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Obama's New Ad Attacks McCain with 'Keating 5' Ethics Scandal

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By Ron Gerber
06 October 2008 @ 04:55 pm ET

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In a Nov. 20, 1990 file photo Sen. John McCain, R-Ariz., left, sits with his attorney John Dowd during a Senate Ethics Committee hearing on Capitol Hill in Washington. In his early days as a freshman senator, McCain was known for accepting contributions from Charles Keating Jr., flying to the banker`s home in the Bahamas on company planes and taking up Keating`s cause with U.S. financial regulators as they investigated him. (AP Photo/John Duricka... (AP Photo / John Duricka, File)

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McCain had participated in two meetings with banking regulators on behalf of Keating. Regulators were seeking information about questionable lending practices by Lincoln. McCain called participation in the meetings "the worst mistake of my life."

Ultimately, Lincoln collapsed, costing taxpayers an estimated $2.6 billion. Keating was released after four years before his sentence was overturned on a technicality.

b>The following is a trailer for the Obama campaign documentary.

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