Anyone vaguely familiar with the political career of John McCain knows about the “Keating Five” scandal. For those not clear on the specifics, we’ll do a quick review:

• In the midst of the savings and loan implosion of the 80s, federal auditors begin investigating the practices of S&L magnate Charles Keating.
• McCain, along with four other Senators, meets with Keating to discuss ways to derail the investigation.
• McCain and his colleagues meet with Ed Gray, the chairman of the regulatory board, and persuade him to delay seizing the S&L.
• Two years later, regulators finally have to seize the S&L for a federal bailout, costing taxpayers $2.6 billion. In the meantime, 17,000 investors in Keating’s S&L lose $190 million.

For someone with a stainless “reform” halo, McCain looks pretty dirty here. So, what does the “straight-talker” do? Take responsibility? Apologize? Nah:

McCain defended his attendance at the meetings by saying Keating was a constituent and that Keating’s development company, American Continental Corporation, was a major Arizona employer. McCain said he wanted to know only whether Keating was being treated fairly and that he had not tried to influence the regulators…

Oh, well we have no problem, then. After all, McCain’s job is to look out for his constituents, right?

But Keating was more than a constituent to McCain–he was a longtime friend and associate…Keating raised money for McCain’s two congressional campaigns in 1982 and 1984, and for McCain’s 1986 Senate bid. By 1987, McCain campaigns had received $112,000 from Keating, his relatives, and his employees–the most received by any of the Keating Five…

Okay, so that’s pretty fishy. Still, I guess you could say that just because someone gives you money doesn’t make you best buds…

After McCain’s election to the House in 1982, he and his family made at least nine trips at Keating’s expense, three of which were to Keating’s Bahamas retreat. McCain did not disclose the trips (as he was required to under House rules) until the scandal broke in 1989…And in April 1986, one year before the meeting with the regulators, McCain’s wife, Cindy, and her father invested $359,100 in a Keating strip mall.

Cripes! This is some Tom DeLay stuff, folks. So, here we have McCain conspiring with a campaign crony to rip off shareholders and American taxpayers. What does McCain do to atone for his sins?

…he contributed $112,000 (the amount raised for him by Keating) to the U.S. Treasury.

Oh, thanks John. Now, according to my calculations, you only owe American taxpayers about $2,599,880,000.00. We’d like that in cash, please.