply #2 on: October 20, 2008, 07:23:25 PM »

As if the Colin Powell endorsement of Obama, Sunday and William F Buckley's son getting fired or willing to quit from the National Review for endorsing Obama wasnt embarrassing enough for McCain and indicative that his own party is turning against him, more bad news..

Quote
Obama draws crowd estimated at 100,000 in St. Louis
In battleground Missouri, record U.S. crowd gathers
By RASHA MADKOUR, Associated Press Writer 

The sea of humanity that came to stand under the Gateway Arch eventually grew to what a police official estimated was 100,000 people, the largest domestic crowd Obama has assembled during his campaign.

The massive gathering?followed by an evening event in Kansas City that his campaign said drew at least 75,000?created a powerful image of strength in a bellwether state that has gone Republican in the past two presidential elections.

I wonder if [email protected]@ was in the crowd.  :lmao:

That's not all..

Quote
Long lines form as early voting begins in Florida

MIAMI ? Florida kicked off early voting on Monday, with record crowds heading to the polls and voters waiting hours to cast their ballots. Elections officials said the few reported problems were minor.

Registration numbers released Sunday show a 600,000-voter edge for Democrats over Republicans in Florida: 4.7 million versus 4.1 million, with 2.1 million people identifying with neither party.

The McCain campaign acknowledged it expected more Democrats than Republicans to vote early, but says GOP voters have requested 295,000 absentee ballots statewide compared with 199,000 Democrats.

LMAO! GOP voters requested more absentee ballots. Sure thing, McCain campaign, I was one those voters and can't wait to get it in the mail. Don't let me shatter your hopes though. :lol:

Ut oh, what's this, another one like me?

Quote
Farther north in Palm Beach County, about 150 people waited outside the elections office. Many wore Obama T-shirts and buttons.

Dee Keener, 70, a retired secretary, said she voted for Obama ? even though she is a registered Republican.

"Obama's got the inspiration, the intelligence, the will to stay above all the dirty politics. It's just the man. I don't know how to explain it ... I'm shaking just talking about Obama," said Keener, who added she hasn't voted for a Democrat since Bill Clinton in 1992. "

He better get Gayle Quinnell down here asap to start passing out some letters! No? no..?
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princess of ptTopic starter

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Re: Ethics, Todays Credit "Crisis", and the Deregulators-tsk, tsk
« Reply #3 on: October 21, 2008, 06:36:42 AM »

An open letter to Eugene Robinson of the Washington Post in response to his WP article this morning;  :vc:
http://www.washingtonpost.com/wp-dyn/content/article/2008/10/20/AR2008102002393.html?wpisrc=newsletter&wpisrc=newsletter&wpisrc=newsletter

Hello Mr. Robinson,

I will start with saying how much I truly enjoy your commentary and insights with various other personalities like Keith Olbermann, Rachel Maddow, etc. on MSNBC and in your column online with the Washington Post. The camaraderie you share with the other pundits and your concise, articulate, and jovial manner are always a pleasure and I look forward to seeing and reading your opinions and views often.

As a 30 something professional, registered republican, Caucasian single mother of two, independently living in southern Connecticut; who has NEVER voted outside the GOP, words CAN NOT adequately express the passion I feel for the democratic ticket. Both Obama and Biden have impressed me tremendously with their political acumen, integrity, knowledge, judgement, morals, and values. The thought of this team running our country is a massive relief for me. I've reached the point of being physically ill with fear whenever I begin to think about the remote possibility of John McCain as POTUS. The fluid in my spinal cord literally curdles and threatens to compromise my brain stem whenever I hear or see that man speak. When I watch him scathingly flail his puppet like arms, dart his shifty reptilian tongue and beady cold hearted eyes about, I immediately associate his treachery and ugliness with the pessimistically bi-polar, power hungry Gollum character from The Lord of the Rings. Though not quite as histrionically verbose, I'm positive I am not the only individual who feels this way.

The reason I am writing is I just finished reading your piece on Powell's commendable endorsement of Obama. As I mentioned above, I find McCain detestable and in addition, I find his choice for a running mate as an insult on humanity. I admire the responsibility and care Obama's campaign has taken in only marginally attacking the morals and issues of the McCain campaign and I am extremely curious as to why as a pundit, there is not more of a focus on revealing the disturbing past debauchery of McCain, his affiliations with the Keating 5 and its uncannily similar events to our current economic crisis? I feel I've best summed up my views on that situation with a spot of research here: http://3rdrail.net23.net/index.php?topic=37.0

I am also curious as to how you feel about the Obama campaign not being as vociferously aggressive about retaliating against the continual barrage of ignorant and spurious smears the McCain campaign has so desperately resorted to thrusting down the throats of the intelligently lesser inclined?

Thanks in advance for your consideration to my query,



Daniela R.



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