A Paul win is suddenly looking a LOT better! w00t!

[tangent4ronpaul]

http://blog.washingtonpost.com/the-trail/2008/02/21/fec_poses_fresh_problem_for_mc.html?hpid=topnews

-n

[tangent4ronpaul]

just a few highlights from another article that fleshes things out a bit more...

http://reason.com/news/show/125084.html

Candidates who accept public funding for the general election receive a grant of about $85 million from the federal government. In exchange for that pot of gold, candidates essentially forgo all private fundraising, limiting total spending to the government grant. The money comes from citizens who have checked "yes" to contribute $3 to the Presidential Election Campaign Fund on their tax return.

when McCain's campaign was "broke and a total joke." To keep afloat, McCain cut staff positions and took out a $3 million loan, using his fundraising lists as collateral. The bank in question, Bethesda Fidelity & Trust, has made campaign loans to many politicians in the past, including Democrat Walter Mondale and Republican Bob Dole, but McCain's particular loan came with a special caveat. He was required to obtain a life insurance policy, lest he fail to survive the campaign, a turn of events that would have drastically hampered his fundraising abilities and thus his ability to repay.

Two weeks before the New Hampshire primary, McCain needed another million, and looked to extend his loan at the same bank. The bank said the previous collateral wasn't going to cut it, and asked for additional backing. "They said, 'You've explained how you can afford to borrow more, and how you can pay us back if things go well. What happens if things go badly?' "

At that point, McCain had $5 million coming to him through the Federal Election Commission's (FEC) public financing system for the primaries, which matches a percentage of eligilble private contributions. But McCain didn't want to accept the money, since it would have restricted future spending. So in the loan agreement, the campaign assured the bank that it would drop out of the financing system, but that it could reapply for federal matching funds anytime if things really tanked. The federal money would be waiting for McCain—he'd just have to stay in the campaign long enough to collect and make good on his obligations to the bank.

According to The Washington Post, "Under FEC rules, a candidate who uses a certification for federal funds as collateral for a loan is obligated to remain within the public financing system." McCain's campaign denies that this is what it has done, and technically that's true—he promised to drop out of the system as collateral for the loan.

When public funds are used as a guarantee for a loan being taken explicitly so that the candidate can stay out of the public financing system, surely it is time to throw in the towel. The FEC rules, like most of the byzantine campaign-finance-reform legislation that bears McCain's name, just makes more work for clever lawyers, who can always figure out a workaround (remember 527s?).

=================

so, now he's trying to get Obama to agree to accept public financing.... not only is the nomination looking a lot better for us, but the general election too!

-n

[tangent4ronpaul]

Here is the FEC letter to McCain:

http://www.fec.gov/press/press2008/FECtoMcCain.PDF

GRIN!!!! - he's getting a taste of his own medicine!

-n

[kathy88]

He'll get out of it. He's the GOPs chosen one. (Third choice, but STILL).

[Mopsus]

The bankers applying the screw job to Juan. I effin love it!

[tangent4ronpaul]

Could someone set up Digg links for the above links?

thanks,

-n

[ronpaulblogsdotcom]

Rut Row </scooby doo>

Here is one d1gg I did earlier it already has 9 dggs. Then the FEC document.

ht tp://di gg.com/2008_us_elections/Will_McCain_s_Nightmare_Continue_now_from_the_FEC

ht tp://di gg.com/2008_us_elections/FEC_lawyerspeak_to_McCain_Are_you_lying

2 breaks in there.

[tangent4ronpaul]

Thanks!

-n

[Fyretrohl]

Add an article that appears to put the lie to McCain's flat out claim that he was not contacted by anyone in the lobbyists organization for help. Turns out, there is a reliable source that he was contacted. His OWN testimony.

http://www.newsweek.com/id/114505

IF validated.

[pacelli]

He'll get out of it. He's the GOPs chosen one. (Third choice, but STILL).

Sadly I agree. He'll get out of it.


McCain's attorney has argued that the loan was careful to never put up as collateral the campaign's current request for federal funds. The lawyer, Trevor Potter, told the Associated Press that he believes McCain has withdrawn from the system, that McCain will not adhere to spending limits, and that the FEC can't stop him. Potter said the campaign did not encumber the public funds in any way.

"Well, it was done before in another campaign.... We think it's perfectly legal. One of our advisers is a former chairman of the FEC, and we are confident that it was an appropriate thing to do," McCain said in a news conference Thursday.

But the FEC is requesting the McCain campaign present the government with more information about the loan before it can decide whether McCain will now be locked into the federal system.

[blakjak]

I highly doubt this will have any effect on McCain getting the nomination.

[tangent4ronpaul]

Add an article that appears to put the lie to McCain's flat out claim that he was not contacted by anyone in the lobbyists organization for help. Turns out, there is a reliable source that he was contacted. His OWN testimony.

http://www.newsweek.com/id/114505

IF validated.

Happy, Happy! - Joy, Joy!

at the least this should slow him down enough to guarantee a brokered convention!

-n

[tangent4ronpaul]

blimp!

[tangent4ronpaul]

I'm surprised no one has mentioned that he's trying to get Obama to take public funds. If Obama agrees, that could be a huge difference in the General election.

-n