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So, what were Andrew McCain's "personal reasons" for resigning from the board of his failed bank?

Now, since John McCain's son, our Andrew, isn't a 17-year-old girl or a special needs baby, it's less fun to go after him, but still. 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.

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.

Hmmm.

What was it Bill Clinton used to say... "That's the...." No. "It might be..." No. "It's a ....", no, but maybe ... "It's the... It's the... It's the 17-year-old's uterus?" No, not quite. "It's the eccch?" ... "It's the ecdysiast?" ... "It's the EC?" No, none of that seems right.

Wait, wait, I think I've got it:

It's the economy!

Stupid.

Seriously, this should be a no-brainer, right? The Feds just seized Fannie Mae and Freddy Mac, banks are folding as bad as the A listers in February, Andrew McCain's bank folded, and he was on the audit commitee. What were his "personal" reasons for leaving? Maybe he knew the shitstorm was coming, and wanted to get away clean? Like Father, like son. Here's a living, breathing, walking, thinking (one assumes) example of how the Republicans fucked the economy, and I bet the story is a very simple one that anyone can understand.

So, let me mosey over to the A listers and check out how this story is playing out. The Obama 527 Formerly Known as Daily Kos? Nada. Jeralyn? Nada. Atrios, to his credit, posts on it. Oh well. Palin's so much more shiny. And she is a woman, so for so many of our "progressive" blogs, it's a two-fer!

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Truth Partisan's picture
Submitted by Truth Partisan on

the Keating Five was too old to count for the public--but it ain't now!

Yeah, it bothers me that even most of the blogs that are partisan for the Dems aren't bringing this up. After all, they have already thrown away the candidate's kids off-limits standard. (And apparently in spite of anything Obama and Biden said, good on them.)

amberglow's picture
Submitted by amberglow on

it'll just invite more talk of Biden's lobbyist kid and Biden's own slavery to banking/creditcards.

Submitted by lambert on

I think you're right...

[ ] Very tepidly voting for Obama [ ] ?????. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.

Submitted by Paul_Lukasiak on

Here’s a living, breathing, walking, thinking (one assumes) example of how the Republicans fucked the economy, and I bet the story is a very simple one that anyone can understand.

McCain's son was on the board for five months. Yet you want to use him as the personification of "how the Republicans fucked the economy"?

Don't you think your, um, reaching just a tad here? (and isn't it possible that Andrew McCain resigned because of irregularities he discovered as a member of the bank's audit committee -- irregularities that he did not want his father's name associated with?)

Submitted by lambert on

Or not. Andrew's an adult. More data!

[ ] Very tepidly voting for Obama [ ] ?????. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.

Submitted by Paul_Lukasiak on

...of improriety, why do you need more data. Andrew said "personal reasons" -- and unless you have a good reason to suspect otherwise, you are demanding that the families of political candidates make their personal lives fodder for public consumption.

And since Andrew was there for only five months, there is no reason to suspect that he was responsible in any way for the downfall of the bank.

DCblogger's picture
Submitted by DCblogger on

Good catch Lambert, this is something we need to talk about.

Damon's picture
Submitted by Damon on

Sounds to me like he found out after looking into the books that Silver State was about to crash headlong into a wall, and smartly bailed ship before he could be turned into a political shooting post.

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