McCain's Old 'Keating 5' Scandal Part of New Obama Ad

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 in video from the proceedings.

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

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

The other four senators who had also received sizeable contributions were Alan Cranston ofCalifornia, 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, according to AP. 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 $2.6 billion. Keating was released after four years before his sentence was overturned on a technicality.