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Not On Fox: John McCain's Son Andrew Connected to Failed Bank

Reported by Melanie - September 8, 2008 -

This is a story that should have been covered on Your World w/Neil Cavuto today (September 8, 2008), Fox's "premiere business news" show but alas, it wasn't (big surprise, huh?): The Silver State bank of Henderson, Nevada was closed by Federal bank regulators on Friday. On or about July 27, a scant six weeks ago, John McCain's son Andrew McCain, resigned from its Board of Directors for ahem, "personal reasons."

This closure is significant for two reasons. First, one wonders if there is more to Andrew McCain's resignation than "personal reasons." Second, remember John McCain's involvement in the Keating Five bank scandal of the late l980's? After all was said and done, he was accused of exercising "poor judgment."

(Back then I worked at a law firm that represented people who'd lost a lot of money as a result of that scandal so I remember it, the suffering it caused, and McCain's involvement well.)

According to the article linked to above, McCain adopted Andrew "from a previous marriage," but one can't help but wonder as did my colleague Chrish, whether Andrew absorbed some undesirable genetic traits from his adopted dad somewhere along the line. (And also per Chrish, why did Reuters think it important to include that information in its article? The adoption happened decades ago but since Andrew was adopted there is somehow no connection or a lesser connection to John because of it? There's no end to how far the media will go to protect this guy.)

Another thing I want to point out is that in mid-July, Sheila Bain, the head of the FDIC was on Your World claiming that (as of that time) there were "only" five bank failures in the US, as if that was a pittance. Yet here were just three bank failures in all of 2007 and none at all in 2006 or 2005. So in July, with six months left before the end of the year, five failures was significant. Where does that number stand as of today? 11 bank failures so far this year.