McCain in northeast Ohio: Undecided on Wall Street bailout package

MIDDLEBURG HEIGHTS -- Senator John McCain says he has not decided whether or not to support the Wall Street bailout package now being reviewed by Congress.

The price tag is $700 billion, but could run higher.

In an exclusive interview he told Tom Beres,"I have not had a chance to see it in writing. I have to examine it."

But he listed the factors he considers most important.

He wants oversight to be shared among a variety of financial minds.

"We need people like Warren Buffet, Michael Bloomberg and Mitt Romney. We cannot concentrate responsibility in the hands of one person," he said.

He insisted the deal must be "effective and transparent" and not reward Wall Street executives at the expense of homeowners and taxpayers.

McCain answered questions about the relevance of the Keating 5 investigation to today's Wall Street meltdown and lack of government regulation.

Senator McCain and four other Senators were taken to task for interceding with regulators on behalf of Charles Keating, the owner of a struggling savings and loan.

The institution ultimately failed. Many customers lost money.

McCain accepted campaign donations, trips on Keating's plane and his wife was involved with Keating in real estate deals.

"The fact is it was a very unhappy period from my life. I have moved forward and been the greatest voice for reform and against corruption of anybody, " he said.

McCain and Senator John Glenn were cited for showing "poor judgement."

McCain said he expects Friday's first debate with Senator Obama to be "hard and difficult."

The debate is Friday at the University of Mississippi. The subject is foreign policy, supposedly McCain's strength.

"I think he's gonna be a very formidable opponent. He's very eloquent and I respect his skills, " McCain said.

McCain's entire interview with Tom Beres can be seen by clicking on the link to the right.