It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
In 1972, Charles Keating began to work for American Financial Corporation, a company involved in insurance and banking. Four years later he moved to Phoenix, Arizona to run the real estate firm American Continental Corporation, a spin-off of American Financial Corp. In 1984, American Continental Corporation bought Lincoln Savings. Such savings and loan associations had been deregulated in the early 1980s, allowing them the opportunity to make highly risky investments with their depositors’ money, an opportunity of which Keating took advantage.
Some regulators noted the danger posed by these deregulations and pushed for more oversight, but Congress refused. This may be due, in part, to the Keating Five, five Senators — Dennis DeConcini, Alan Cranston, John Glenn, Don Riegle and John McCain — who had received, for both themselves and for groups they supported, well over $1 million from Keating in the 1980s as favors and political contributions.[1] They later met twice with regulators who were investigating American Continental Corporation, in an attempt to end the investigation. (In 1991, they would be rebuked to various degrees by the Senate Ethics Committee.)[2]
In September 1990, Keating was criminally charged with having duped Lincoln's customers into buying worthless junk bonds of American Continental Corporation; he was convicted in state court in 1992 of fraud, racketeering, and conspiracy and received a 10 year prison sentence. In January 1993, a federal conviction followed, with a 12 and a half year sentence. He spent four and a half years in prison, but convictions were eventually overturned. Thereafter, on the eve of the retrial on the federal charges, Keating pleaded guilty to several felony charges in return for a sentence of time served
The U.S. chapter of WACL, the United States Council for World Freedom (USWCF), has been one of the most active branches. USCWF was founded in 1981 by Major General John K. Singlaub. This branch has generated controversy, as it has been found to have illegally supplied firearms to guerillas in the Iran-Contra Affair and, in 1981, the USCWF was placed under watch by the Anti-Defamation League, which noted the organization had increasingly become a point of contact for extremists, racists and anti-Semites.[1]
Sen. Barack Obama (D-Ill.) on Monday is launching a multimedia campaign to draw attention to the involvement of Sen. John McCain (R-Ariz.) in the “Keating Five” savings-and-loan scandal of 1989-91, which blemished McCain’s public image and set him on his course as a self-styled reformer.
Pushing back against what it calls McCain's “guilt-by-association” tactics, the Obama campaign overnight began e-mailing millions of supporters a link to a website, KeatingEconomics.com, which will have a 13-minute documentary on the scandal beginning at noon Eastern time on Monday.
Google Video Link |
Originally posted by stikkinikki
When do we get to talk about Sarah Palin's support of the Alaskan separatist movement?
Originally posted by nyk537
It's funny how Obama supporters, when confronted with the truth about Obama and his terrorists friends...
Originally posted by stikkinikki
When do we get to talk about Sarah Palin's
Originally posted by nyk537
I think it's finally time we got around to talking about Obama and his past.
A few months after McCain's yacht party, Follieri strengthened his ties to McCain's orbit by retaining Rick Davis's well-connected Washington lobbying firm, Davis Manafort, and offering Davis both an investment deal and help in securing the Catholic vote for McCain's presidential bid.
Follieri, who posed as Vatican chief financial officer in order to win friends and investments, pleaded guilty Wednesday in a Manhattan district court to conspiracy to commit wire fraud, eight counts of wire fraud and five counts of money laundering. As part of the plea, Follieri admitted to misappropriating at least $2.4 million of investor money and redirecting it to foreign personal bank accounts that were disguised as business accounts.
The Nation
But John McCain sat on the board of a very right-wing organization, it was the U.S. Council for World Freedom, it was chaired by a guy named John Singlaub, who wound up involved in the Iran contra scandal. It was an ultra conservative, right-wing group. The Anti-Defamation League, in 1981 when McCain was on the board, said this about this organization. It was affiliated with the World Anti-Communist League – the parent organization – which ADL said “has increasingly become a gathering place, a forum, a point of contact for extremists, racists and anti-Semites.”
Politico - Paul Begala
Originally posted by FlyersFan
Edited to add - the Keating Five was definately a 'corrupt' incident.
I wouldn't label it 'radical'.
[edit on 10/6/2008 by FlyersFan]
Originally posted by Bunch
McCain supporters want to link Obama for stuff that Ayers did when Obama was 8 years old, but they dont mention that the links that tied McCain to Keating and the United States Council for Freedom where at the time that McCain was starting his political career.
Originally posted by Benevolent Heretic
I don't know how anyone can think these two associations are even remotely comparable...
Originally posted by Bunch
United States Council for World Freedom,
Originally posted by Benevolent Heretic
Raffaello Follieri,
Originally posted by Benevolent Heretic
Richard Quinn and John Hagee.
Originally posted by Benevolent Heretic
G. Gordon Liddy,
Originally posted by FlyersFan
Originally posted by Benevolent Heretic
G. Gordon Liddy,
Repentant. But still corruption.