McCain: The Warlock of Wall Street – A Legacy of Larceny
Americans are weary of corruption, scandal and abuse that John McCain represents. Commentary by Leon Walker.
Senator John McCain has first hand knowledge and experience in bilking consumers and stockholders and leaving a financial institution and its employees stripped and broken. He was the architect and an active participant of the “Savings and Loan Scandal” of the 1980’s and the scheme he helped to create remains the revolutionary and ingenious low tech road map used in raiding the financial institutions of Wall Street.
It was Senator McCain who used his influence and the power of his senatorial office to strangle efforts to implement and enforce regulation of the financial institutions that he and his crooked cronies targeted. “No more oversight or government regulation” was their mantra more than twenty years ago. And it remains so today! While the government was distracted, they gutted financial institutions like deadly pirates. The Savings and Loan scandal was “a first” at the time, then the most bizarre and stunning financial news of the century. Although Senator McCain was one of two who narrowly escaped prison for his part in this criminal activity, he was forced to pay back more than $100,000.00 in tainted money that he accepted. He was also publicly humiliated and castigated for his ineptitude and ethically casual approach to serving as an elected public servant. Unfortunately, this was only the beginning of his failures in this capacity. The tragic implications are well documented and the impacts are now clearly visible in our current domestic economic storm.
Phil Gramm was McCain’s senior economic campaign advisor, remaining his close friend and strategist while guiding McCain in his efforts to suppress government intervention over the years. The same Phil Gramm, like Senator McCain, has recently publicly stated that our economy is strong. The same Phil Gramm said that this nation of whiners was undergoing a mental recession. It is no small wonder that Senator McCain has repeatedly stated the same opinions on so many occasions. He actually believes in fundamental strength, but has no real understanding of the economy by his own admission. Silently and on the advice of friends such as Gramm, for more than two decades, Senator McCain has given his blessing to the blatant financial genocide that the Wall Street collapse represents.
When you consider the impacts of this financial catastrophe, it is absolutely shocking. Names of American financial landmarks like Bear Stearns, Lehman Brothers, Merrill Lynch and AIG are all reeling and screaming for help. The government, along with limited private sector resources has been forced to use federal dollars to bail out these troubled companies. This matter has global implications that could produce a negative shockwave on the world market beyond the already disastrous domestic ramifications being realized. Certainly, many stockholders, investors and property owners have lost money and equity. Certainly, many employees have lost their jobs. Certainly, many people are now unable to borrow money due to the condition of the lending industry’s fractured infrastructure. Of course this is only one of many economic woes that our nation currently faces.
In recent days Senator McCain used the following words to describe the business practices that yielded the dilemma that Wall Street currently faces: reckless conduct, corruption and unbridled greed. He has also indicated that he would recommend a commission (not unlike the 911 Commission) to study the problem. I have no idea why Senator McCain would be interested in convening a commission when he is perhaps the most well known and knowledgeable figure in Washington regarding manipulating and suppressing the regulation of financial institutions.
No doubt this approach would be to buy time so that he and his cronies can begin covering their tracks and slink into hiding. Senator McCain is among the few callous Americans who scripted the devious plan for these nefarious business practices in the financial sector. Since his humiliating scandal broke more than twenty years ago, Senator McCain has remained a staunch opponent of “business regulation” and his associations with the likes of Phil Gramm are the indelible ink that documents his activities. This is not a blip or an anomaly. This is a calculated and meticulously executed business plan that should be more appropriately called the “McCain Drain”. Not only has Senator McCain been personally involved in such illegal activities, his own son (let me say that again: his own son!!!) is now at the center of a storm in Arizona surrounding a financial institution that he has seemingly put the “McCain Drain” on and caused to fail.
This behavior is no fluke or coincidence. This has become generational McCain family business practice involving a cartel of close friends, colleagues and well placed and powerful business associates. This is a continuing “legacy of larceny” that is emblematic of the man. This is the true impression of heartless, selfish and power hungry warlock that John McCain is.
When the “Keating Five” scandal exposed the dismal ethical standards that are now the cornerstone of Senator McCain’s life and legacy, it sent a shockwave throughout Washington and across the nation. The elderly and those approaching retirement and many working class Americans saw their life savings evaporate. It was John McCain, the man who proclaims himself the champion of working class Americans who actually destroyed their lives. It is the same John McCain who has since turned a blind eye as countless Americans have now had their assets diminished or lives destroyed financially so that his wealthy cronies could gorge themselves on record profits. No one could have imagined twenty years ago that what appeared to be a McCain plot driven by greed and power, could evolve into such an abysmal and tragic symphony of sinister fiduciary practices that would someday bring Wall Street to its knees.
It may be something as simple as revenge for the humiliation he was forced to endure during the “Keating Five” scandal. But Senator John McCain has been slowly poisoning the well for all of us for decades. And now we must watch as the warlock casts his spell on the myopic mental midgets that he beguiles with sanitized, embellished and even fabricated tales of hero worship from lifetimes ago. And he will spew more lies and lay blame at the feet of scarecrows. Mark my words, the thieves and swindlers will escape unscathed with their massive hauls if he has anything to say about it. McCain will convince the American public that he alone can repair the financial bomb crater that he has created.
Countless numbers have been betrayed and untold fortunes spirited away: spirited away on the fraud freeway that John McCain designed decades ago and helped to build. John McCain should be remembered for the evil that he has done. The Warlock of Wall Street and his legacy of larceny will be remembered worldwide as a historic American tragedy.
Where was the “Mustang” over the past twenty years when the matter of regulating financial institutions lay on the floor of the United States Senate on life support? Having been so close to the matter personally, how could such a problem be so strongly opposed by Senator McCain for so long?
A more accurate and appropriate campaign slogan would be: “Cronies First” versus “Country First”.
It’s no small wonder that I’m starting to feel a bit ill and I sense a lot of other Americans are too.
L. A. Walker, © Leon A. Walker