McCain bank goes bust

[Joe Chi Minh]

In today's (Scottish) Sunday Mail (not Mail on Sunday):

A BANK linked to US Presidential hopeful John McCain collapsed with losses of £73 million.

His son Andrew sat on the audit committee and board of Nevada's Silver State Bank. He quit in July after five months.

[GoesTo11]

1. Likely AP headline. Bank with no apparent links to anyone goes bust.

[Hugin]

3. The AP said that?!

I'm surprised they didn't lay it at the feet of the Democrats.

[GoesTo11]

4. Sorry, that was satire. Now corrected.

The AP will not make it explicit that McCain's bank has no ties to McCain, only implicit since people assume that if there were such a connection, it would be reported.

[Ghost Dog]

5. Reuters is quite explicit:

Silver State is 11th failed bank this year
Sat Sep 6, 2008 2:52am EDT

By John Poirier

WASHINGTON (Reuters) - Silver State Bank, which recently included Republican presidential candidate John McCain's son on its board, was closed by regulators on Friday, becoming the 11th bank to fail this year, as the struggling economy and falling home prices take their toll on financial institutions.

Andrew McCain, whom Senator John McCain adopted in a previous marriage, formerly served as a director of the Henderson, Nevada, bank, which was closed by Nevada state officials and taken over by the Federal Deposit Insurance Corp.

Andrew McCain sat on Silver State's board in February and served on the audit committee, bank regulatory filings show.

He resigned in July due to "personal reasons," the bank said. He previously served as a director of Choice Bank in Scottsdale, Arizona, from 2006 to April 2008 when Choice Bank merged with Silver State.

His involvement in the bank during the current credit and housing problems is a reminder of his father's alleged role in the massive savings and loans scandal decades ago.

In the late 1980s John McCain was one of five senators known as the "Keating Five." They were investigated by Congress over their alleged roles in the crisis, which resulted in a U.S. taxpayer bailout.

/... http://www.reuters.com/article/ousiv/idUSN0530678420080906

[GoesTo11]

6. That's a good start

Now how about some investigative reporting.

[Joe Chi Minh]

8. It's obvious it's Bill Clinton's fault.

[madrchsod]

2. who else had a family member in a failed financial institution?

hmmmmmm could have been bush?

[APPLE_PIE]

7. Shades of the Keating Six

Doesn't this remind you of someone else?