Congrats to Pulitzer Prize winners

While the Tribune is busy patting itself on the back for its Pulitzers and generally making things nice for Obama, its sister publication, The LA Times has a GREAT investigative story giving more detail than any I've ever seen before about how Tony Rezko purchased influence and bundled campaign donations for both Obama and Rod Blagojevich. Good job, LA Times!

http://latimesblogs.latimes.com/washington/2008/04/obamarezko.html

Jeff,

The LA Times is also in the middle of doing an investigative report on this, I can't wait for this to hit the fan, how about you?

The DNC filed a complaint with the FEC against McCain. The background is that in December and January, McCain was broke and had to tap in to a massive amount of lobbyist money to keep his campaign afloat. Doing so put him in danger of exceeding the spending limits attached to participation in the federal matching funds program, in which an eligible candidate can receive monies voluntarily contributed by taxpayers to match low-donor campaign contributions in exchange for abiding by spending limits.

Hillary Clinton, Barack Obama, Mitt Romney and Rudy Giuliani had opted out of the federal matching funds program. John Edwards and several other candidate had opted in, but since there was insufficient money in the fund, they had to secure a loan against the money they were certified to receive.

McCain publicly declared that he would accept the matching funds (and therefore abide by the spending limits). But since he was broke, he had to go to a bank and secure a loan under dubious conditions. Since he appears to have secured the loan by using his eligibility to accept the federal matching funds, it seems fairly clear that he is committed to the federal matching funds system.

The DNC's complaint will allege the following. Fist, that McCain used his status as a candidate operating under the federal matching fund program to gain access on state ballots without having to spend any money to submit signatures. From the DNC's press release:

The McCain campaign has incorrectly stated that McCain is doing what Dean did when he withdrew from public financing in his presidential bid, but they have the facts wrong. Dean did not use the promise of matching funds as collateral for a loan. Dean withdrew before the FEC determined eligibility for funds, unlike McCain. And he spent millions of dollars to get his name on the ballot after withdrawing, unlike McCain, who had free ballot access in many states because he pledged to accept matching funds.

That is a material gain from pledging to accept the matching funds. Another material gain from pledging to accept the matching funds is the ability to use his eligibility as collateral, which he did to secure his loan.

Finally, by receiving these material benefits from his pledge to enter the matching funds system, he is bound to abide by the spending limits. The matching funds program requires one to spend no more than approximately $57 million dollars for the entire campaign up until he officially becomes the nominee in September. Through January, he had already spent over $46 million.

If you follow the implications, since he entered the federal matching funds program, John McCain is now essentially at the spending limit, and is legally prohibited from spending any more money until September. To spend more money would be to break federal law.

That law, by the way, is sometimes named after its Senate sponsors: McCain-Feingold.

College Repuplican Jeffy,
http://www.youtube.com/watch?v=gFGit_tZDqs

You're peeing in the wind again.

John W McBush - Founding Member of the Keating Five:

Back in the old days, defendants in famous trials got numbers -- the Chicago Eight, the Gang of Four, the Dave Clark Five, the Daytona 500. McCain was one of the "Keating Five," congressmen investigated on ethics charges for strenuously helping convicted racketeer Charles Keating after he gave them large campaign contributions and vacation trips.

Charles Keating was convicted of racketeering and fraud in both state and federal court after his Lincoln Savings & Loan collapsed, costing the taxpayers $3.4 billion. His convictions were overturned on technicalities; for example, the federal conviction was overturned because jurors had heard about his state conviction, and his state charges because Judge Lance Ito (yes, that judge) screwed up jury instructions. Neither court cleared him, and he faces new trials in both courts.)

Though he was not convicted of anything, McCain intervened on behalf of Charles Keating after Keating gave McCain at least $112,00 in contributions. In the mid-1980s, McCain made at least 9 trips on Keating's airplanes, and 3 of those were to Keating's luxurious retreat in the Bahamas. McCain's wife and father-in-law also were the largest investors (at $350,000) in a Keating shopping center; the Phoenix New Times called it a "sweetheart deal."

Mafia ties:

In 1995, McCain sent birthday regards, and regrets for not attending, to Joseph "Joe Bananas" Bonano, the head of the New York Bonano crime family, who had retired to Arizona. Another politician to send regrets was Governor Fife Symington, who has since been kicked out of office and convicted of 7 felonies relating to fraud and extortion.

http://www.realchange.org/mccain.htm

Keep up the good work, Chicago Tribune!
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE. NOW.

Michigan Dem, as usual you've got nothing. McCain already paid back the loan.

McCain never took the matching funds, dopey. Right there you've got no story. Nothing. Zilch, zip, zero. He said he would, mind you, because Barack Obama challenged the republican nominees to follow what he said back then was a pledge to take the matching funds. Unfortunately for Obama, the lyingest candidate in this race, McCain called his bluff and said he'd take the matching funds.

Now that Obama has hemmed and hawed and been caught bluffing he's saying he WON'T take the federal matching funds. Since McCain has yet to take one red cent of the money his "pledge" is dependent on Obama keeping his word and, well, he's from Chicago.

Seriously, McCain won't take matching funds if Obama or Clinton won't. It would be the height of unfairness. Obama got caught lying again and McCain called his bluff. This is a non-issue. The loan's already been repaid. There's no violation you're fishing in an empty pond.

This claim stands on brittle glass ("Another material gain from pledging to accept the matching funds is the ability to use his eligibility as collateral, which he did to secure his loan) because McCain NEVER TOOK THE MATCHING FUNDS. He simply called Obama's bluff and said he would if the democrat liar would stand by his word.

p.s. McCain was never "broke." The McCains could have always written themselves a check, ala Mitt Romney, and self-financed the campaign but they had more faith that the American people would make the right choice. They did.

Why does the girl with the baseball bat keep coming back?