Saturday, September 6, 2008

McCain Son Worked for Failed Nevada Bank

Yipes! Andrew McCain is involved in a bank failure. He is the adopted son of presidential candidate Senator John McCain (R-AZ), and he resigned from the board of directors of Henderson, Nevada-based Silver State Bank, which has just gone belly up. (Will this bring back memories of the Keating Five?) So far, I've seen no reports linking Andrew McCain to any wrongdoing. That remains an open question, just as it's still to early to determine the guilt of "a son and a brother of Sen. Joseph R. Biden Jr. (D-Del.) [who] are accused in two lawsuits of defrauding a former business partner and an investor of millions of dollars in a hedge fund deal that went sour, court records show." (More on Huner Biden below.) Andrew McCain....joined Silver State's board in February but resigned for unspecified personal reasons in late July.... State and federal bank regulators late Friday announced the seizure and sale of Henderson-based Silver State Bank, which bet its future on Las Vegas real estate values and lost. The bank had $1.7 billion in deposits. Nevada State Bank is taking over the deposits insured by the Federal Deposit Insurance Corp., leaving only $20 million in uninsured deposits, which may not be wholly recovered. FULL STORY... RELATED: Joe Biden's Son, Brother Involved In Hedge-Fund Scandal Biden’s son consulted for credit company Biden defended in Senate Business dealings of Biden family could be problematic for him Obama Aides Defend Bank’s Pay to Biden Son Obama, Biden's Son Linked by Earmarks Hunter Biden's Baby?