Bank Tied To John McCain's Son Goes Under

[BuyingThyme]

Bank Tied To John McCain's Son Goes Under

Andrew McCain Served On Silver State Bank's Board Until July Before Leaving; Bank's Failure Marks 11th Of The Year

WASHINGTON, Sept. 6, 2008

(AP) Regulators on Friday shut down Silver State Bank, saying the Nevada bank failed because of losses on soured loans, mainly in commercial real estate and land development.

It was the 11th failure this year of a federally insured bank.

Nevada regulators closed Silver State and the Federal Deposit Insurance Corp. was appointed receiver of the bank, based in Henderson, Nev. It had $2 billion in assets and $1.7 billion in deposits as of June 30.

Andrew K. McCain, a son of Republican presidential nominee John McCain, sat on the boards of Silver State Bank and of its parent, Silver State Bancorp, starting in February but resigned in July citing "personal reasons," corporate filings with the Securities and Exchange Commission show. Andrew McCain also was a member of the bank's audit committee, responsible for oversight of the company's accounting.

The younger McCain, who is the chief financial officer of Hensley & Co., the beer distributorship of which Cindy McCain is chairwoman, is the Arizona senator's adopted son from his first marriage.

...

http://www.cbsnews.com/stories/2008/09/06/business/main4422652.shtml

[FreakinDJ]

1. Like father - like son "Keating 5 - The Next Generation"

[doc03]

7. Silverado Savings & Loan was the institution

made famous with connections to the "Keating Five" scandal and back then Neil Bush brother of W was on that Board of Silverado S & L I believe. All totalled the Savings & Loan failures cost the taxpayers in excess $160 Billion.

[BuyingThyme]

10. Is this change you can believe in?

[1corona4u]

2. Now, that's a story that needs to be pushed out there...

[cottonseed]

3. A lot of people here called it when he first left the bank.

No surprise. Dirty bastard conservatives.

[Barack_America]

4. Please rec this and keep it kicked! Has it been posted in Latest Breaking News?

It needs to be.

This is front-page material!

And thanks to Grantcart for initially bringing this story to DU!

[BumRushDaShow]

6. Yes - it was posted this morning.

But notice that this is the weekend? The stuff will sadly be scrubbed from the news by Monday.

[doc03]

9. I just posted it myself in General Discussion a little

earlier.

[the Sundance Kid]

5. chip off the ol' blockhead

[grantcart]

8. This is unbelievable - the trading community isn't even aware of it yet

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

[nc4bo]

11. a-yup, i posted it over here this a.m. but it sunk like a 2-ton rock. nt

[BuyingThyme]

12. Strange.

D'you have a link?

[nc4bo]

13. just gave it a healthy kick (for life hehe)

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x6961363

Seen it on LBN and GD but not here so made the post to spread the word.

[BuyingThyme]

17. The CBS version sells because they put "John McCain's Son" in the lede.

[nc4bo]

19. yea, I should have known that lol. I keep forgetting not everyone follows

every little thing around here.

Grantcart got me really interested in Andy's goings on and I've been hooked and too familar ever since.

[PA Democrat]

14. I'm glad the article mentions the fact he was on the AUDIT committee

and was responsible for oversight of financial records.

I'm sure this story will trigger people's memories of other banking scandals that McCain would rather people forget.

[nc4bo]

15. sigh. I saw a 1 minute piece on CNN (?) this afternoon...

they talked about it like they it was just an ordinary, everyday occurence.

I saw far more excitement when they ran a story about someone finding a likeness of Mary (yea THAT Mary) on a green grape :S.

[crazylikafox]

16. Was he on the Podium with McClueless Thursday nite after the speech

or is he in hiding also?

[nc4bo]

18. he was formally introduced (by name) with the rest of the family, even little Bridgette was a

a Mccain that night. But I don't remember if it was after the speech or some other photo op (they give me a brain fart).

[BuyingThyme]

20. ..

[BuyingThyme]

21. ..

[depakid]

22. "Andrew McCain also was a member of the bank's audit committee"

Things that make you go hmmm.

[WA98070]

23. Keating 5 II: Like Father, Like son.

[FrenchieCat]

24. Anyone thinks this will be looked into?

:shrug: