McCain has been in beholden to lobbyist since the time of his banking scandals as part of the Keating 5. Mccains believes in the one hand washes the other style. Former Sen Gramm " America is a nation of whiners" fame who is one of the biggest lobbyist there is. Gramm, Mccain & the Republicans when they were in the Senate Majority, created and passed laws which deregulated & loosened controls of the Banking and Energy industries. Which resulted in the current crisises now befalling America such as the mortgage crisis, uncontrolled speculation in the Energy resulting in the collapse of Enron and the of astrnomically high cost not to mention the current bank failures. McCain is to beholden to lobbyist, I am not convinced he would put America's intersts ahead of his lobbyist friends. Take for example McCain's help in overturning the largest Military Aircraft tanker contract awarded to Boeing and awarded it to EADS (European). According to lobbying records filed with the Senate, Loeffler Group lobbyists on the project included Loeffler and Susan Nelson, who left the firm and is now the campaign's finance director. The Ogilvy lobbyist John Green, who was assigned the EADS work, recently took a leave of absence to volunteer for McCain as the campaign's congressional liaison.
And now McCains son is involved in his own banking scandal. The apple never falls to far from the tree!
The fallout from the Silver State Bank fiasco continued on Friday as the company announced a wider-than-expected quarterly loss and CEO Corey Johnson resigned. Johnson’s resignation follows the resignation of Board of Directors’ member Andrew McCain, who was on the bank’s Auditing Committee. McCain is the son of presumptive Republican presidential candidate John McCain. McCain and Johnson's departures came on the heels of resignation of one of the bank’s executive vice-presidents, who left just two months ago.
Silver State Bancorp (SSXB.O), the bank’s holding company, announced a net loss for the second quarter $62.7 million, or $4.15 a share, compared with a profit of $6.2 million, or 44 cents a share, a year earlier. Analysts had expected a loss of 65 cents a share. The company also said that it was suspending its share repurchase program, not a huge surprise since they announced that they need to raise another $40 million in capital just to survive. Since the share price has dropped over 95% in the past year (almost 90% since McCain joined the bank), and is down another 15% just today (trading at just over one dollar), raising capital through the sale of shares could be disastrous for shareholders who have already been hit hard by the bank’s financial problems.
Although the bank today blamed most of their financial woes on loan losses, which ballooned from $1.9 million a year ago to $58.6 million during the last quarter, it was their involvement with one of the largest financial frauds in history that has raised serious questions about the bank’s business practices. An article on The Faulking Truth, entitled Silver State Bank: What's Deposited in Vegas Doesn't Stay in Vegas details the bank’s shady involvement in the defrauding of over 50,000 shareholders in the CMKM Diamonds scam. The story has since been widely circulated on the internet, including news sites such as What Really Happened and the Huffington Post.
The lobbyists are in control of McCain's Campaign! These are the results of the Mccains and the Republican Good Ole boy economics!
Mccain voted against relief for the average home owner caught up in the Chaos they caused, however he voted for relief of banking & mortgage companies!
John McCain & Andrew McCain Lobbyist/Banking scandals, Where is
McCain has been in beholden to lobbyist since the time of his banking scandals as part of the Keating 5. Mccains believes in the one hand washes the other style. Former Sen Gramm " America is a nation of whiners" fame who is one of the biggest lobbyist there is. Gramm, Mccain & the Republicans when they were in the Senate Majority, created and passed laws which deregulated & loosened controls of the Banking and Energy industries. Which resulted in the current crisises now befalling America such as the mortgage crisis, uncontrolled speculation in the Energy resulting in the collapse of Enron and the of astrnomically high cost not to mention the current bank failures. McCain is to beholden to lobbyist, I am not convinced he would put America's intersts ahead of his lobbyist friends. Take for example McCain's help in overturning the largest Military Aircraft tanker contract awarded to Boeing and awarded it to EADS (European). According to lobbying records filed with the Senate, Loeffler Group lobbyists on the project included Loeffler and Susan Nelson, who left the firm and is now the campaign's finance director. The Ogilvy lobbyist John Green, who was assigned the EADS work, recently took a leave of absence to volunteer for McCain as the campaign's congressional liaison.
And now McCains son is involved in his own banking scandal. The apple never falls to far from the tree!
The fallout from the Silver State Bank fiasco continued on Friday as the company announced a wider-than-expected quarterly loss and CEO Corey Johnson resigned. Johnson’s resignation follows the resignation of Board of Directors’ member Andrew McCain, who was on the bank’s Auditing Committee. McCain is the son of presumptive Republican presidential candidate John McCain. McCain and Johnson's departures came on the heels of resignation of one of the bank’s executive vice-presidents, who left just two months ago.
Silver State Bancorp (SSXB.O), the bank’s holding company, announced a net loss for the second quarter $62.7 million, or $4.15 a share, compared with a profit of $6.2 million, or 44 cents a share, a year earlier. Analysts had expected a loss of 65 cents a share. The company also said that it was suspending its share repurchase program, not a huge surprise since they announced that they need to raise another $40 million in capital just to survive. Since the share price has dropped over 95% in the past year (almost 90% since McCain joined the bank), and is down another 15% just today (trading at just over one dollar), raising capital through the sale of shares could be disastrous for shareholders who have already been hit hard by the bank’s financial problems.
Although the bank today blamed most of their financial woes on loan losses, which ballooned from $1.9 million a year ago to $58.6 million during the last quarter, it was their involvement with one of the largest financial frauds in history that has raised serious questions about the bank’s business practices. An article on The Faulking Truth, entitled Silver State Bank: What's Deposited in Vegas Doesn't Stay in Vegas details the bank’s shady involvement in the defrauding of over 50,000 shareholders in the CMKM Diamonds scam. The story has since been widely circulated on the internet, including news sites such as What Really Happened and the Huffington Post.
The lobbyists are in control of McCain's Campaign! These are the results of the Mccains and the Republican Good Ole boy economics!
Mccain voted against relief for the average home owner caught up in the Chaos they caused, however he voted for relief of banking & mortgage companies!
- parent
By ElitistAugust 10, 2008 - 11:11am