Fraud is the creation of trust and the betrayal. Keating violated the direct investment rule by 615 million dollars. McCain and Keating were Friends.

In politics it is necessary either to betray one's country of the electorate. I prefer to betray the electorate. ~Charles de Gaulle

"If I had to choose between betraying my country and betraying my friend, I hope I should have the guts to betray my country." -- Edward M. Forster

The money flowed from From Keating to John McCain. McCain took the policy advice from Keating on how NOT to regulate the savings and loans. John McCain was accused of improperly aiding his political patron, Charles Keating, chairman of the Lincoln Savings and Loan Association.

The Obama campaign's 13-minute video was released online Monday, and features damning testimony from former Federal Savings and Loan Insurance Corp.'s Deputy Director Bill Black, who was one of the key participants in the meetings with McCain at the time.

Obama's Keating Economics micro-site buttresses its case by providing downloads of some of the original letters that McCain sent to regulators that express his concerns about a proposed rule that would have crimped Keating's business.  

 

Did McCain Learn From the S&L Crisis? The GOP nominee has supported fiscal deregulation and relaxed accounting for 20 years.