The Keating Five were five United States Senators accused of corruption in 1989, igniting a major political scandal as part of the larger Savings and Loan crisis of the late 1980s and early 1990s. The five senators, Alan Cranston (D-CA), Dennis DeConcini (D-AZ), John Glenn (D-OH), John McCain (R-AZ), and Donald W. Riegle (D-MI), were accused of improperly aiding Charles H. Keating, Jr., chairman of the failed Lincoln Savings and Loan Association, which was the target of an investigation by the Federal Home Loan Bank Board (FHLBB).
McCain and Keating had become personal friends following their initial contacts in 1981, and McCain was the closest socially to Keating of the five senators. Like DeConcini, McCain considered Keating a constituent as he lived in Arizona. Between 1982 and 1987, McCain had received $112,000 in political contributions from Keating and his associates. In addition, McCain’s wife Cindy McCain and her father Jim Hensley had invested $359,100 in a Keating shopping center in April 1986, a year before McCain met with the regulators. McCain, his family, and their baby-sitter had made nine trips at Keating’s expense, sometimes aboard Keating’s jet. Three of the trips were made during vacations to Keating’s opulent Bahamas retreat at Cat Cay. McCain did not pay Keating (in the amount of $13,433) for some of the trips until years after they were taken, when he learned that Keating was in trouble over Lincoln.
- pasted from wikipedia.
Seven hundred billion dollars is a lot of money. We, the undersigned, urge Congress to wait at least 72 hours after the publication of the next version of this bill, before moving to a vote. We believe all legislation should be posted online for at least 72 hours before a vote to give lawmakers and citizens sufficient time to review and debate it, and this bill is no exception.
Sign the petition:
The biggest robbery in the history of this country is taking place as you read this. Though no guns are being used, 300 million hostages are being taken. Make no mistake about it: After stealing a half trillion dollars to line the pockets of their war-profiteering backers for the past five years, after lining the pockets of their fellow oilmen to the tune of over a hundred billion dollars in just the last two years, Bush and his cronies — who must soon vacate the White House — are looting the U.S. Treasury of every dollar they can grab. They are swiping as much of the silverware as they can on their way out the door.
No matter what they say, no matter how many scare words they use, they are up to their old tricks of creating fear and confusion in order to make and keep themselves and the upper one percent filthy rich. Just read the first four paragraphs of the lead story in last Monday’s New York Times and you can see what the real deal is:
“Even as policy makers worked on details of a $700 billion bailout of the financial industry, Wall Street began looking for ways to profit from it.
“Financial firms were lobbying to have all manner of troubled investments covered, not just those related to mortgages.
“At the same time, investment firms were jockeying to oversee all the assets that Treasury plans to take off the books of financial institutions, a role that could earn them hundreds of millions of dollars a year in fees.
“Nobody wants to be left out of Treasury’s proposal to buy up bad assets of financial institutions.”
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This week, the White House is putting unbelievable pressure on Congress to authorize an unprecedented giveaway of $700 billion to the Wall Street tycoons who steered our financial markets into a maelstrom.The bailout includes no new regulation or oversight to help avoid this kind of crisis in the future, no public interest givebacks to help people in danger of losing their homes, and no equity stake for taxpayers.
Rally against this bailout in the heart of the financial district! Gather at 4pm, this Thursday, Sept. 25 in the plaza at the southern end of Bowling Green Park, which is the small triangular park that has the Wall Street bull at the northern tip.
What: Say NO to the Wall Street bailout
When: Thursday, September 25: 4pm
Where: Southern end of Bowling Green Park, in the plaza area
What to bring: Banners, noisemakers, signs, leaflets, etc.
Please do whatever you can to put a stop to this bailout — attend the rally, bring your friends, families, and colleagues, spread the word far and wide.
Since Wall Street is asking us to give them money for their worthless investments, some of our creative friends are planning to bring their OWN junk to Wall Street to see if they’ll buy it.
Among other things, Peter Fusaro wants a market where environmental costs are tied to production, generating economic incentive to go green, save the planet and the economy. Speaking at an NDN Green Project event in New York City on Understanding the Cleantech Investment Opportunity.