WTF! Andrew McCain involved in Banking Scandal! Why don't we concentrate on that? Doh???

[FrenchieCat]

What in the fuck is wrong with you all. Why give that Article about Biden's son attention, and fucking ignore the shit that John McCain's son is involved in? The media vultures will swoop down on a topic with 130+ comments much quicker than one with 2 comments.

WTF folks! Get a clue! Push this shit, instead of shit on our side....Geeze! :eyes:

National Media Finally Examining McCain's Son Role In Failing Bank
snip:
Well, it's taken nearly a month, but it seems that the national media is beginning to examine the sudden and mysterious departure of John McCain's (R) son -- Andrew -- from the board of directors and audit committee of a failing Nevada bank (Silver State Bancorp), a topic we've discussed at great lengths here for a number of weeks (see here, here, here and here for refreshers).

On page 3 of today's Wall Street Journal, three reporters by-lined a story titled McCain's Son Sat On Troubled Bank's Board. The fact that three reporters have been assigned the story signals that the Journal is taking a serious look at McCain's involvement in the bank.

While both McCain and the bank continued its public silence and refusal to discuss his involvement with the bank and circumstances for his departure, the Journal did advance the story in a number of important respects:

First, it highlighted the fact that Silver State, yesterday, further revised its dismal second quarter results (during which time McCain served on the board and on its audit committee) to include another $10 million in losses, providing more evidence of just how dire its financial condition current is:

On Thursday, the bank said in a securities filing that it actually lost $73.2 million in the second quarter. Silver State also said in the filing that its worsening financial condition means there is "uncertainty about the company's ability to continue as a going concern."

Secondly, the story cites unnamed McCain associates who had encouraged him to leave the bank for political reasons:

But with banks across the country struggling amid the credit crunch and the economic slowdown, the Republican presidential candidate's family ties could emerge as an issue on the campaign trail. The younger Mr. McCain's associates had urged him to step down from the board of Silver State, saying it could become a liability in his father's White House bid, according to a person in the local banking industry familiar with the matter.

Finally -- and even more concerning -- is how the involvement of federal and state banking regulators has "intensified":

In recent weeks, federal and state regulators have intensified their scrutiny of the bank's books, according to people familiar with the bank. The bank's customers have been pulling deposits at a rate of about $4 million per day, one person said. A Federal Deposit Insurance Corp. spokesman declined to comment.

And let's be mindful of something I wrote a week ago:

It's worth noting that the FDIC has recently been seizing insolvent banks at the close on business on Fridays in hopes keeping depositors calm so to avoid "runs" on those banks. Given the especially dire financial results that Silver State announced last week, we should be on the lookout for any FDIC action on Friday. It's hard to imagine that Silver State will avoid seizure, given how dire their situation is. For me, the question is when -- not if -- the feds step in.

Today is Friday.

One final note: despite the Dow Jones being up about 75 points this morning, Silver State (SSBX) is down another 20 percent to just 65 cents per share. It was around $12/share when McCain joined the bank's board in February, meaning it has lost 95 percent of its value in a matter of months. (Note: I had previously stated McCain had joined in April. That was erroneous. He joined the board in February and was ratified for a full-term in April).
http://www.huffingtonpost.com/mark-nickolas/national-media-finally-ex_b_119168.html

McCain's son resigns two bank board posts
Jul. 27, 2008

Andrew McCain, son of Republican presidential candidate John McCain, on Saturday resigned from the boards of Silver State Bancorp of Henderson and Silver State Bank for "personal reasons," the holding company said.

Calls seeking comment from Andrew McCain weren't returned. A spokesman for Silver State said the company wouldn't elaborate on its announcement.
http://www.lvrj.com/news/25958074.html

[FrenchieCat]

1. And then we scratch our ass and try to figure out why we lose

all of the goddamn time? :eyes:

[autorank]

19. I'll have something much better to promote than this in a few hours.

It's out there now but not focused properly. It's about the war and if the campaign picks this up,
instead of ignoring Iraq or acting like a "time table" is the deal then it will get real hot and
very heavy. Geez, if Bush adopts the time table, it's a loser of an issue.

Later Frenchie;)

On Edit: This story is really about bad timing and a son with no respect for his father, as of now.
He joins the board in February. It had to be screwed up before that. Being on the audit committee is
fine but, unless he did some amazingly quick work as a screw up (which would be hard as a board member
for a short time, then the story is just - dumb kid, no boundaries)then, ultimately, it fizzles. Now
the Hensley history is quite a shocker, real nasty associations. levymg did a story on that.

Money in the bank (or out of the bank, whatever)
http://journals.democraticunderground.com/leveymg/385

[jillan]

2. Hey you -

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x6735579

Mine sunk like a rock, I hope more people read yours. :shrug:

[FrenchieCat]

3. Sad, hey......

meanwhile the Biden Son's story soars like a fucking eagle.

I tell you, we are pitiful! We have absolutely no cunning or smarts round here.

[jillan]

Maybe we should start writing the RW talking points for them.

It's almost like we want to lose.

[FrenchieCat]

14. We do write the RW for them........

that's what we do best.

That's why we are always so eager to quote Halperin, Politico, and Fox...and Drudge too.

Our candidates are fine, I'm starting to believe...while we suck like shit.

[Life Long Dem]

31. kick

and recommend

[quantass]

7. I wonder if its more like self-preservation that is having people focus more on the potential hiccup

on our side out of fear that it could explode into something big while skipping the other guy temporarily...like seeing your neighbors house going up in flames and then suddenly you see smoke coming from yours...your more likely to focus on your home first.

So i figure its a matter of timing -- both stories came out roughly about the same time and so people seem to be focusing on the one that could hurt them

[FrenchieCat]

10. Focus is going to do what, exactly? They better try and focus

on giving this McCain story some fire instead. It ain't like they are solving anything by giving that shit focus.

[Terre]

20. I mentioned this suggestion in the post

that was whining about Biden's bankruptcy vote (unfortunate though it was) last night. It ended up on the Greatest Page with 9 votes.

Anyway, I think it's definitely time that DU consider increasing the number of recommends a post needs before it hits the Greatest Page. I just feel that a post that has a slew of comments against its premise (or the majority simply don't like the post), a measly 5 people shouldn't be able to override the majority and elevate it to GP status.

My 2 cents - again. :)

[Ashy Larry]

4. He must take after his uncle Charles.

Keating that is.

[Robeson]

5. Because he's a legacy child, born from military aristocracy...

...we should all live vicariously through their glory. It's the American way!

[FrenchieCat]

6. So where's the big NYT spread? You know the one they call

the 'LIBERAL' media, all of the damn time?

[Robeson]

12. Unfortunately, we both know the answers to your rhetorical...

...inquiry.

[FrenchieCat]

8. I can't even get the same number of Rec as that other pitiful shit

posted from prolific overly "concerned" poster aka, Dark Cloud.

[Barack_America]

9. Um, some of us have been following grantcart's posts on this very closely. nt

[FrenchieCat]

13. and so, what happened?

[Barack_America]

16. Nothing new to follow up on...

Grantcart posted these articles, which were about as far as it went.

Clearly if the GOP is going to try to push Biden's son's story, we'll have to start writing LTTEs (or something) to try to refocus attention on Andrew McCain.

[apocalypsehow]

11. K & R.

:thumbsup:

[LowerManhattanite]

15. Because it's okay for griefing, petty dead-enders...

...to spitefully continue to jail-shank the ticket around here these days.

They drop a turd and cry “victim!” And all is forgiven.

[apocalypsehow]

17. Exactly, precisely, positively right.

:thumbsup:

They even feel free to bring personal, intra-family shit from other boards - all of it rumors and hearsay, at that - and plop it right in our laps. They are brazen and shameless.

[jonnyblitz]

18. the old "he did it, too, mommy" thing again.

somehow you think this excuses the guy on our side? impressive. :eye:

How about THEY BOTH get called out on it. Not all of us care to be HYPOCRITES. show some class, please.

[FrenchieCat]

21. I think that you are comparing an old story, versus a developing story.....

and I'm not into bashing Democrats, no matter. Are you?

Meanwhile, don't talk to me about class, please.

[bicentennial_baby]

23. You raise a good point...

:thumbsup:

[Bobbie Jo]

22. K&R...for the party affiliation reminder.

:kick:

[FrenchieCat]

24. Thanks!

:hi:

[lamp_shade]

29. This is certainly not news to Obama... of that I'm confident.

It has been addressed by the campaign, and they're prepared if any response is necessary. Don't worry about it.

[snowbear]

25. Wall Street Journal also reported on this back on July 29

..And the comments people added to the story are pretty interesting.

Looks like the story was (once again) buried quickly by the MSM.

July 29, 2008, 7:19 pm
McCain’s Son Steps Down From Bank Post
Damian Paletta reports on the banking policy.

It’s been a rough time for Nevada banks.

On Friday, First National Bank of Nevada was shut down by federal regulators. Then on Saturday, Silver State Bancorp and its subsidiary, the Henderson, Nev.-based Silver State Bank, announced that Andrew K. McCain, son of Republican presidential candidate John McCain, was stepping down from the board for “personal reasons.” Andrew McCain is one of McCain’s sons from his first marriage.

McCain’s son was on the board of Choice Bank in Scottsdale, Ariz., from 2006 through April 2008, when Choice Bank merged with Silver State. He was recently named chairman of the Greater Phoenix Chamber of Commerce.

Silver State Bank has had a turbulent year, according to regulatory filings. Its noncurrent loans soared from $128,000 at the end of the first quarter in 2007 to $70 million at the end of the first quarter of 2008, mostly because of bad bets on real estate lending.

Permalink | Trackback URL: http://blogs.wsj.com/washwire/2008/07/29/mccains-son-steps-down-from-bank-post/trackback/
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How many kids did the Old McAdulterer dump for his new lovers?

Comment by Old McAdulterer - July 29, 2008 at 7:52 pm
I “HEAR” that Mr.Andrew MCcain is starting…An new Mortage Company…With Mr. MOZILLO…It will be called…”OPEN-WIDE”..Mortage Corp…..

Comment by BILLY BOB. - July 29, 2008 at 8:32 pm
what wife is he from? The fat one?

Comment by McShame - July 30, 2008 at 10:51 am
Pathetic.

Comment by The above posters are troglodites - July 30, 2008 at 11:39 am
Personal Reasons… Like Fraud. Just like his daddy. McLies and McScandals.

Comment by Wink, Wink - July 30, 2008 at 12:09 pm
The bad apple doesn’t fall far from the bad apple tree…. I think McCain coined that term back in the 1800’s.

Comment by As the old saying goes..... - July 30, 2008 at 12:19 pm
I can take care of this just like I did before for the McCains!

Comment by Charles Keating - July 30, 2008 at 2:35 pm
Great blogging, keep it up!!!

Comment by Morgan Estes - July 30, 2008 at 7:13 pm
Silver State Bank helped insiders from CMKM Diamonds Inc to “kite” checks in part of a “$64 MILLION DOLLAR SCAM”! Google it and see what kind of bank it is. Corruption in the banking industry just might bite a few people in the butt very soon!

Comment by HndtoHnd - August 1, 2008 at 4:23 am
why hasn’t this story been reported on the major tv stations yet? I’d think it very important for voters to know what the McCain family value really are.

Comment by keating5part2 - August 5, 2008 at 12:05 pm
Scary but not why you think and unlike many I won’t hide who I am. Now then, maybe - just maybe - it is about a “Bad Apple?!” One could do a lengthy book series on countless examples. This remains so even if the ENTIRE focus were stark “compare and contrasts,” like when a parent or child is really good (ie: ethical) by all measures yet the opposite APPEARS true in the other. IE: a parent TENDS to “be” a good clue to how an offspring MIGHT be, but JUST ONE indicator plus there are PLENTY of others to consider! Not least, for example, is an old axiom of how “self-made” successes OFTEN have challenges with their “next generation” for many reasons and yet STILL NOT “as a rule.”

The scary part?

…your posts find BOTH guilty which actually reads as “Screw Justice!,” by Mob Rule. Sad.

Comment by Steve Marzocco - August 6, 2008 at 9:14 pm

http://blogs.wsj.com/washwire/2008/07/29/mccains-son-steps-down-from-bank-post/

...

[HamdenRice]

26. Because it's not illegal to be on the board of a failing business?

Maybe I haven't been following this closely, but so far it just looks to me that he joined the board of a bank, sat on its board and audit committee for a fairly short while, realized it was tanking, and resigned.

Where's the scandal?

[Kdillard]

27. The fact that the Bank was not failing when he joined it perhaps??

[HamdenRice]

28. Neither were most other now failing banks failing at the time. It's a systemic crisis.

Banks are failing for two reasons: they made bad loans that did not seem bad at the time they made those loans, because real estate values were rising; and even if they, themselves did not make bad loans, they invested deposits in mortgage backed securities that were backed by bad loans.

This crisis, therefore, has been in the making for years, and only revealed itself last summer when the first wave of bad mortgaged backed securities caused banks to start taking massive write downs of their assets.

These write downs cause a bank to go from healthy to failing very, very quickly. Any scandal that occurred took place when the bad loans were made, not when the write downs occurred.

For that reason, I can't see how McCain's son had anything to do with the failure of the banks on whose boards he sat.

On the contrary, as a member of the board's audit committee at the time the bank appears to "fail" it would seem (and I'm not saying this is the case), that he was part of the audit team that forced the bank to take the write down, which is exactly what the audit committee is supposed to do, which makes him (ugghh) kind of a hero to the regulators and public. That's because the job of the audit committee, if done honestly, is to tell the bank president and management, "stop lying to the public about your balance sheet -- this is what you're really worth right now."

I still don't see the scandal. It's possible there's one there, but so far no one has shown it to me.

[nc4bo]

30. Grantcart's been working very hard trying to keep the topic fresh..

Anyone who isn't completely up to date with Silver State Bancorp's "problems" - check out some of these links:

http://journals.democraticunderground.com/grantcart/132 - Grantcart's Journal

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x6544389
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x6559785
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=132&topic_id=6571120&mesg_id=6571120


and don't forget to look in from time to time to see how it's doing on the stock market:

http://finance.yahoo.com/q?s=ssbx (also check out the chatter from other users)

Nice going Frenchie!!

[Laura PourMeADrink]

32. kick

[Laura PourMeADrink]

33. like father, like son -- can't handle numbers. Bet that's why Cindy

handles the finances!

[CitizenPatriot]

34. k & r like your style-- agree totally!

I am amazed by the regurgitation here of RW talking points.

We got Cindy's mafia bg to look into, this from mccain's son, and soooo much more. Let's enact the rule of turning every conversation to the talking points of OUR side.

Let's get with it, people. our lives depend upon it.

[lynne]

35. So long as we're prepared for return fire regarding Biden's son and brother -

- and their recent lawsuits for fraud in a hedge fund deal as reported by The Washington Post.

August 24, 2008

A son and a brother of Sen. Joseph R. Biden Jr. (D-Del.) are accused in two lawsuits of defrauding a former business partner and an investor of millions of dollars in a hedge fund deal that went sour, court records show.

The Democratic vice presidential candidate's son Hunter, 38, and brother James, 59, assert instead that their former partner defrauded them by misrepresenting his experience in the hedge fund industry and recommending that they hire a lawyer with felony convictions.

The legal actions have been playing out in New York State Supreme Court since 2007, and they focus on Hunter and James Biden's involvement in Paradigm Companies LLC, a hedge fund group. Hunter Biden, a Washington lobbyist, briefly served as president of the firm.

A lawsuit filed by their former partner Anthony Lotito Jr. asserts in court papers that the deal was crafted to get Hunter Biden out of lobbying because his father was concerned about the impact it would have on his bid for the White House. Biden was running for the Democratic nomination at the time the suit was filed.

Link Here > http://www.washingtonpost.com/wp-dyn/content/article/2008/08/23/AR2008082302200.html

Don't know that there's anything to the Biden business but I'd hate to see it become a RW talking point.