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Posted by: hyperbola 1 year, 1 month ago
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hyperbola1 year, 1 month ago
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McCain's past collides with the present Wall Street debacle.
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Once upon a time, a politician took campaign contributions and favors from a friendly constituent who happened to run a savings and loan association. The contributions were generous: They came to about $200,000 in today's dollars, and on top of that there were several free vacations for the politician and his family, along with private jet trips and other perks. The politician voted repeatedly against congressional efforts to tighten regulation of S, and in 1987, when he learned that his constituent's S was the target of a federal investigation, he met with regulators in an effort to get them to back off.....
.... Could all this have been prevented? Sure. It's not rocket science: A sensible package of regulatory reforms -- like those Barack Obama has been pushing since well before the current meltdown began -- could have kept this most recent crisis from escalating, just as maintaining reasonable regulatory regimes for S in the '80s could have prevented that crisis (McCain learned this the hard way).
But, despite his political near-death experience as a member of the Keating Five, McCain continued to champion deregulation, voting in 2000, for instance, against federal regulation of the kind of financial derivatives at the heart of today's crisis.
Shades of the Keating Five scandal don't end there. This week, for instance, news broke that until August, the lobbying firm owned by McCain campaign manager Rick Davis was paid $15,000 a month by Freddie Mac, one of the mortgage giants implicated in the current crisis (now taken over by the government and under investigation by the FBI). Apparently, Freddie Mac's plan was to gain influence with McCain's campaign in hopes that he would help shield it from pesky government regulations. And until very recently, Freddie Mac executives probably figured money paid to Davis' firm was money well spent. "I'm always in favor of less regulation," McCain told the Wall Street Journal in March.
http://www.propeller.com/story/2008/09/25/mccains-...
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