Regulators shut down Silver State Bank, saying the Nevada bank failed because of losses on soured loans, mainly in commercial real estate and land development. It was the 11th failure this year of a federally insured bank in the U.S.I guess like his father, he doesn't really under the economy. Being part of the audit committee that is supposed to catch these things is troubling. I wonder how much this loss will cost taxpayers. I am sure it will be less then when his father used his influence to help Charles Keating which cost taxpayers billions.
Nevada regulators closed Silver State and the Federal Deposit Insurance Corp. was appointed receiver of the bank, based in Henderson, Nevada. It had $2 billion in assets and $1.7 billion in deposits as of June 30.
Andrew K. McCain, a son of Republican presidential nominee John McCain, sat on the boards of Silver State Bank and of its parent, Silver State Bancorp, starting in February but resigned in July citing "personal reasons," corporate filings with the Securities and Exchange Commission show. Andrew McCain also was a member of the bank's audit committee, responsible for oversight of the company's accounting.
Lets hope this incident will remind people of the corruption that John McCain was part of in the Savings and Loan crisis.