Lindsey writes on the ethics of McCain's loan deal and the Federal Elections Commission..
a sample:
Here's how the McCain team reassured the bank that they were good for the money:
The plan was to opt out and fund raise like hell. If that worked out, great. But if they started losing, they promised to opt back into the public system. Then, they'd take that $5.8 million the government had already promised them, and use it to repay the bank.
McCain's deal had very serious political and ethical implications. If worse had come to worst, he would have been contractually obliged to stay in a hopeless race, just to get his hands on those matching funds. An ethical candidate weighs many factors when deciding whether to stay in a losing race, including the best interests of country, party, and family. McCain was willing to give final say to the bank.
McCain was all for public financing when his campaign needed public assistance. When the attendant restrictions became inconvenient, he wanted out. That's a little embarrassing for a self-styled ethics crusader, but it's understandable given the exigencies of politics.
But instead of making a good faith decision to set out on his own, at his own risk, McCain fell back on the promise of government money to get a private loan.
He didn't risk his own house or any of his considerable personal wealth. No, he put up our money as security for his gamble.
John McCain got that loan by holding out the promise of a public bailout.
McCain was gambling with public money to secure debt he incurred when he decided to ditch public financing! How's that for integrity?
I can't wait for him to appear on Jon Stewart ...
Comments