In June we wrote about how John McCain and his wife were running their campaign on a pair of American Express Platinum Cards to the tune of about $500,000 of debt. Well it looks like that kind of “Don’t worry be happy” attitude was passed on to their son Andrew who sat on the Board of Directors and the Audit Committee of the Silver State Bank until he unexpectly quit last month. Today the State and Federal Regulators closed down the bank.
Mr. McCain’s ties to Silver State date to 2006, when he became a director of Choice Bank, a small Scottsdale, Ariz., lender that Silver State acquired that year. Mr. McCain’s family was an early investor in Choice, according to people familiar with the matter.
Mr. McCain’s public role in his father’s presidential campaign has been mostly limited to appearances at several events last month. A person close to Mr. McCain says he left Silver State’s board because his busy schedule meant he wouldn’t be able to devote enough time to the struggling bank. Mr. McCain was a quiet presence on Choice’s board, say former associates. He would occasionally ask executives about how the bank’s loan portfolios were holding up, but rarely pressed for details.
See no evil, hear no evil. That’s just what you want in an Audit Committee member.