It would be wrong - don't do it.

[grantcart]

News is breaking big time that Andrew McCain, Senator McCain's second oldest son has resigned as Director of the Silver State Bancorp.

http://www.reuters.com/article/pressRelease/idUS51176+26-Jul-2008+BW20080726
Silver State Bancorp (NASDAQ:SSBX), the holding company for Silver
State Bank, announced today that Andrew K. McCain submitted his
resignation today as a director on the Boards of Directors of Silver
State Bancorp and Silver State Bank, citing personal reasons.

Mr. McCain previously served as a director of Choice Bank in
Scottsdale, Arizona from 2006 to April 1, 2008 when Choice Bank merged
into Silver State Bank. Mr. McCain had been appointed to the Boards of
the Company and Silver State Bank in February, 2008 and had served on
the Audit Committee. Mr. McCain has recently been appointed Chairman
of the Greater Phoenix Chamber of Commerce, effective this month.

A spokesperson for the Company stated that the Company wishes him
the very best in all his present and future endeavors.

About Silver State Bancorp

Silver State Bancorp, through its wholly-owned subsidiary, Silver
State Bank, currently operates thirteen full service branches in
southern Nevada and four full service branches in the
Phoenix/Scottsdale market area. Silver State Bank also operates loan
production offices located in Nevada, California, Washington, Oregon,
Utah, Colorado and Florida. Deposit accounts at Silver State Bank are
FDIC insured to the maximum allowed by law. Please visit
www.silverstatebancorp.com for more information.

Lets be clear about this. This is for purely personal reasons. It has nothing to do with a

possible bank failure.

I know that many of you will want to link Senator McCain's son's resignation from the bank to an

impending bank failure,

but please do not do it. It would be wrong. Simply by making idle talk about it speculation on the internet will lead to

another bank failure, even though the bank is perfectly healthy.

Please resist the urge to

link the McCain family to another financial scandal reminiscent of the Keating 5

.

You are better than that. There is no evidence of any link, as far as I know.


In completely unrelated

news that Nevada Banks are suffering huge loses

as another Nevada Bank "Community Bancorp, a Las Vegas

based institution with $1.75 billion in assets, dropped $2.22, or 43 percent, to close at $3 on volume of 1.2 million share".

The bank that McCain worked for did not

lose 43% of its value on Friday,

it only lost 7.5% of its value http://www.lvrj.com/business/25892119.html

It is true, however, that

Silver Corp has not released its 2nd quarter profits yet.

That has nothing to do with the resignation

which was done for personal reasons. Nothing to do with the upcoming report.

If everyone were to have a paranoid worry about their savings in the bank and try to withdraw it at the same time there would

be a very good chance that

Monday will be a run on the bank.

We should not encourage these rumors.

We are better than that.

[TwilightGardener]

1. Seriously, if anyone here is in Nevada, please don't encourage everybody to pull their

money out of McJunior's bank. Please. Don't Do it now.

[grantcart]

2. I don't understand why?

[TwilightGardener]

3. Yeah, I don't know why I said that. I'm crazy that way.

:silly:

[MissMarple]

45. Oh, sweetheart . I just had to laugh out loud at that response.

:rofl:

Truth to tell.

[debunkthelies]

31. Maybe this might explain

http://finance.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=maximized&chdeh=0&chdet=1217120283937&chddm=1173&q=NASDAQ:SSBX&
check out the chart, I don't know much about finance but....this looks bad:think:

[nankerphelge]

39. That's graph is quite a ski slope

n/t

[grantcart]

53. I missed it - wowser !!!!!!!!!!!!!!!!!!!!!!!!!!!1

[MindMatter]

77. Use the slider to show the past 18 months

Beneath the chart, there is a slider object. Pull that to the left so that you can see the stock performance over 18 months. What you will see is that this bank has been diving long before the sub-prime loan business was out in the open. It makes on wonder if we are looking at another round like the S&L disaster where we found that there were politically well-connected crooks operating inside hundreds of S&Ls running them into the ground for their own personal profit.

[krispos42]

118. Oh, you mean this graph?

Yes, I agree it would be a fuckin' tragedy if the Google was to somehow thing that once again the McCain family would be linked to another banking scandal, or bank collapse, or bank failure, reminicant of the Keating Five/Keating 5 savings and loan scandal of the 1980's. I'm sure it's just a coincidence that Silver State Bancorp's director, Andrew McCain, son of US Senator from Arizona and current Republican presidential nominee John McCain, is resigning for personal reasons, definately not because it lost 7.5% (not 43% of it's value last week.

I'm sure the McCain-related impending bank failure rumors are just a coincidence!

[CJCRANE]

5. ...and deposit it into the following account -

:crazy:

[DesertFlower]

4. national bank of arizona closed yesterday. nt

[grantcart]

11. 40 years ago I remember watching a 60 minute

story (or something equivalent) that was detailing Mafia involvement in Arizona and made the statement that outside of Nevada no state had the Mafia had a greater infiltration of its people into the power elite. It made the statement that "with just a few exceptions every major Arizona politician had been touched by Mafia's involvement in fraudulent land deals one way or another".

A neighbor who knew that my parents were fervent Goldwater supporters simply said "do we know any politicians from Arizona

and then excused himself". I was only 12 at the time but it struck me what a clever put down this was and in a few minutes my

mother said "Well Barry Goldwater is from Arizona!!".


When I read your reply I was immediately reminded of that clever question - "do we know any politicians from Arizona that might be linked to this?"

[windbreeze]

50. there were two more.....

National Bank of Nevada, National Bank of Arizona...and...First Heritage Bank of Calif....on Friday...wb

[DesertFlower]

121. i had my money in

national bank of arizona till 6 years ago when a friend told me about AmTrust bank. at the time they were paying 3-1/2% on checking accounts. of course, that amount went up and down. they have good savings account rates too and they seem to be the best on CDs.

[navarth]

6. ..and make sure you don't do it SEVERAL times

:evilgrin:

[eleny]

7. K&R so people will know what *not* to do

:kick:

[Zynx]

8. Encouraging bank runs is against the law. Be careful, seriously.

[anonymous171]

9. No. He's telling people not to worry.

He's doing us all a favor.

[Zynx]

14. Hmmmm...Right.

I will disassociate myself with this thread entirely. The other links are certainly worth looking into, but encouraging runs on banks is illegal and also immoral.

[grantcart]

18. On a completely different tact which I hope you will feel comfortable discussing

Lets talk about the morality to the Shareholders.

How moral is it for a politically sensitive director to resign before the 2nd quarter reports come out (assuming theoretically

that the 2nd report for this bank matches other Nevada banks)?


And you are correct there is no problem with any of the deposits up to the insured amount. If anyone has more than the insured amount in any bank it would be prudent to make appropriate arrangements.

[FourScore]

88. A friend of husbands had his savings in IndyMac.

He had 150,000.00. He got out 100,000 and lost 50,000. I would never put more than 100,000 in one bank right now. It just wouldn't be a safe thing to do.

[grantcart]

13. Seriously the deposits are fine up to the insured amount.

I wouldn't want to keep any of the bank shares though.

[Zynx]

15. You are treading a fine line on this one.

[DireStrike]

33. Are they?

The FDIC tries to keep at LEAST 1.15% of its potential payback cash on hand. It usually goes higher, but with the Indiemac thing they are just scraping at that 1.15%. Granted, this is still a lot of money in reserve. But it is only 1.15% of potential obligations.

The more bank runs we have, the more likely it is there will be a problem. Eventually, and it wouldn't take too many bank runs, there WOULD be a problem. Just a few large banks, or one really large bank... if Wachovia went under, it would require several times the FDIC reserves.

Seriously this is a bad time to be encouraging bank runs. There could be very bad consequences. We all know it's worse than "they" say, just not how much worse. I'm hoping the country will scrape by without too much serious damage. Anything added will only create more problems.

[Pab Sungenis]

36. Speaking of Wachovia

they lost $9B in the mortgage crisis last quarter, 4x their expected loss. Any wonder why they charged me to close my account there?

Our banking system has been built on sand since the Reagan "reforms," and now the tide is coming in.

[defendandprotect]

54. Any wonder why they charged me to close my account there?

Do tell . . .

[pokercat999]

97. I have four seperate accounts with Wachovia.

No money just accounts.

:rofl:

[MindMatter]

78. There will be plenty of money.

The FED can create any amount of money they wish on a whim. The question is not whether there will be dollars created to cover the insured amounts. That is easy. The question is how much inflation they will cause in teh process, thereby robbing all the rest of us of the value of any savings we might have been able to scrape together.

If you are in debt, this is good news because inflation works to the debtor's advantage.

[jonmiller74]

83. For me the banking system is a precarious institution

made even more unstable by the false belief that the FDIC can maintain stability. It can't as long as people know the FDIC will conceal the truth about particular banks when convenient. Wouldn't it be better to reveal what banks are underfunded and allow people to move funds to more stable ones, in that way the Board of Directors for banks would become less willing to move into the underfunded territory and people would become more involved in securing their own financial well being. Propping up trouble institution or even saving them just encourages irresponsibility in all parties.

[billyoc]

30. What's the maximum penalty?

Just curious.

[grantcart]

44. Three hours with her and no safe word

[billyoc]

52. Whew, good thing you told me.

:rofl:

[Faygo Kid]

10. The media will bury this story, but there is something happening here.

What it is, ain't exactly clear.

[grantcart]

16. you could be right but if you google it you get 4 pages of postings

in the last 4 hours.

That is a lot of interest.

[ChimpersMcSmirkers]

94. I think it demonstrates the extent of McShame's banking connections,

And how he used them to get sonny a juicy job. It also segways nicely back to the Keating 5. I bet there is a pretty incriminating story of McKeating5's ties to the banking lobby, even after Keating 5. The question is will an enterpising journalist go there.

[nc4bo]

12. OMG!!!!!!!

Because you said don't connect the dots, do not assume anything, refuse to follow the logical order of things and not to link, gossip, chatter or SCREAM AT THE TOP OF MY VOCAL RANGE THAT THIS IS SCANDAL WAITING TO BREAK......

I won't. :nuke::nuke::nuke::nuke:

[VolcanoJen]

17. It's scandalous and awful and downright un-American to even respond to this post.

}( }( }( }( }( }(

[elehhhhna]

22. it's actually a crime against the state to read the o p

WERE' ALL DOMED!!1!1!

[grantcart]

24. My keyboard made me do it

[elehhhhna]

25. the title is the reason you don't have 8,000 recs already, though

maybe start another? this story's a doozy.

[grantcart]

46. I chose the title in order to keep it very discreet and make sure it was one of those

"inside threads" that will be known to only a couple of dozen of us.


Let me check

Holy Bejezuz 1800 views .

What a disaster.


I forgot to tell people to not rec this too.


Well if no one kicks this thread anymore it will just slink away.


Well I for one am not going to kick this thread again.

[BlooInBloo]

47. Meta-conversation on this topic is also unpatriotic.

[grantcart]

49. My meta-conversational observation not to kick it - kicked it

[grantcart]

51. I did it again

[bertman]

34. elehhhhna, what means "domed"?

[stlsaxman]

37. "DOMED!!1!1!!" is a Free Republic- or freeper reference...

much like "THIS IS HUGH!!!1!!" I"M SERIES!!!!1!"

just so you know.

FreeRepublic is the antithesis of DU.

[elehhhhna]

76. it's DOOMED, misspelled. WELCOME TO DU, bertman!

[fascisthunter]

89. awesome pic

I love cats.... miss mine.

[proud patriot]

103. I couldn't resist

I've been corrupted :evilgrin:

[TexasObserver]

19. But Neil Bush and Frank Keating taught him everything he knows about lending.

Nevada is having real problems with foreclosures, which means their lending institutions are in trouble.

[grantcart]

20. Talk about your BUSH III

Are we going to see kids with drinking problems too?

[TexasObserver]

64. Liquor is the least of Neil's problems. Herpes. Sex trips to Thailand.

He's a nasty piece of work.

[David Zephyr]

21. Like father, like son. K&R

I'm with grantcart, spread this story because the McCain crowd will work hard to bury it.

[elehhhhna]

23. All this really tells us is that Andrew McCain will be the GOP nominee for Prezzydent in 8 years

becasue guys who crash things -- companies, planes, economies -- are worshipped by the Fascist rightwing.

[CTyankee]

26. Does this poor lamb have personal issues?

I mean, really, if he did have "personal" issues like a sick kid or a serious health problem, then fine, he deserves to take a break. But this, with nothing else, seems, well kinda funny, ya know...?

[Muttocracy]

27. you're very right, we shouldn't pay any attention to this. nt

[phrigndumass]

28. I definitely won't send this to anyone on my email list

or speak of it in the vicinity of the town gossip.

:7

[grantcart]

42. just as long as you keep it off them internets

[nc4bo]

29. I guess it would be wrong to cropdust this little diddy into other.....

related crop fields on the various blogs wouldn't it? yea, it'd a terribly horrid idea.

so I won't do that either.

[grantcart]

43. It might be useful to give them a helpful instruction not to spread it further

but to just keep it amongst themselves.

By giving them a heads up then we can make sure that they don't fall into the trap of spreading bad information.


Its our duty to make sure that they don't spread it any further.


You must do it.

[klyon]

32. too late now... if the bank fails his name will definitely come up

all these financial problems can be traced to failed republican policies stemming from their deregulation and foolish policies

when will we learn, when will we learn, this is so unnecessary

history is repeating again

[undeterred]

35. I heard he's going back to school to become a social worker.

NOT.

[specimenfred1984]

38. What's the purpose of being a bank apologist? Take a look at their chart

http://finance.yahoo.com/q/bc?s=SSBX&t=6m&l=on&z=m&q=l&c=

It's gone from $26 a share to $1.72 in less than 2 years, it's been run into the ground and now McCain's son is making a run for it. No amount of bullshit from you will change the reality.

I'll tell you what I am better than, I am better than a person who ignores the truth.

[dkf]

59. The google says its $1.28.

[grantcart]

60. here is the link - note that McCain joined the bank in April and it has plummeted since

http://finance.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=maximized&chdeh=0&chdet=1217120283937&chddm=1173&q=NASDAQ:SSBX&

[dkf]

61. I guess they thought it would add to their prestige.

But it only brings greater scrutiny.

[grantcart]

63. actually it may be more complicated than that

he was a director in another bank that this bank absorbed.

But even give it this highly favorable spin think about it.

Your the son of a presidential candidate and instead of pulling back and participating soley in your family business so that you can be sure to maintain a low profile he continues to be involved in a highly visible operation. His analytical skills must be non existent because within 100 days the bank is almost wiped of the books and it has lost almost all of its share price.

It is such a fitting meaphor for what the Bush family has done for us.


This really is Bush III.

[Alcibiades]

40. Awesome post

Funny and informative. K&R.

[phoenixriz]

41. NYT: The Caucus-What Obama says about the Keating Five

www:thecaucus.blogs.nytimes.com/2008/05/10/obama-says-mccains-keating-five-connection-is-not-off-limits (Sorry couldn't link)


This is an article from the NYT: The Caucus to keep in mind for future reference.



May 10, 2008, 6:54 pm
Obama Says McCain’s Keating Five Connection Is Not Off Limits
By Jeff Zeleny

BEND, Ore. – Senator Barack Obama said today that a scandal from Senator John McCain’s past – the Keating Five – was just as relevant to the presidential campaign as questions about who Mr. Obama has associated with over the years.

In a news conference here, Mr. Obama was asked whether his campaign intended to raise the banking scandal from the 1980s, which Mr. McCain has apologized for. Every piece of every candidate’s public record, Mr. Obama said, is “germane to the presidency.”

“I was just asked previously about a whole host of issues and associations that are a lot more flimsy than John McCain’s relationship to Keating Five,” Mr. Obama said. “What I said, I can’t quarrel with the American people wanting to know more about that and me having to answer questions about it.”

Mr. Obama’s background, ranging from his longtime pastor to his friendship with former radicals from the 1960s, has been widely debated during the Democratic nominating fight. He said he expected the same level of scrutiny would be applied to Mr. McCain.

The topic was raised briefly during a 20-minute news conference here today. It drew sharp criticism from the McCain campaign, with a spokesman saying: “Apparently, Obama’s lively calls for new politics ended today.”

“If Barack Obama doesn’t have the strength to stand up to his own standards, how is he going to stand up for hardworking Americans?” said Tucker Bounds, a spokesman for Mr. McCain.

While the Democratic presidential primary is May 20 in Oregon – Senator Hillary Rodham Clinton campaigned here yesterday, former President Bill Clinton arrives tomorrow – Mr. Obama’s two-day campaign swing here carried the feel of the opening volley of a general election campaign in a battleground state. Mr. McCain is set to make his first trip on Monday to Oregon, a state that is being targeted by both campaigns.

As he spoke to reporters, with the Cascade Mountains in the distance, Mr. Obama sought to clarify a remark he made the other day when he suggested Mr. McCain was “losing his bearings.”

Was that a veiled reference to age? No, Mr. Obama said today.

“His team somehow took this as an ageist comment,” he said. “How that was interpreted in that fashion still is not clear to me.”

Then, he added: “Last I checked, people lose their bearings at every age.”

Perhaps. Yet it was an interesting moment, particularly considering Mr. Obama was not asked here about “losing his bearings” – or age. Mr. Obama raised both topics on his own accord.]

Comments (285)

[Imagevision]

126. I think 50-75% of the American haven't a clue about McCain's involvement in the Keating Five

[tbyg52]

48. I'm really tired of living in interesting times. nt

[Muttocracy]

86. :) nt

[Mme. Defarge]

105. No kidding! n/t

[ladywnch]

117. I may use that line as my signature line! n/t

[defendandprotect]

55. ...and I imagine that the son will be popping up in the campaign somewhere . . .?

kinda like W --- ???

[Iwillnevergiveup]

56. It's Christmas in July

so time to break out "It's A Wonderful Life."

K&R

[Iwillnevergiveup]

57. Oops

Forgot the :kick:
Rec #52

[Kire]

58. this is supposed to be an ironic post, right?

It's kind of hard to tell when one is being serious or being ironic.

[SmileyRose]

62. Kicking you up while I laugh my butt off.

:)

[MindMatter]

81. Stop kicking this thread. Stop recommending it

[Frisbee]

65. I wonder...

You have to think that since he was on the board, he probably had some deposits there. I'd sure like to see if he did and if he still does. Oh, who am I kidding, he knew better than that. Too bad Mc(insert your favorite insult here) doesn't have all of his campaign money there.

[ChimpersMcSmirkers]

66. I read on the internet that

Andrew McCain, Senator McCain's second oldest son has resigned has Director of the Silver State Bancorp. Has anyone else seen this?

[grantcart]

67. If you google Silver State Bancorp and you do an advanced search for only

the last 24 pages you get 8 pages of links

http://www.google.com/search?hl=en&lr=&as_qdr=d&q=Silver+State+Bancorp&start=70&sa=N

There are a couple of local stations that have picked it up but it is all through the financial and investment blogs.

Any bank director resigning these days is going to get a lot of attention. Son of a President. Big time.


Expect it in the situation room by say Monday.


Hopefully tomorrow a couple more folks will figure out a way to bring it up and we can keep the heat on. People do read what is written here.


And finally on Monday we will be watching the stock of the bank by the hour - which will continue to lose share value after this.


This one is going on the mantle not under the rug.

[orleans]

68. omg! i am SO not kicking and recommending this thread! n/t

[uponit7771]

69. Nah, I wont tell anyone that this looks like another company ran into the ground by bad leadership

...and has anything to do with Senator McSames son.

I'm just going to stick to politics and pray that McSame isn't going to be president cause this country can't afford him

[MindMatter]

80. Bad leadership or crooks?

That is the key question.

We know that the S&L meltdown was caused mainly by crooks. One wonders where those people hid out the last 15 years (the majority of them that didn't do jail time, that is).

[davidpdx]

70. I was feeling a subliminal message there

from you Grantcart. Did you say take all your money out of the bank?

[jmowreader]

71. I wonder...how was Choice Bank doing before the merger?

Choice Bank was what they called Andrew's bank before Silver State bought it...now his bank is/was Silver State of Arizona.

I am going to take a wild stab and guess this Nevada bank bought a bank in a state with a lower foreclosure rate than Nevada has to attempt to mitigate the housing crisis...the only problem with this logic is Arizona's foreclosure rate ain't a hell of a lot better than Nevada's. (Nevada leads the nation in foreclosures; Arizona is third.)

Either McSame told Andrew to get out before the federal regulators closed the bank and "son of Republican Presidential candidate John McSameAsBush involved in Nevada bank failure" stories made the front page, or Andrew decided to get out before the bank president asked him if his dad still knew Charles Keating.

[santamargarita]

72. Bank Fraud runs in the John McAsshole's family

~

[rhett o rick]

111. IT IS NOT BANK FRAUD, it is just good ole republicant business.

Guaranteed that no rich will be injured.

[frogcycle]

73. Ok, I will heed your advice

But I don't understand why you put these phrases in boldface:

possible bank failure.

impending bank failure,

link the McCain family to another financial scandal reminiscent of the Keating 5

news that Nevada Banks are suffering huge loses

lose 43% of its value on Friday,

Silver Corp has not released its 2nd quarter profits yet.

Monday will be a run on the bank.

is there something particularly significant about these phrases?

possible bank failure.

impending bank failure,

link the McCain family to another financial scandal reminiscent of the Keating 5

news that Nevada Banks are suffering huge loses

lose 43% of its value on Friday,

Silver Corp has not released its 2nd quarter profits yet.

Monday will be a run on the bank.

that you hoped anyone looking for expressions of interest would notice?

I would hope that people would not just keep reiterating these expressions:

possible bank failure.

impending bank failure,

link the McCain family to another financial scandal reminiscent of the Keating 5

news that Nevada Banks are suffering huge loses

lose 43% of its value on Friday,

Silver Corp has not released its 2nd quarter profits yet.

Monday will be a run on the bank.

You are correct that doing so might encourage unfounded rumors on the internets. And lord knows, the McCain family has been linked to enough scandal, like the Keating Five Scandal, already, without adding yet another. Of course, in the case of Keating Five and John McCain, there was clear linkage; it was no rumor. In this case, McCain's son being involved with a bank while McCain's economic advisor resigns in shame and McCain himself continues to exhibit a complete ignorance of things economic and financial would be a disaster for the McCain campaign. And the McCain campaign does not need another disaster, particularly related to a bank failure!

[pleah]

74. I did not just K&R this thread.

:evilgrin:

[MindMatter]

79. PLEASE stop recommending this thread

There are over 70 recommendations now. This must stop. Leave these poor bankers alone. Don't recommend this thread and don't share it with others.

[rhett o rick]

112. And stop kicking this thread. nm

[jonmiller74]

75. I'm shocked and saddened to think that

you would suggest that the possible failure of this bank would in any way have nothing to do with the alleged poor lending decisions approved of by the banks board of directors, lead by Mr. McCain. It seems to suggest that you believe Politics, Politics I say, are at work. Why the very idea that there is no similarity between this and Neil Bush's cabal is outrageous.

PS, :thumbsup:

[momster]

85. I'm not going to welcome you to DU!

Nor will I categorically state that I hope you continue to post!

[ChimpersMcSmirkers]

104. Do you think there might be something to the rumor

that McCain is under the influence of banking industry lobbyists?

More Headaches for McCain’s Camp
http://www.newsweek.com/id/139443

or

McCain guru linked to subprime crisis
http://www.politico.com/news/stories/0308/9246.html

And I don't know whether to believe this list of top contributers to McCain's campaign;
http://www.opensecrets.org/pres08/contrib.php?cycle=2008&cid=n00006424

[treestar]

82. I wonder why this thread is of so much interest

Hmmmmmm.

[Crabby Appleton]

84. Andrew K. McCain resignation

http://www.reuters.com/article/pressRelease/idUS51176+26-Jul-2008+BW20080726

Silver State Bancorp (NASDAQ:SSBX), the holding company for Silver
State Bank, announced today that Andrew K. McCain submitted his
resignation today as a director on the Boards of Directors of Silver
State Bancorp and Silver State Bank, citing personal reasons.

Mr. McCain previously served as a director of Choice Bank in
Scottsdale, Arizona from 2006 to April 1, 2008 when Choice Bank merged
into Silver State Bank. Mr. McCain had been appointed to the Boards of
the Company and Silver State Bank in February, 2008 and had served on
the Audit Committee. Mr. McCain has recently been appointed Chairman
of the Greater Phoenix Chamber of Commerce, effective this month.

A spokesperson for the Company stated that the Company wishes him
the very best in all his present and future endeavors.

[DFW]

87. I don't know if the OP was intended for this, but I suspect it was, so........

L O L!!!!!!!!!!

[On the Road]

90. How Weird is That?

A younger son of a Republican president (or nominee) resigns as the director of a failing Western bank with "Silver" in the name.

I was even looking for clues that this was Bush Sr and Silverado and the names were changed.

[grantcart]

91. that's wierd but we shouldn't make such comparisons

(let me just write that one down for future use)

[WillyT]

93. Hey GC !!! - This Is Sort Of Interesting...

FDIC Failed Bank List since 2000:

Link: http://www.fdic.gov/bank/individual/failed/banklist.html

Out of 35 banks on the list, 7 have failed in 2008. That's 1\5th the total, and the year's not over yet. The only bigger year was 2002 with 12 bank failures, and was the year after 9-11.

Don't know if any of this means anything, but...

:shrug:

:hi:

Oh... and K & R !!!

:kick:

[grantcart]

95. Interesting -- I wonder if even the bankers will be voting for Obama by November

[lumberjack_jeff]

92. Who is it that is KICKING and RECOMMENDING these scurrilous rumors?

They should be ashamed of themselves... I suppose.

[whistle]

96. I guess the real question ought to be "What involvement did Phil Gramm have with Silver State Bank?"

[grantcart]

98. that question would be entirely inappropriate

Let's hope that the news media never asks it.

[whistle]

125. Well Silver State Bank seems to have a very strange mission...

<snip>
Andrew McCain Resigns from Silver State Bank
Posted by Jayne Stahl
By Jayne Lyn Stahl

On the eve of President Bush’s signing of the housing bill which will regulate, as well as bail out, mortgage behemoth Fannie Mae and Freddie Mac, and create a $300 billion program to expand the Federal Housing Administration’s capacity to guarantee mortgages, comes word that Andrew McCain, son of presumptive Republican nominee, John McCain, has resigned today from Silver State Bank’s Board of Directors. The bank cites “personal reasons” for Mr. McCain’s sudden departure (Las Vegas Review-Journal)

McCain was appointed to the Board of the Henderson, Nevada bank in February where he served on the Audit Committee.

Prior to coming to Silver State, he was the director of the Choice Bank in Scottsdale, Arizona until its merger with Silver State Bancorp which has 13 branches in Southern Las Vegas, and 4 branches in Arizona, and California. While, according to Yahoo Finance, construction and land loans make up more than 70% of the bank’s lending portfolios, Silver State also lists residential mortgage loans as among its specialties.

“When the casinos treat you poorly, let Silver State treat you like a valued customer” is the bank’s declared mission statement. Given widespread speculation about the prospect of hundreds of bank failings, a motto like this one is enough to cause the hair on the back of your neck to stand up, as well as ask a few hugely important questions.

http://blog.pdamerica.org/?p=1996

[redqueen]

99. I thought this was gonna be about not swiftboating McCain.

Glad I finally broke down and read it.

Nice one.

[grantcart]

100. No I am all up for swiftboating McCain on legitimate issues

just against spreading rumors like this one --- keep it to yourself now.

[redqueen]

101. "keep it to yourself now."

:patriot: ;)

[nc4bo]

102. Are you naughty kiddies still not participating in the spread of rumors?

Excellent!!! :7

[ChimpersMcSmirkers]

107. Yeah, but I'm starting to hear others talk about these rumors.

Like here:
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x6544389

It makes me wonder if there might be some grain of truth to these rumors.

[grantcart]

108. these pricks are responsible- they can't keep a secret

#2 on google

I didn't even see that thread lol



http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x3681721

[ChimpersMcSmirkers]

109. I found it here too...

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x3681721#3681746

[madmax]

106. Wow!!! Honered to be 101 k&r n/t

[Donald Ian Rankin]

110. How many innocent people's lives would be ruined by this bank crashing?

And, is that more or less important than scoring cheap political points?

I realise I run the risk of appearing humourless, but while I have no problem with making jokes about past tragedies, I do have issues with making jokes which increase - albeit slightly - the risk of potential future ones.

[rhett o rick]

114. You tell us how many innocent lives will be hurt? Only taxpayers will be hurt.

Oh yeah, and anyone foolish enough to have more than 100,000 dollars in the bank. If the bank fails it won't be because of this thread.

[grantcart]

115. When I posted this there were already over 50

posts on google.

If the bank comes under scruitiny it will be because Andrew McCain tried to resign in the middle of the night and get away with it and not because we have made fun of his attmept to leave the scene before whatever happens happens.

Another Nevada bank, as is cited in the OP, lost 43% of its value on Friday.

The following chart shows that since McCain has been with this bank that the shareholders have lost 80% of their value.


The account holders are insured but the stockholders are likely to lose everything.


And more to the point, unlike other banks, this bank has held back its Q2 report.


It is highly suspicious that he resigns while they are holding back that report.


People do get hurt when banks fail.


People should not keep more that the insured amount in the bank and since IndyMac every large depositer should have gotten a wake up call.

http://www.fdic.gov/bank/individual/failed/banklist.html

Two banks failed on Friday.


Every other blog, political and non political, here on DU or those that are investor related had the same response -

If you have more than $ 100,000 in an account in that bank you better move it now.


Here is an example of the kind of comments that are being made in dozens of threads across the internet all of them urging large depositors to move their money quickly.


http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x3681721


too bad the shareholders didn't have the same chance to save their money.


What do you think will happen to the share price of the Bank stock on Monday now that investors realize that the Director in charge of the Audit Committee quit in the middle of the weekend before they issued their Q2 report.

[rhett o rick]

113. Rats are the first to leave a sinking ship. Sorry if this has already been used. nm

[butterfly77]

116. This sounds like the Bush's ...

and the Silverado situation...

[psychmommy]

119. i want the Monday morning crowd to NOT read this !

[grantcart]

120. Well on Monday morning we will switch to an hourly watch

on the company's stock.


Should be fun.

[psychmommy]

122. i'll be checking in all day.

[Maria Wr]

123. Look at this...McCain's Son leaves...

from board of Silver State Bancorp.
The company cited “personal reasons” for McCain’s resignation, and a Silver State spokesman declined further comment.
Can the implode be far behind?


http://implode-explode.com/forum/viewtopic.php?p=172012#172012


k and r

[grantcart]

124. hmmmmmmmmm

Wow they even have a whole page and a meter just for bank implosions

http://implode-explode.com/forum/viewforum.php?f=9&sid=8d536725b9976dd16c7a58bbf78c63da

Bank Implode-O-Meter

[TankLV]

127. Umm - the bank failed already and was taken over by the FDIC LAST MONDAY!!

And, deposits are insured up to $100,000 plus fifty percent of the next $50,000.

There was not "run" on the bank, altho there were long lines LAST FRIDAY (19 July) before last Monday...

I live here in Henderson, Nevada - this was all big news LAST MONDAY...

but - they never mentioned the mcINSANE connection...hmmm...

[phoenixriz]

128. We need a thread on how to keep safe in this environment

Not being an expert on banking matters and uncomfortable in the current fiscal environment, could we start a thread on safe banking practices. I am gathering that the recommendation is not to keep more that $100,000 in any one bank but to spread your money around to other banks if you are lucky enough to have more than this amount. I like to keep liquid case for emergencies and upcoming large planned purchases. Thanks

[grantcart]

129. I think that you may be referring to First National Bank of Nevada

Here is the FDIC official list - if you have a link to a story about this bank we would love to see it.

http://www.fdic.gov/bank/individual/failed/banklist.html

[TheKentuckian]

130. Silver spoons

Golden parachutes.

It's alright in the ruling class, you drive companies in the ground, basically get a Powerball payoff, and if you do it enough, then you might get to be President.

[nc4bo]

131. Good Morning..............

some refreshments :donut: and a :kick:

[malaise]

132. What a beautifully written post

:yourock:

[nc4bo]

133. wow.

Stock just hit $1.13 and it's 9:45 a.m.

I'm not on deathwatch. You shouldn't be either.

[rhett o rick]

134. What is the latest? nm

[nc4bo]

135. $1.18 and no word from the mighty M$M. Go figure. nt

[nc4bo]

136. eod closed at $1.10.

The MSM is silent.

[rhett o rick]

137. Thanks. Do you think the principles are looting? nm

[ChimpersMcSmirkers]

138. Bump for the MSM not saying a peep.

[rainbow4321]

139. Another non-bump for the peepless M$M n/t

[rhett o rick]

140. Kick. nm

[nc4bo]

141. @ 12:07 pm - just hit a low of $1.08. Silence is golden. nt

[Marrah_G]

142. Gobama!