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The McCain-Keating Connection

The current banking crisis and McCain's political history should be creating a serious case of déjà vu.

Progressive Accountability

September 19, 2008

John McCain’s current circle of confidants seems eerily close to those he surrounded himself with during the Saving and Loans crisis of the late ’80s and early ’90s, when years and years of deregulation that McCain helped facilitate on behalf of Charles Keating–the disgraced chairman of the failed Lincoln Savings & Loan Association–led to the failure of hundreds of banks and a $125 billion bailout footed by tax payers. The scandal, known as the Keating Five, involved five senators who took money from Charles Keating and subsequently challenged the regulators investigating Keating’s operations.

Erica Landau

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Progressive AccountabilityProgressive Accountability is a joint project of the Center for American Progress Action Fund (CAPAF) and Media Matters Action Network (MMAN) that will aggressively define and drive the 2008 national policy debate.


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