October 6, 2008
Obama Touts Documentary About McCain’s S&L Past
Sen. Barack Obama’s campaign is making sure voters are aware of Sen. John McCain’s transgressions with the savings and loan scandals from the 1980s.Â Earlier today his campaign announced a campaign-sponsored site, www.keatingeconomics.com, which hosts a 13-minute documentary about McCain’s involvement with Charles Keating.
Just months into his Senate career, McCain made what he has called “the worst mistake of my life,” according to the Associated Press. He participated in two meetings with banking regulators on behalf of Keating, a friend, campaign contributor, and S&L financier who was later convicted of securities fraud.
McCain got his reputation as a “Maverick” only after he was called on the cards in the 1980s for opposing federal regulators tasked with preventing banking fraud and sheltering Keating.
Marcia A. Wade is a reporter for BlackEnterprise.com.