Friday, September 5, 2008

Andrew McCain Resigned From Failed Bank

In other failing bank news...

Silver State Bank in Nevada was shuttered today by the feds. It's the 11th bank shut down this year. After the news of the impending Federal bailout of Fannie Mae and Freddie Mac, the $2 billion dollar shutdown of Silver State would seem like peanuts and hardly worth mentioning were it not for the fact that until July when he resigned citing personal reasons, John McCain's son, Andrew McCain, sat on the board of Silver State. He was also a member of the bank's audit committee, responsible for overseeing the bank's accounting.

It appears that the oversight was a little lax.

2 comments:

Baywatch said...

the sins of the son?

arlopop said...

Not even saying he sinned. Just pointing out a bank collapse that took place under the watchful eye of the younger McCain.

Although if you wanted to use the aphorism it would be better if offered in its original incarnation, "The sins of the father visit the son", as The Keating Five scandal would seem to suggest.