The media is certainly asleep at the wheel on this one. McCain claimed that it was shameful act and darkest moment in his life as Senator in the Keating Five scandal. What he left out is that McCain, himself, was pulling strings for Chares Keating when he was in Congress. In 1982, McCain was elected to Congress. He served two terms and was then elected to the Senate in 1986. What happened in 1982 while McCain was Congressman? McCain wrote five letters at Keating's request to supported a bill to forestall direct investment rule:
Keating was unhappy with the direct investment rule and began actively lobbying against it. Senate Ethics Committee Special Counsel Robert Bennett explained during the 1990 Keating Five hearings that John McCain wrote at least five letters to regulators, Treasury [see above pic] and White House officials to argue against these proposed restrictions on risky investments by S&Ls.
Bennett said that “In 1984 and ‘85, then Congressman McCain wrote several letters to Chairman [Edwin] Gray [of the Federal Home Loan Bank Board] and White House officials urging them to postpone promulgation of the direct investment rule… There is evidence that Senator McCain did so at the urging of Mr. Keating or other representatives of Lincoln.”
McCain’s work for Keating also included signing onto a bill to delay the direct investment rule in 1984 [Senate Ethics Committee Keating Five Investigation, 1990; HCONRES 363, 98th Congress]
Keating was unhappy with the direct investment rule and began actively lobbying against it. Senate Ethics Committee Special Counsel Robert Bennett explained during the 1990 Keating Five hearings that John McCain wrote at least five letters to regulators, Treasury [see above pic] and White House officials to argue against these proposed restrictions on risky investments by S&Ls.
Bennett said that “In 1984 and ‘85, then Congressman McCain wrote several letters to Chairman [Edwin] Gray [of the Federal Home Loan Bank Board] and White House officials urging them to postpone promulgation of the direct investment rule… There is evidence that Senator McCain did so at the urging of Mr. Keating or other representatives of Lincoln.”
McCain’s work for Keating also included signing onto a bill to delay the direct investment rule in 1984 [Senate Ethics Committee Keating Five Investigation, 1990; HCONRES 363, 98th Congress]
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