BenBurch
Gatekeeper of The Left
In a letter to Sen. John McCain (R-AZ) this week, Federal Election Commission Chairman David Mason says the presidential candidate “can’t drop out of the primary election’s public financing system until he answers questions about a loan he obtained to kickstart his once faltering presidential campaign.”
"At issue is the fine print in the loan agreement between McCain and Fidelity & Trust Bank. McCain secured the loan using his list of contributors, his promise to use that list to raise money to pay off the loan and by taking out a life insurance policy.
But the agreement also said that if McCain were to withdraw from the public financing system before the end of 2007 and then were to lose the New Hampshire primary by more than 10 percentage points, he would have had to reapply to the FEC for public matching funds and provide the bank additional collateral for the loan."
"At issue is the fine print in the loan agreement between McCain and Fidelity & Trust Bank. McCain secured the loan using his list of contributors, his promise to use that list to raise money to pay off the loan and by taking out a life insurance policy.
But the agreement also said that if McCain were to withdraw from the public financing system before the end of 2007 and then were to lose the New Hampshire primary by more than 10 percentage points, he would have had to reapply to the FEC for public matching funds and provide the bank additional collateral for the loan."
