McCain Got Loan by Pledging to Seek Federal Funds

[Lone_Star_Dem]

Source: Washington Post

John McCain's cash-strapped campaign borrowed $1 million from a Bethesda bank two weeks before the New Hampshire primary by pledging to enter the public financing system if his bid for the presidency faltered, newly disclosed records show.

McCain had already taken a $3 million bank loan in November to keep his campaign afloat, and he sought from the same bank $1 million more shortly before this month's Super Tuesday contests, this time pledging incoming but unprocessed contributions as collateral. He never used the funds of the most recent loan, because his win in the South Carolina primary helped him raise enough money to compete in Florida, his campaign aides said last night.

The loans, revealed yesterday in documents a McCain attorney filed with the Federal Election Commission, offer fresh details about how the Republican senator from Arizona scrambled to secure money as his shoestring campaign navigated a rapid-fire succession of primary contests.

The unorthodox lending terms also raised fresh questions from McCain's critics about his ability to repeatedly draw money from the Maryland-based Fidelity & Trust Bank. Campaign finance lawyers speculated whether McCain may have inadvertently committed himself to entering the public financing system for the remainder of the primary season by holding out the prospect of taking public matching funds in exchange for the $1 million loan in December.

"This whole area is uncharted," said Lawrence H. Norton, a former general counsel of the FEC.

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2008/02/15/AR2008021503639.html?hpid=topnews

[formercia]

1. The Keating five.

Just a reminder from whence Senator McCain is coming from...


http://en.wikipedia.org/wiki/Keating_Five

[mulsh]

4. McCain got the largest bribe from Keating

I keep bringing this little fact up when ever McCain is mentioned. I don't understand why he was allowed to be considered "the least culpable" when he got the most money and travel perks. but as McCain supported have said maybe I'm just stupid.

here's an informative link:

http://www.slate.com/id/1004633/

[LiberalFighter]

2. How is he going to be able to run a campaign after he gets the nomination?

[AndyTiedye]

6. Money Will Appear Whenever McCain Needs It

and he will get all the airtime he wants for FREE from the MSM, so he really doesn't need much.

[ClintonTyree]

3. So that's why he wants Obama......

(or Hillary, should she win the nomination) to promise to accept Federal funds as well. It's been in the news this A.M. and I was wondering why. It certainly isn't because he's such a noble politician. ;)

[Lone_Star_Dem]

5. Exactly

Funny how there's little mention of his situation, but he's all over the place attempting to get the Dems to pledge to put themselves in the same boat he appears to have found himself in.