HuffingtonPost : Still no answer why McCain's Son Quit Board of Failing Bank

[grantcart]

Huffington Post Raises Questions about McCain's Son's Involvement


Two Days after DU started to track SSB Mark Nikolas at the Huffington Post started following the story.

http://www.huffingtonpost.com/mark-nickolas/still-no-answer-why-mccai_b_116237.html

Here are some excerpts:

Apr 1, 2008: McCain joins Silver State as director and member of Audit Committee following the bank's merger with Choice Bank where McCain was a director since 2006; (stock's share price is $8.70);

Apr 7, 2008: SEC files civil complaint concerning CMKM Diamonds (more on that shortly);

Apr 11, 2008: Silver State's stock price starts to sharply tumble (see chart below);

May 1, 2008: Silver State reports a net loss for the first quarter of $14.4 million, stunning financial analysts who had estimated it would report a profit of more than $3 million. Stock drops more than 11% that day, from $4.19 to $3.67 per share;

May 2, 2008: Stock downgraded by investment firm Sandler O'Neill to a "Sell." Stock plummets another 24% by end of day to $2.80;

May 5-8, 2008: Stock continues to sink on successive days to $2.56 (5th) to $2.30 (6th) to $2.23 (7th) to $2.02 (8th);

May 23, 2008: Bank announces that Douglas French, executive vice president of commercial real estate lending, has resigned "for personal reasons." Subsequent story mentions that French had sold 162,200 shares of company stock since November 2007 because "they were purchased with borrowed money."

Jun 5, 2008: Bank files statement with SEC stating its intention to raise $40 million in capital through additional stock issuance, which would double the number of outstanding shares, effectively diluting its stock's value by half;

Jul 1, 2008: CMKM Diamonds awarded a $33,675,365 judgment in a Nevada District Court against one of the former insiders of the Company (again, will discuss shortly);

Jul 26, 2008: Bank announces that McCain has resigned from board of directors and Audit Committee immediately "for personal reasons." According to other reports, resignation took place late Friday and hit the wires on Saturday.

Graph on share price, it is now at $ 0.750

Follow share price and history here http://finance.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=maximized&chdeh=0&chdet=1217120283937&chddm=1173&q=NASDAQ:SSBX&

So, what accounts for the mysterious departure from the bank by McCain and his refusal -- as well as the bank's -- to comment on why he left? After all, he is the son of the Republican nominee for president during the middle of the biggest banking crisis in 20 years and he served on the board and audit committee of a bank that is clearly failing.

Did Andrew McCain run from the bank knowing it was on the verge of failure and did not want to be seen as an officer of another bank failure in the middle of his father's presidential bid? Did he leave after discovering financial irregularities as a result of his position on the Audit Committee? Was he involved in any improprieties? Did it involve Douglas French's sudden resignation in mid May, over whom McCain would have had responsibility? Why has Silver State's share price tumbled 85 percent (to just $1.28 today) since McCain joined the bank's board in April?

We simply don't know.

He also raises questions that McCain may be linked to the diamond scandal

But there's another major issue that I've discovered that is hovering over Silver State, and that has to do the April 7 and July 1 timeline entries above concerning CMKM Diamonds (a massive stock fraud scandal that even The New York Times has spent time covering). It may have nothing to do with McCain's departure or it may have everything to do with it. His sudden exit leaves many questions like these unanswered.

more details at the link above






For related threads on this:


http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x6571120

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x6544389

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x6559785

[phrigndumass]

1. This is one of the things the MSM and McCain ads are trying to cover up

with the "celebrity" ads, "The One" and race card and where's the bounce?

They are also trying to diminish the fact that Obama is seeing a bounce yesterday and today.

You can see what they're doing and why they're doing it, right?

Good post, gc! :thumbsup:

[grantcart]

2. and guess what day they announce it Friday when everyone snoozes

I wonder why the shareholders don't sue and get some of that McCain/Hemsley Money?

[uponit7771]

3. This would be front page news if Obama's kid did something even CLOSE to this !!!

[grantcart]

6. this would make the news if your kid did it

Losing $ 100 million dollars in 100 days is a pretty fucking big deal

[Barack_America]

4. Well done, grantcart. eom

[grantcart]

5. thanks Krist just keep banging away

[Whisp]

7. you'd think this would be splashed all over the channels....

i wonder why not?

:sarcasm:

thanks, grantcart. recommended and on kick-watch.
this one should be kept on the front page.

along with Keating 5 threads

[grantcart]

8. it will we just got to keep the drums going

[AZBlue]

9. AND still no media coverage of it either.

:banghead:

[FrenchieCat]

10. Media won't touch it with a 10 foot pole

why should they when they can vilify Michelle Obama instead? :shrug:

[TexasObserver]

11. 95% drop in that bank's stock's value in one year.

Half Pint McCain is getting out just before the main timber supporting the bank collapses.

It's gotta be going down, and it is a safe bet the bank is already technically insolvement, if not literally.

[Clear Blue Sky]

12. The apple didn't fall far from the tree (Keating Five)...nt

[GoesTo11]

13. Did McCain's son profit and will taxpayers get stuck with the bill?

If yes to both, then the MSM will ignore it. Otherwise, they will ignore it.

[nc4bo]

14. Glad no one's sleeping on this story. It's a HUGE one

How long can they hide it? How long will WE let them hide it?

Nice going grantcart!