McCain's Donor List

Wall Street Journal ^ | 2/14/08 | Editorial Board

[mathprof]

Banks have made loans against some dubious collateral lately, but John McCain's fund-raising list? That was the security the candidate put down when he took out a $3 million loan in November to get his then-struggling campaign through the primaries. There's a lesson here about campaign finance reform.

Mr. McCain's candidacy was by last fall in serious trouble, his campaign coffers having drained away. Desperate for cash, the McCain campaign went to the bank for a loan -- in this case Fidelity & Trust Bank of Maryland, which lent $3 million on the strength of Mr. McCain's willingness to document his fund-raising prowess.

The Arizonan is one of the most influential members of the Senate Commerce Committee, which regulates much of American business, and he would remain powerful even if he lost his Presidential bid. With industries lining up to pay protection money to committee Members, Mr. McCain would not be short of donors to help retire his Presidential campaign debt. Subprime he is not.

[snip]

The McCain campaign argues that there is nothing illegal here, and that this has become fairly common practice. But this was not Mr. McCain's line in his moralizing heyday while trying to pass the McCain-Feingold reform bill in 2002. During his last run for President in 2000, he targeted corporate giving and called the system "little more than an elaborate influence-peddling scheme in which both parties conspire to stay in office by selling the country to the highest bidder."

[mathprof]

I was surprised to find this editorial in the wsj.

[Brian S. Fitzgerald]

I’m tracking down contributions from Albanian groups.

[Sybeck1]

McCain won’t get any of my $2,300 worth of Free Speech.

[ericc4]

"little more than an elaborate influence-peddling scheme in which both parties conspire to stay in office by selling the country to the highest bidder."

Wow, that's just ironic. That's almost exactly what I said about McCain-Feingold. Both parties conspiring to stay in office.

[cripplecreek]

To me it seems that both parties are conspiring to trade power back and forth and advance the same tired agenda. When the heat gets too hot for one side, the other party takes control and blame for a while.

Its a real effective tool for keeping the people divided and willing to vote for more of the same.

[GVnana]

Let Americans donate what they want as long as it's disclosed promptly so voters can see who's giving what to whom. Under that system the Senator might have been able to call on a few friends and allies to keep him going, rather than invoke his ability to tap all of those high bidders who beseech the Commerce Committee. Our readers can decide which system is more, or less, corrupt.

Amen. Trouble is, the left doesn't want the American public to bear the responsibility of informing themselves.

[MoreGovLess]

Hmm, banks support “Mr. Keating 5” McCain after he helped them steal billions from taxpayers. Oops, they, um, *lost* that money.
Classic quid pro quo corruption. Even the kleptocrat Clintons would be proud!
The thought of Clinton v McCain in November sickens me to no end.

[TADSLOS]

Ping.