Scroll down two posts, and then a couple of more for more on the former Weather Underground leader.
In 1990, Charlie Keating became the poster-child for the many savings and loan collapses in the previous decade.
The scandal effectively ended the political careers of three US senators, including Dennis DeConcini (D-AZ) and Don Riegle (D-MI). The investigations web caught a total of five senators, including John McCain. The senate ethics committee, however, did not reprimand him, finding that he only exercised "poor judgement."
But Obama campaign, stung by the recent scrutiny of his longtime relationship with Ayers, has dragged the scandal out of the mothballs.
Robert Bennett, who represented Bill Clinton during the Monica Lewinsky investigation, had this to say about McCain in his book, In The Ring: The Trials Of A Washington Lawyer. Bennett was served as counsel for the Senate commitee investigating the Keating scandal:
At the completion of my investigation, I filed my report with the committee. I recommended that no further action be taken against Senators McCain and Glenn principally because once they learned that there was a criminal referral, they stopped aggressively doing Keating's bidding with the regulators.
After reviewing my report, the committee voted on October 23, 1990, to hold a public adjudicatory fact-finding hearing in the matter as to all five senators. This was perhaps the first time the recommendation of a special counsel not to charge a senator was rejected. This was pure politics as the Democrats on the committee did not want to cut McCain loose so that only Democrats would remain in the proceedings. If Senator McCain was not going to be cut loose, in retaliation the Republicans were going to keep Senator Glenn in the proceedings. McCain was the victim of politics, and poor Glenn was held captive to the decision on McCain. So much for nonpartisanship.
Remember Senators DeConcini and Riegle?
In February, DeConcini endorsed Obama...will Obama repudiate this action?
Two prominent former Arizona officeholders are splitting their support in the Democratic presidential race. Former U.S. Sen. Dennis DeConcini on Thursday endorsed Barack Obama while former state Superintendent of Public Instruction Carolyn Warner announced her support for Hillary Rodham Clinton. DeConcini is a former three-term senator who left office in 1995. He said he's deeply impressed with Obama's capability and political skills." ("DeConcini Backs Obama, Warner Favors Clinton," The Associated Press, 2/1/08)
And straight from Obama's campaign web site comes information on Reigle's endoresment of Obama:
Today, Former United States Senator Don Riegle endorsed Barack Obama, citing his ability to unite Americans and bring real change for middle class families and workers. Former Senator Riegle said, 'Barack Obama has the vision, intellect, and strength of character to best unite and lead our country at this critical time.' ... Senator Obama said, 'I'm grateful today to have the support of former Senator Riegle, who for decades served the people of Michigan and fought to make life better for working families across the state. He opposed policies that stood in the way of progress for our economy, and worked to give our veterans the respect and fair treatment they deserve. I'm proud to have his support today as we continue to build our movement for change and unite people from all walks of life in this campaign.' Riegle represented Michigan in the United States Senate for 18 years (1977 - 1994) and as a Member of the United States House of Representatives for ten years (1967 to 1976)."
Hmm...the Cult of Change leader says he was "grateful" for Riegle's support in the spring. Maybe this Keating Five thing isn't such a big deal then.
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