Friday afternoon bank failure (ties to McCain son - should have named him Keating?)

[BR_Parkway]

State and federal regulators on Friday shut down Silver State Bank, the latest in a series of bank failures and one that could ripple through the presidential campaign.

Until recently, the son of Republican nominee Sen. John McCain sat on Silver State's board and was a member of its three-person audit committee, which was responsible for overseeing the company's financial condition.

Andrew McCain left the Henderson, Nev., bank July 26 after five months on the board, citing "personal reasons." He is Sen. McCain's adopted son from his first marriage.

There is no evidence that Mr. McCain, 46, committed any wrongdoing. Nor are there signs that Sen. McCain, the Arizona Republican who on Thursday accepted his party's presidential nomination, had any knowledge of or involvement in Silver State's problems.

A spokesman for the McCain campaign couldn't be immediately reached for comment.

The lender, the 11th bank to fail in the U.S. this year, was overexposed to risky real-estate loans, a problem that's vexing many banks amid the worst financial crisis in a generation. Silver State had nearly $2 billion in assets and 17 branches in Arizona and Nevada.

http://online.wsj.com/article/SB122066426856206115.html?mod=googlenews_wsj

[stillcool]

1. I know it's just a coincidence...

but it all seems so odd...

If Mr. McCain had remained on Silver State's board another four days, his position on the audit committee would have required him to sign off on the company's second-quarter financial statements.

Three weeks after Mr. McCain quit, Silver State had to revise those second-quarter numbers to reflect a loss of $72.3 million, which was larger than previously reported. It warned in the Aug. 15 regulatory filing of "uncertainty about the company's ability to continue as a going concern," a sign the bank's survival was in doubt.

Silver State said at the time its insurance carrier planned to cancel policies protecting Silver State's directors and executives from liability due to the bank's elevated risk profile, effective Oct. 7.

[Cassandra]

2. We could call him Neil Bush Jr.

[nc4bo]

3. Oh my gawd - they FINALLY did it! What took them so freaking long?

Will the M$M tv pick up he story?

[nc4bo]

4. Just made a post over on GDP - it's something we really should be following

with the same, if not more ferocity as the Sarah Palin pick.

oh yea - :kick:

[BR_Parkway]

6. Exactly - same players, same failed policies, same folks (us) picking

up the tab while they enrich themselves at the trough.

When well the rest of this country wake up and quit believing all the propaganda?

[tanyev]

5. K & R