McCain Needed Life Insurance To Get Loan

[Ichingcarpenter]

Source: WP

By last November, John McCain's presidential campaign was broke. To survive, he offered his fundraising lists as collateral for a $3 million line of credit from a local bank. But obtaining the loan required an unusual extra step: He had to take out a special life insurance policy in case he did not survive the campaign.

At the time, the 71-year-old senator's effort was more than $500,000 in the red, and the bank's line of credit was a pivotal lifeline that allowed him to make a strong showing in New Hampshire and eventually vault into the front-runner's position.

McCain's campaign is now back on solid financial ground, having raised at least $7 million this month. His victories in New Hampshire, South Carolina and Florida have loosened the spigot. In recent days, he has held packed fundraisers in Washington, Florida and California, and 10 days ago, a single event in New York raised $1 million.

Anthony Corrado, a campaign finance expert at Colby College, said he had never heard of a candidate having to secure a loan with a life insurance

Read more: http://www.cbsnews.com/stories/2008/02/01/politics/washingtonpost/main3778239.shtml

[Captain Hilts]

1. This is what was done to finance "Guess Who's Coming to Dinner." Salaries were put up as collateral

And we all know what happened there...

NOT a good sign.

[Ichingcarpenter]

2. 'In case he did not survive the campaign'

That line alone was worth 10 headlines.

[Captain Hilts]

3. 'In case he couldn't finish the movie.' There you go. McCain does not have the physical...

stamina to keep up with our people.

He looks old and tired now.

[gratuitous]

4. Is McCain's age fair game?

After all, if a free market outfit like a bank is going to make a loan on condition of the borrower taking out a life insurance policy, does that mean we can legitimately ask about his age and physical condition? National campaigns are tough physical contests. Does McCain equal to another nine months of out-front campaigning?

[allalone]

6. when corporations force you to retire, then hell yes

it's valid to ask these questions. it's very telling that they required insurance. CYA for them and rightly so.
edit: forgot to add: at age 65

[santamargarita]

5. You mean this bastards alive?

K&R