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UNDERNEWS

Undernews is the online report of the Progressive Review, edited by Sam Smith, who covered Washington during all or part of ten of America's presidencies and who has edited alternative journals since 1964. The Review, which has been on the web since 1995, is now published from Freeport, Maine. We get over 5 million article visits a year. See prorev.com for full contents of our site

August 8, 2008

MCCAIN'S SON BAILS FROM BANK BOARD HE JOINED IN FEBRUARY

Jayne Lyn Stahl, Progressive Democrats of America - On the eve of President Bush's signing of the housing bill which will regulate, as well as bail out, mortgage behemoth Fannie Mae and Freddie Mac, and create a $300 billion program to expand the Federal Housing Administration's capacity to guarantee mortgages, comes word that Andrew McCain, son of presumptive Republican nominee, John McCain, has resigned today from Silver State Bank's Board of Directors. The bank cites "personal reasons" for Mr. McCain's sudden departure

McCain was appointed to the Board of the Henderson, Nevada bank in February where he served on the Audit Committee. . .

"When the casinos treat you poorly, let Silver State treat you like a valued customer" is the bank's declared mission statement.

Arizona Republic, Jul 31 -
Silver State, a public company struggling from the weak economy and problem loans, reported a $13.4 million loss in the first quarter, with non-current loans rising to 4.5 percent of total loans. That contrasted with $6.2 million of net income one year earlier. The company hasn't yet released financial results for the second quarter. A Silver State spokesman declined to comment on the resignation. McCain didn't return phone calls. . . Silver State Bancorp's subsidiary, Silver State Bank, also operates 13 branches in Nevada. McCain also resigned as a director of Silver State Bank. In May, Silver State Bancorp's executive vice president, Douglas French, also resigned.

Barbara's Daily Buzzflash Minute - The McCains are more like the Bushes than first imagined. In yet another bizarre development in the saga of CMKM Diamonds, better known as CMKX, one of the largest financial frauds in history, Andrew McCain, the son of presumptive Republican presidential candidate John McCain, resigned from the Board of Directors of Henderson, Nevada based Silver State Bank, the bank where hundreds of millions of dollars was deposited as it was stolen from CMKX shareholders.. . .