the Keating 5 interview with John McCain

3.4 billion dollars cost to taxpayers...

https://www.youtube.com/watch?v=i9xgFYu5DEA&feature=related

https://www.youtube.com/watch?v=AmoRh3IWzlw

https://www.youtube.com/watch?v=ZA0YY63_thA&NR=1

Thanks for sharing those links. I remember that Savings & Loan crisis back in 87. John McCain's name was all over the news as a participant in Keatings doings. Today, no one seems to care.

He got away with it, had the right connections apparently. His wife reported it was during 5 1/2 yrs following that ordeal that she became dependent on prescription drugs. She blamed her addition on the difficulty of living thru those days. (She stole the drugs from a charity she was involved with.) Geeezzz, how can we look at those 2 in the White House?

I forgot about all that.... wild...

Lol.. so a congressional committee cleared him of doing anything illegal, but said he had bad judgement.. but hey... what do they know?

yea...reagan was prez. doubt there was any back room dealing involved in that one. maybe sylvia browne revealed to ronnie that this needed to be a soft slap at mccain so when he runs for prez in the future it wont haunt him too badly

floridafun wrote:yea...reagan was prez. doubt there was any back room dealing involved in that one. maybe sylvia browne revealed to ronnie that this needed to be a soft slap at mccain so when he runs for prez in the future it wont haunt him too badly

Good theory... too bad in 1991 when the Senate Ethics Committee returned their findings George H.W. Bush was in office...

Besides... The dem's controlled congress then, if anyone could have controlled the verdict it was them, not the republicans.

floridafun wrote:3.4 billion dollars cost to taxpayers...

not trying to pick nits.

wikipedia says actual cost to taxpayers was around $1.25 Billion. That's a far cry from $700B. I have a hard time trying to reconcile how 741 S&L's fail, and it cost 1.25B, now we have a few large consolidated institutions that sum to $700B?

I hope that number is grossly inflated.

From a very simplistic point of view... the S&L crisis was because the banks themselves were having problems funding their operations, but they were still receiving money from homeowners/investors.

Now banks are not receiving money from the homeowners, who are sticking them with assets not worth what the loan is, they can't get loans for other banks to float them (which is very common) because no one wants to loan anyone any money because they fear it won't get paid. Basically causing a standstill in their operations.

But if you used the wikipedia estimate of $160B that it cost (http://en.wikipedia.org/wiki/Savings_and_loan_crisis) translated from 1989 to 2008 it'd cost $425B today.