Friday, February 22, 2008

John McCain Loan Based On Campaign Public Financing Pledge

Very very serious, knowingly busting the cap is a criminal offense... if that loan was collatoralized by FEC regulations, he won't be able to get out of public financing cap...Joe Trippi, CNN 8:30 pm

We did some digging after posting our conspiracy theory:

Thursday, February 21, 2008 Lou Dobbs: Goodwin: NYT McCain Story Conspiracy Theories Starting

We heard MSNBC guest KAREN FINLEY, reveal Thursday during a segment discussing the McCain New York Times story and situation that the SEC is investigating the circumstances of a loan John McCain took out for his campaign, with some proviso he would take public funds in the General Election.

The host at the time dismissed Finley's reference, saying these are unproven.

We searched and found this article.

McCain Got Loan by Pledging to Seek Federal Funds
By Matthew Mosk Washington Post Staff Writer
Saturday, February 16, 2008; A10

Discussion on that issue isn't exactly outdated. The matter becomes important in light of McCain Takes on Obama Over Public Financing Feb. 15, 2008. (AP.)

McCain's challenge to Obama is based on his own financial situation, which provides motivation for him to make the issue of a pledge to seek public financing in the General Election one nobody else can back out of. In reality, it's he who may want to back out of the pledge, if he can raise more monies later privately.

Today we find the FEC warns McCain he can't back out now. this puts into perspective McCain's determination to make Obama look like he's broken promises, when McCain himself has motivation for that.

Don't miss McCain Myth Buster: John McCain and Ethics Feb. 22 /PRNewswire-USNewswire

McCain and "public" campaign financing
by denny 02/21/2008, 2:28 PM #

John McCain has an interesting dilemna to contend with regarding "public financing" of his Presidential campaign through the Federal Election Commission.

McCain, a longtime advocate of stricter limits on money in politics, was one of the few leading presidential candidates to seek FEC certification for public money during the primaries. But, by accepting the public money, McCain would be limited to spending about $54 million for the primaries, a ceiling his campaign is near. And since neither Hillary nor Obama are limited to such restrictions, the McCain campaign notified the FEC that they will not accept "public financing" during the Primary campaign - The FEC has determined that McCain is entitled to at least $5.8 million. But McCain has not obtained the money and has indicated that it has no intention of accepting it.

February 20, 2008
McCain takes aim at Obama over campaign financing
Posted: 11:29 AM ET

Net the Truth Online

FEC Warns McCain on Campaign Spending
By Matthew Mosk and Glenn Kessler
Washington Post Staff Writers
Friday, February 22, 2008; Page A01

The nation's top federal election official told Sen. John McCain yesterday that he cannot immediately withdraw from the presidential public financing system as he had requested, a decision that threatens to dramatically restrict his spending until the general election campaign begins in the fall.

The prospect of being financially hamstrung by the very fundraising system he helped create is the latest in a series of bitter challenges for the presumed GOP nominee, who still faces a fractured conservative coalition as he assumes the mantle of party leadership.

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