Obama Releases 'Keating Economics' Documentary
The Obama campaign has released a 13 minute video called "Keating Economics: John McCain & The Making of a Financial Crisis." The video tells one version of the story of McCain's involvement in the "Keating Five" scandal and helps the Obama campaign make the argument that the Republican candidate played a "central role" in a financial crisis that led to taxpayer-funded government bailouts.
As The Post's Perry Bacon reports, the campaign has also launched KeatingEconomics.com and surrogates will appear on radio and TV to discuss McCain's involvement in the S&L scandal. The senator has apologized for his involvement in the scandal, which ran from the late 1980s into the early 1990s. McCain and Sens. Alan Cranston (D-Calif.), Dennis DeConcini (D-Ariz.), John Glenn (D-Ohio) and Donald Riegle (D-Mich.) faced criticism by the Senate Ethics Committee for aiding Charles Keating, then the chairman of the Lincoln Savings and Loan Association. The "Keating Five" asked federal investigators to not seize the company because it might be insolvent. Keating was eventually convicted of fraud and the company collapsed.
A 35-second preview of the documentary was watched at least 273,000 times since its release early this morning, according to Obama campaign spokesman Hari Sevugan.
-- Ed O'Keefe
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