Failed bank for which McCain's son served as auditor will cost FDIC HALF A BILLION $$$$

[Bluebear]

The failure of Silver State Bank of Henderson will cost the Federal Deposit insurance Corp. around half a billion dollars, according to law firm Jones Day.

While the bank was struggling under a mountain of bad loans, the bank failed Friday because of continuing loss of deposits, according to the firm.....

The reason for the takeover delay between Aug. 29 and Sept. 5 is unclear. FDIC spokesman David Barr said the agency had been hovering over Silver State since early August, but the decision of when to close it ultimately fell to the state regulators. Representatives of the Nevada Financial Institutions Division didn't respond to requests for comment.

The move has potential political consequences. Until recently, Andrew McCain, the son of Republican presidential nominee Sen. John McCain sat on Silver State's board. The younger Mr. McCain, 46 years old, was a member of its three-person audit committee, which was responsible for overseeing the company's financial condition.

After five months on Silver State's board, Andrew McCain stepped down July 26, citing "personal reasons." Earlier that week, regulators had intensified their scrutiny of Silver State and began monitoring its financial stability on a daily basis, according to a state regulatory filing. The day before Mr. McCain resigned, another major Nevada bank, First National Bank of Nevada, had failed.



http://www.lvrj.com/breaking_news/28015139.html
http://online.wsj.com/article/SB122089085654510439.html?mod=googlenews_wsj

[gratuitous]

1. "Potential political consequences" Yeah, right

That would happen only if the popular media suddenly decide to hold Republicans responsible for their actions. But they've been in a responsibility-free zone for so long, it would require an extreme change of direction by the media. Someone might bring up this bank failure and tie it to Republican policies, but one simple "Oh, no it's not obviously a result of our policies," and that will be that.

[orleans]

2. i seem to remember georgie's brother had a similar problem. n/t

[and-justice-for-all]

3. Is that an indication how his pops would ru(i)n the country? nt

[dysfunctional press]

4. like keating-five father like son...

hey lonestarnot- is THIS it?

[dchill]

5. political consequences...

are for Democrats. See: IOKIYAR