John McCain is worth between 10 and 21 million, but has been sending fundraising letters to elderly Republicans begging for contributions. Has McCain no shame?
Perhaps he hopes we don’t remember how he was the only Republican in the “Keating Five”. Or maybe that we forgot how he conspired with other Senators to help Keating’s Lincoln Savings & Loan avoid, and then delay, the Federal Home Loan Bank Board’s (FHLBB) fraud investigation for two years in 1987 and 1988 while Keating stole millions of dollars of life savings from elderly Arizonans. But some Arizonans remember how many retired people in Green Valley and Sun City in the Eighties were unsophisticated and were easy marks for Keating – who made a point of talking about his friends, Senators McCain, DeConcini, Cranston, Riegle and Glenn – as he sold hundreds of thousands in risky, unsecured bonds, saying they were FDIC “Government Insured”. Some Arizonans remember the sorrow and hopelessness among their elderly friends when they discovered there was no Government Insurance on their stolen life savings… and when they realized they were destitute. (3) (4)
Keating’s book, “Trust Me” (1) explains in detail how Charles Keating bought Senator John McCain. In the early 80s Keating donated $112,000 to McCain’s campaigns and hosted $1000-a-plate fund raisers. For years Keating flew McCain around in private jets and on vacations to Keating’s Cat Cay Bahama Island. In 1986 Keating arranged a $359,100. Fountain Square Mall “deal” for the McCains that produced a fat yearly income. In return for the money, travel and favors John McCain delayed FHLBB regulators for years as Lincoln Savings & Loan stole the Life savings of many of McCain’s trusting, retired Sun City and Green Valley constituents. (1) (2) (3) (4)
McCain testified he was only helping a constituent, but it is very revealing that this United States Senator did not even file lawfully required Financial Disclosure Statements or attempt any reimbursements for gifts from Keating until Keating was charged and arrested for Fraud. And, of course, McCain never mentioned the $359,100. Fountain Square Mall “deal” either. More important, the Government Resolution Trust Corporation somehow “overlooked” the Fountain Square mall during the Court settlements after Charles Keating’s conviction. Few Arizonans know the McCain Estate sold (Keating’s) Fountain Square mall for 15 million in 1998. (2)
The impossible dream is that the McCain family owes those elderly (most now dead) couples from Green Valley and Sun City millions of dollars and a better ending.
But can anyone imagine the tasteless greed and colossal nerve of Senator John McCain as he now attempts to raise more money from more elderly Arizonans?
William Heuisler, 520-403-2939 Tucson, Arizona