Barack Obama Attacks John McCain for Keating Five Scandal

Sen. Barack Obama attacked Sen. John McCain on Monday about his associated with the "Keating Five" of the 1980s savings and loan scandal.

Both campaigns have increased their negative attacks leading up to Tuesday’s presidential debate, the second on their schedule.

On Monday while at a rally in Florida, Gov. Sarah Palin brought back campaign attacks about Obama’s relationship with William Ayers, a former member of the radical group Weather Underground, which performed bombings in the U.S. to protest the Vietnam War in the 1970s.

Obama, who once served on a charity board with Ayers, has denounced the bombings. Ayers is now a professor of education at the University of Illinois-Chicago.

McCain called Obama “a Chicago politician”, while recent campaign ads referenced Obama’s relationship with Tony Rezko, a now-convicted felon on charges of bribery and fraud.

Obama accused McCain of trying to avoid talking about the U.S. economic crisis as his campaign launched a Web site highlighting McCain’s link to Charles Keating in the 1980s savings-and-loan industry collapse.

Obama’s campaign launched the site KeatingEconomics.com and features a 13-minute documentary called "Keating Economics: John McCain and the Making of a Financial Crisis'', which produced by the campaign.

The Keating 5 scandal involved McCain, who was in his first term in the Senate representing Arizona, and four Democratic senators, none of whom are still in office.

The five senators faced accusations of improperly intervening with federal regulators on behalf of Keating, an Arizona businessman and campaign contributor who was chairman of California-based Lincoln Savings and Loan Association.

In 1991, The Senate Ethics Committee cleared McCain of wrongdoing, but said that he "exercised poor judgment.'' Keating served 4 1/2 years in prison on charges connected with the collapse of Lincoln.

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