The Obama campaign released an ad Sunday linking Republican presidential nominee John 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 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.

Next weeks G8 may shine the spotlight on the USD as the global standard
The U.S. economy likely shed a further 355,000 jobs in June and the unemployment...
Cisco live 2009 website is down and nobody can access the site for the latest in...


Effective and Affordable Press Release Distribution Service