Many of us don’t quite understand Sen. John McCain’s new ad highlighting J.D. Hayworth’s past indiscretions. You would think that “people who live in glass houses shouldn’t throw stones.” We remember the infamous “Keating Five” of which Sen. McCain was one of the five. We remember that Mr. Keating had donated $1.3 million to the campaigns of these five senators. Some of you don’t remember the Lincoln Savings & Loan bankruptcy. It cost the taxpayers $3 billion back in 1989. There were 23,000 investors who lost $250 million. Thousands lived in Arizona. Many were elderly who lost their life savings. Sen. McCain and the other senators attended meetings where the chairman of the Federal Home Loan Bank Board felt he was pressured not to investigate Mr. Keating’s Lincoln Savings & Loan. He halted the investigations. I wonder what the investors who lost everything think of Sen. McCain’s new “squeaky clean” image?
(Editor’s note: in 1991, the Senate Ethics Committee ruled that Alan Cranston, Dennis DeConcini and Donald Riegle had substantially and improperly interfered with the FHLBB in its investigation. McCain and Sen. John Glenn were cleared of having acted improperly but were criticized for exercising “poor judgment”.)
Leon Ceniceros, Mesa
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