Obama Ad Questions McCain's Judgment, Values in 'Keating 5' Ethics Scandal

An ad released Sunday links McCain to 1980s financier Charles Keating Jr. who was later convicted of securities fraud.

The video shows Sen. Howell Heflin at the opening of proceedings investigating the ethical conduct of five senators in 1990, which included Arizona Sen. McCain. The senators were known as the "Keating 5."

"Many of our fellow citizens apparently believe that your services were bought by Charles Keating," Heflin is shown saying.

The committee cited McCain for a lesser role than the other five senators but faulted his "poor judgment."

The Obama campaign has created a website called keatingeconomics.com where the documentary will be released on Monday. The site says the earlier scandal has parallels to today's credit crisis.

"And in both cases, John McCain's judgment and values have placed him on the wrong side of history," the campaign states on the site.

Keating, who was the chairman of Lincoln Savings and Loan had contributed more than $100,000 to McCain's senate and house of representatives campaigns at the time. He was also a friend of McCain.

The other four senators were Alan Cranston of California, Donald Riegle of Michigan, John Glenn of Ohio and both Dennis DeConcini of Arizona.

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," according to the Associated Press.

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

The following is a trailer for the Obama campaign documentary.