John McCain cannot push the public financing issue too far without exposing his own vulnerability. In the early stages of the primary, he arranged for a bank loan of $4 million. As collateral he used his then non-existent public financing money. I.e., he got a huge loan based on money he did not have, and was in fact would have been public money. That act alone raised some legal eyebrows.
Wait, it gets better. Later on, McCain indicated to the FEC that he wanted to opt out of the public financing system AFTER he had already used the public financing system as a source of collateral. All of this smells to high heaven. So McCain, the campaign financing reform Patron Saint, had his hammy hands in the public cookie jar and now wants out.
There is a further irony in that the FEC is currently defunct because it is two directors short of a quorum needed to decide on McCain's request. The reason being the Democrats will not approve of Bush's two handpicked candidates for the opening. So right now McCain is stuck in limbo and roasting under the heat down there.
So for now, McCain is stuck with a commitment to use public financing for the general election. He and cohorts cannot go after Obama too hard without broadcasting their own predicament, which all things considered are ethically a lot worse than Obama's simply saying, "I changed my mind."



Posted April 10, 2008 | 12:27 PM (EST)