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Wherein McCain's Reformist Credentials are Called Seriously Into Doubt

By js

When McCain took out a loan to keep his campaign alive, he agreed, as collateral in the event of a loss, to stay in the race and accept public matching funds, which he'd use to pay the loan back. TAP has the full analysis, but here's the money quote:

What does this mean? It means that rather than pledge his existing certification for matching funds as collateral for the loan, which would bind him to the system and thus the spending limits, McCain carefully pledged to seek to re-enter the system later, and to use a non-existent future certification as collateral. And while the system is "voluntary," McCain essentially traded away for cash his right to choose whether to participate in the system, and even his right to drop out of the presidential race, allowing the bank to force McCain "to remain an active candidate" in order to reapply for and qualify for funds. He was betting the spread (10 points) on his own primary performance! I don't think it's an exaggeration to say this is a promise to perpetuate a fraud on the American taxpayers: if he no longer intended to seek the presidency, he made a legally-binding promise to pretend to remain in the race just long enough to collect public money to repay the loan.

Perpetrate a fraud. This has the potential for full-blown scandal. And rightly so.

Full post as published by Expressio Unius on February 18, 2008 (boomark / email).