The Rag Blog: Another Bank Fails (And There's a McCain Involved)

09 September 2008

Another Bank Fails (And There's a McCain Involved)

Silver State Bank Goes Belly Up
By Cookie Jill / September 8, 2008

Guess Andrew McCain learned "economics" from his dad.

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.

...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. - ap and ft

Silverado ... silver state ... lots of taxpayer bailouts for the financial failures caused by those with the silver spoons.

Source / Skippy the Bush Kangaroo

Thanks to Diane Stirling-Stevens / The Rag Blog

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09 September 2008

Another Bank Fails (And There's a McCain Involved)

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