TPM: Today's Must Read = John McCain's too-clever-by-half $4 million bank loan

[L. Coyote]

Today's Must Read
By Paul Kiel - February 21, 2008, 9:36AM - http://tpmmuckraker.talkingpointsmemo.com/2008/02/todays_must_read_281.php

This John McCain does not need.

While he's busy this morning responding to this morning's New York Times story, the AP reports (http://talkingpointsmemo.com/news/2008/02/mccain_loan_raises_fec_questio.php) that the head of the Federal Elections Commission is questioning whether McCain will be allowed to drop out of the public financing system.

The reason, of course, stems from McCain's too-clever-by-half $4 million bank loan in December. We outlined the deal on Monday (http://tpmmuckraker.talkingpointsmemo.com/2008/02/mccain_campaign_banked_on_taxp.php).

To review briefly: in December, McCain, who'd earlier opted in to the public financing system, needed cash. The FEC had already certified that he was owed $5.8 million in public matching funds -- but he wouldn't be getting that money until March. And he didn't want to absolutely commit yet to using that system, because it would limit his campaign to spending only $54 million through the end of August. And FEC rules say that using public matching funds as collateral locks a candidate into the system.

So McCain struck a deal with the bank: he promised to only commit to using the system if he lost the primary. .....

...........

[blondeatlast]

1. KO mentioned this on Monday and I've been frantically trying to find a story since then.

Thanks for posting this. K&R

[L. Coyote]

2. The Rs have huge money troubles now. The tables have turned, support-wise.

The con is over :rofl: and passing the hat is going poorly.

[L. Coyote]

3. visibility kick