Friday, February 01, 2008

Sub prime McCain?

"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."-Washington Post

Well at least it was not an adjustable sub prime loan. When it comes to politics it is always useful to follow the money. Here is another money quote on McCain's loan:

"Cleta Mitchell, a Republican campaign finance lawyer who has been a critic of McCain's, said she believes the arrangement raises serious questions. "Did they base this loan on the fact that, even if he lost, he would still be a sitting senator and able to raise money?" she asked. "In my mind, that raises questions about whether he complied with Senate ethics rules," which bar members from using their position to negotiate financial terms that an average citizen could not. "

So John McCain gets a loan from this bank using his political donor list as collateral. I wonder how much of a loan the average person could get if they used their Christmas list as collateral. File this in the Hmmmm file.


Anonymous said...

You are an idiot. When was the last time your Christmas list generated $75 million in contributions for a political cause? Hmmmmm...

BCP said...

well if you are sitting Senator running for President it might be considered to be worth a lot more than those of the average taxpayer.