Keating 5 Survivor John McCain Now Favors Regulating Same Industry He De-Regulated Wh

[soblessed53]

Keating 5 Survivor John McCain Now Favors Regulating Same Industry He De-Regulated When Lobbied 15 Years Ago
Posted September 17, 2008

McCain, a champion of deregulation in the Senate, former Commerce Committee Chair, has taken an abrupt about face on the economy after yesterday's suicide mission in which he called the fundamentals of the economy strong.

In that one statement, then the support of regulation of finance, McCain has demonstrated that he is right. He doesn't know much about the economy. The late Tim Russert brought that out on Meet the Press not long ago.

Surely someone who was a target of the Keating 5 investigation understands this. Remember that one in the early nineties, when McCain helped a banking mogul who was lobbying him to de-regulate the S&L's?

http://www.huffingtonpost.com/jennifer-donahue/as-of-today-fundamentals_b_127030.html

 

[soblessed53]

 

[Sketcher]

I view his campaign finance reform as sort of a "penance" for that.

 

[GeorgeKillen]

I forget, what was McCain convicted of?

 

[soblessed53]

I forget, what was McCain convicted of?

He wasn't convicted,and I didn't say he was,but he was part of the scandal,and had appeared before the Senate Ethics Committee.

However,neither was he 'exonerated' of all wrongdoing!

 

[Sketcher]

Nothing. He was reprimanded for having bad judgment during his earlier years in Congress. Other representatives got it considerably worse.

 

[Ryal Kane]

I forget, what was McCain convicted of?

Given his change of position on just about everything he believed in a few years ago, it's hard to say if he has any convictions left at all.

 

[soblessed53]

Given his change of position on just about everything he believed in a few years ago, it's hard to say if he has any convictions left at all.

You sure got that right!

 

[jamesrwright3]

He was exonerated..according to the NY Times

http://query.nytimes.com/gst/fullpage.html?res=9F05E7D9123CF932A15752C1A96F958260

 

[soblessed53]

He was exonerated..according to the NY Times

http://query.nytimes.com/gst/fullpage.html?res=9F05E7D9123CF932A15752C1A96F958260

I guess technically that is true. You can choose to believe what you want,and I will believe what I want. At least I will stick to the facts,and not make up lies about it. Note the OP is about his role in Deregulation and his flip-flop now,it does not say he was convicted in the Keating Five scandal.

All the senators denied they had done anything improper in the matter, and said Keating's contributions made no difference to their actions.[19] The senators' initial defense of their actions rested on Keating being one of their constituents; McCain said, "I have done this kind of thing many, many times," and said the Lincoln case was like "helping the little lady who didn't get her Social Security."[22]

The Ethics Committee's investigation focused on all five senators and subsequently lasted 22 months,[20] with 9 months of active investigation and 7 weeks of hearings.[24] It reported on the other four senators in February 1991, but delayed its final report on Cranston until November 1991.[24]

McCain and Keating had become personal friends following their initial contacts in 1981,[11] and McCain was the closest socially to Keating of the five senators.[25] Like DeConcini, McCain considered Keating a constituent as he lived in Arizona.[22] Between 1982 and 1987, McCain had received $112,000 in political contributions from Keating and his associates.[26] In addition, McCain's wife Cindy McCain and her father Jim Hensley had invested $359,100 in a Keating shopping center in April 1986, a year before McCain met with the regulators. McCain, his family, and their baby-sitter had made nine trips at Keating's expense, sometimes aboard Keating's jet. Three of the trips were made during vacations to Keating's opulent Bahamas retreat at Cat Cay. McCain did not pay Keating (in the amount of $13,433) for some of the trips until years after they were taken, when he learned that Keating was in trouble over Lincoln.[7][27]

Glenn and McCain: cleared of impropriety but criticized for poor judgment

The Senate Ethics Committee ruled that the involvement of Glenn in the scheme was minimal, and the charges against him were dropped.[28] He was only criticized by the Committee for "poor judgment."[30]

The Ethics Committee ruled that the involvement of McCain in the scheme was also minimal, and he too was cleared of all charges against him.[29][28] McCain was criticized by the Committee for exercising "poor judgment" when he met with the federal regulators on Keating's behalf.[7] The report also said that McCain's "actions were not improper nor attended with gross negligence and did not reach the level of requiring institutional action against him....Senator McCain has violated no law of the United States or specific Rule of the United States Senate."[31] On his Keating Five experience, McCain has said: "The appearance of it was wrong. It's a wrong appearance when a group of senators appear in a meeting with a group of regulators, because it conveys the impression of undue and improper influence. And it was the wrong thing to do."[7]

After McCain became a leading Republican contender for the U.S. presidency in the 2000s several retrospective accounts of the controversy contended that McCain was included in the investigation primarily so that there would be at least one Republican target.[32][33][34][14] Glenn's inclusion in the investigation has been attributed to Republicans who were angered by the inclusion of McCain, as well as committee members who thought that dropping Glenn (and McCain) would make it look bad for the remaining three Democratic Senators.[32][34] Democrat Robert S. Bennett, who was the special investigator during the scandal, suggested to the Senate Ethics Committee that it pursue charges against neither McCain nor Glenn, saying of McCain, "that there was no evidence against him."[33] The Vice Chairman of the Ethics Committee, Senator Warren Rudman of New Hampshire, agreed with Bennett, but the Chairman, Senator Howell Heflin of Alabama, did not agree.

http://en.wikipedia.org/wiki/Keating_Five

 

[Sketcher]

I guess technically that is true. You can choose to believe what you want,and I will believe what I want. At least I will stick to the facts,and not make up lies about it.

I would think 17 years between now and then is ample time for a principled change. By using this as evidence for a supposed flip-flop, you are the one telling the lie.

 

[soblessed53]

I would think 17 years between now and then is ample time for a principled change. By using this as evidence for a supposed flip-flop, you are the one telling the lie.

John McCain is very well known as, and admitted to being a deregulator,and his stance on deregulation only recently changed as the many news articles on this board have him saying so himself,which I'm sure you are very well aware of,so you really have some nerve calling ME a liar!

Fred Thompson's the one
February 06, 2008
I'm fundamentally a deregulator, a free-trader, a free-enterpriser," says McCain, as he begins to rattle off a list of libertarian bona fides.

http://sisu.typepad.com/sisu/fred_thompsons_the_one/

 

[Sketcher]

Deregulation isn't bad, but McCain is much more regulation-friendly than most Republicans. And he again, he led the charge for campaign finance reform, which was probably influenced by the guilt he felt after Keating 5.

 

[soblessed53]

Campaign Finance Reform a Loser Among Conservatives

ARLINGTON, Va. — Conservatives attending their annual gathering in the Washington suburbs this week say they are willing to fight current campaign finance reforms all the way to the Supreme Court if they have to.

http://www.foxnews.com/story/0,2933,44571,00.html

 

[`jayne]

Why are you using the phrase "Keating 5 survivor"?

 

[soblessed53]

Why are you using the phrase "Keating 5 survivor"?

I am not,is was the headline of the article which we are not allowed to change.

 

[`jayne]

Not allowed to change? Never knew that. Can you paste the rule here for me, I have not seen that.

But as to the title of the thread, you are allowed to use your own words, right?

 

[soblessed53]

Not allowed to change? Never knew that. Can you paste the rule here for me, I have not seen that.

But as to the title of the thread, you are allowed to use your own words, right?

Nope not allowed to do either! You will have to read the rules for yourself. Or you could PM a MOD.

 

[jamesrwright3]

John McCain is very well known as, and admitted to being a deregulator,and his stance on deregulation only recently changed as the many news articles on this board have him saying so himself,which I'm sure you are very well aware of,so you really have some nerve calling ME a liar!

Fred Thompson's the one
February 06, 2008
I'm fundamentally a deregulator, a free-trader, a free-enterpriser," says McCain, as he begins to rattle off a list of libertarian bona fides.

http://sisu.typepad.com/sisu/fred_thompsons_the_one/

Sorry John McCain is in favor of sensible regulation. He is not an anarchist as you are trying to make him out to be

 

[`jayne]

what about the other thread about the 9pt lead in the poll? You changed the title in that one?