McCain's son resigns from boards of Henderson bank: "Personal reasons, no comment"

[Bluebear]

Source: Las Vegas Review-Journal

Silver State Bancorp, the Henderson-based holding company for the similarly named bank, reported that Andrew McCain, son of Republican presidential candidate John McCain, resigned today from the boards of directors of the bank and bank holding company.

The company cited “personal reasons” for McCain’s resignation, and a Silver State spokesman declined further comment.



Read more: http://www.lvrj.com/breaking_news/25941494.html

[Kali]

1. oooo

:popcorn:

[AzDar]

2. Hmmmmmmmm.......

:kick:

[DJ13]

3. Could be a looming default & McCain jr doesnt want it impacting dads campaign?

[Arctic Dave]

4. If my money was in there, I would be the first in line monday.

Not that I would be worried about my account, it would be so Mc* would maybe get some bad press about it.

[bulloney]

18. That's my reaction. McCain, Jr. got some inside information and is pulling out.

[Pale Blue Dot]

5. That seems very plausible.

On edit: I just noticed that this bank is in NV. That raises the possibility about 100 fold.

[grantcart]

6. it would be hillarious if his resignation started a run on the bank

Now how could we get that to happen?


hmmmmmmmm

[olddad56]

32. I'll bet he got his money out.

[rainbow4321]

33. Looks like some of the others did..."sold" in February

http://finance.yahoo.com/q/it?s=SSBX


Lots of buying last year when it was $20/share in Summer 2007...lots of selling when it got down to $10/share in Feb 2008

[rainbow4321]

30. The bank's website added a little blip on it's website 2 days before he resigned

Under the "what's new" section: "FDIC Insurance: What's covered"


http://www.silverstatebank.com/index.cfm

FDIC Insurance: What's covered
Learn more about how we insure your FDIC deposits

-----------
Just an observation.

[DebbieCDC]

7. Keating Five Anyone?

"McCain" and "Bank" in the same sentence ought to bring up a few memories, IMHO

[salin]

10. or Niel Bush ala Silverado?

[Bluebear]

12. It certainly did with me, and instantly.

[MaineDem]

8. First Natl Bank of Nevada failed yesterday

Coincidence???

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3410085&mesg_id=3410085

Edited to add link.

[Pale Blue Dot]

9. Nevada is having a particularly tough time in this economy.

The bubble burst rather dramatically there.

[Hugin]

24. Don't forget AZ...

Kind of ugly there too... Y'know, where McWhatzizname is Senator.

[kristopher]

15. First Heritage Bank in NV was also closed by Feds Friday

CARSON CITY, Nev. — Two banks operating in Nevada, Arizona and California _ 1st National Bank of Nevada and First Heritage Bank N.A. _ were closed Friday by federal regulators.

The 28 branches of the banks, owned by Scottsdale, Ariz.-based First National Bank Holding Co., were scheduled to reopen on Monday as Mutual of Omaha Bank branches, the Federal Deposit Insurance Corp. said....

http://www.huffingtonpost.com/2008/07/26/feds-seize-two-more-banks_n_115101.html

[Vinca]

11. Something stinks - what's junior involved in? nt

[MidwestTransplant]

13. Like father like son. As somebody else said....if you have more than 100K at the bank, you better

lower your balance.

[Blaq Dem]

14. Did Cindy steal pills from them too?

[bobd0]

27. Nah, Cindy only steals Percocet and Vicodin from her own charity

Then, after failing to cover it up, she has her "straight-talking" husband's media manipulation machine handle damage control.

How Cindy McCain was outed for drug addiction

http://www.salon.com/news/feature/1999/10/18/drugs/

Could you just IMAGINE how the Republicans would attack Michelle Obama if she was an ex-junkie who stole drugs from her own charity?

And yet these bastards have the NERVE to claim media bias!

[Frisbee]

16. My guess is...

Monday we hear the bank is failing. Tuesday we hear why is is Barack Obama's fault.

Edited for crappy spelling.

[nc4bo]

17. ReeeeeeeeeeeecOmmmmmending :D nt

[Faith No More]

19. Oh man, you just know this bank's toast

I'd be for getting my money out fast...

[madamesilverspurs]

20. And the mainstream media will immediately zoom in

and focus on Britney or some other celeb scandalizing the world. Remember how Rosanne's warbling the national anthem knocked Neil Bush out of the headlines?

But I do wonder if Andrea Mitchell will 'report' on the story, seeing as how her hubby was the guy who vetted Keating at the request of certain senators, one John McCain included. Hmmmmmmmmm...

[lib2DaBone]

23. This is Major Point.....

Someone.. anyone.....needs to bring this up. DO NOT let this fall into the abyss of faux news.

[madamesilverspurs]

25. google "greenspan keating mccain"

in any order. Caution: hipwaders highly recommended. And a clothespin for the nose.

[The Croquist]

28. Exactly what "abyss of faux news" are you worried about?

McCain's son resigned from the board of directors of a small bank. There could be many reasons including he wants to campaign for his father and doesn't want to impact the bank. Posters are talking about the bank failing and starting a run on the bank. Maybe he was right to bail.

I looked at their financial statements and although they just posted a loss they don't seem to be in any immediate trouble although they are nothing to brag about. They've got plenty of stockholders equity.

Andrew McCain is the CFO of Hensley & Co. his Mother's Beer Distributer. He is not a banker.

[rainbow4321]

31. Guess it depends on one's definition of "trouble"

Maybe it is just me, but being on the auditing committee of a bank that is being sued for allegedly having illegal accounts, may very well be "trouble". Especially if that same bank is saying publically that they could not tell if a client's account was getting money stolen from it.

There also seems to be some sort of connection between UBS, Southwest Exchange, and Silver State. UBS as in the company being linked to whatever it is that Phil Gramm may have be up to. Southwest Exchange as in Donald McGhan, the guy that repukes wanted nominated to the FEC.

There is a whole web of underlying news/issues going on in this me$$. The only question is if the M$M will actually cover it.

McCain's son resigned 3 weeks after this lawsuit was filed.

http://asternglance.com/2008/07/01/silver-state-bank-sues-state-of-nevada-lvrj/


Silver State Bank which held bank accounts for failed Southwest Exchange of Henderson is suing the state of Nevada, seeking to recover damages related to lawsuits over Southwest Exchange.

Southwest Exchange, which had accounts at Silver State Bank, closed in January 2007 owning $98 million to real estate investors and is in receivership.


<snip>

The division should have known that Southwest Exchange’s bank accounts were not set up as escrow accounts, the lawsuit said. In addition, the lawsuit said the division should have known that Southwest Exchange bank accounts were illegal because they didn’t require a client’s signature prior to diversion of a client’s money from the bank account.


<snip>

Silver State argued that it is exempt from any liability in the Southwest Exchange case under the Uniform Fiduciaries Act, in part because it didn’t know client money was being stolen from the accounts


---

Bank's response to same above lawsuit: (did the son bail so he would not have to "expend substantial amounts of time in connection with such litigations"?)

http://sec.edgar-online.com/2008/05/15/0001193125-08-116564/Section13.asp

We believe the allegations against us in these lawsuits are without merit and we intend to vigorously defend these and any other future lawsuits pertaining to this matter. However, if we are not dismissed from these lawsuits or are included in other litigation regarding Southwest Exchange, our employees, officers and directors may be required to expend substantial amounts of time in connection with such litigations which will prevent them from concentrating on our normal business. In addition, we may be required to spend substantial sums on legal representation in connection with any such litigation until the claims are dismissed

[The Croquist]

35. I am a retired banker

I could tell you whether or not Silver State Bank has a case or not but it would be complete BS. That's all greek to me

[susu369]

34. Actually,

Michael is John McCain's stepson from his first marriage to Carol Shepp. So his mother is not Cindy.

[The Croquist]

36. He is their CFO however

He gets to work for his step mom.

It's a pain in the neck to verify his position.
http://www.hensley.com/survey/ageverify.aspx
Put in your birth date
Click on: Card Me
Click on: No Thanks
Click on: About Us
Click on: Our People


You can try this link but I suspect it won't let you in:
http://www.abwholesaler.com/hensley/AboutUs/Contacts

[Kire]

21. just remember

whatever is said about this incident will be brought up endlessly and forever if anything remotely similar happens to a dem candidate's kid in the next 15 to 20 years.

[Bluebear]

22. You said it. nt

[bobd0]

26. Neil Bush, meet Andrew McCain

Siverado Savings and Loan, meet Silver State Bancorp.

"History doesn't repeat itself, but it does rhyme."
-- Mark Twain

[rainbow4321]

29. Same bank that is suing the State of Nevada

Mclame's son was on the bank's auditing committee. Lawsuit filed 7/1/08.



http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=132&topic_id=6548298&mesg_id=6548298

[agentS]

37. The rats are leaving the sinking ship

Is this why McCain's first kids are all well away from their father? Don't wanna embarrass daddy- he can do that all by himself.

But these are not isolated incidents. The next president will have to re-regulate the entire industry and the Dems will have to maintain power to keep them regulated.
You take away the rails and the train goes into someone's garage...That's the corporate world in a nutshell.

[marshall]

38. I thought he was supposed to be in Iraq?

How can he be on the board of a bank when he's in the military, preparing to be a "war hero" like daddy?