McCain Allies Find Finance-Law Holes

Wall Street Journal (no subscription) ^ | July 3, 2008 | Brody Mullins and T.W. Farnham

[CutePuppy]

McCain Allies Find Finance-Law Holes

Governors' Fund Recruits Big Donors; Bid to Catch Obama

Allies of Sen. John McCain have found new loopholes in the campaign-finance law he helped write -- and they're using them to reel in huge contributions to help him compete with Sen. Barack Obama.

In one method, a Republican Party fund aimed at electing governors has started marketing itself as a home for contributions of unlimited size to help Sen. McCain. His 2002 campaign law limits donations to presidential races to try to curtail the influence of wealth.

The Republican Governors Association isn't subject to those limits, and has long gathered up large donations from individuals and companies. Now it is telling donors it can use their contributions to benefit Sen. McCain in some key battleground states.

That makes the group "the best way to help McCain," says donor David Hanna, who gave $25,000 -- more than 10 times the legal cap of $2,300 for direct gifts to presidential candidates.

Democrats question the legality, and even the McCain camp questions the accuracy of the group's pitch. In 2005 the Federal Election Commission banned such groups from soliciting donations by pledging help to a federal candidate, but campaign-finance experts disagree about how the law might be applied in this case.

The 2008 campaign has featured numerous end runs around supposed donation and spending limits for the benefit of all the candidates during the primaries. In a first for a presidential candidate, Sen. Obama last month rejected taxpayer financing for his general-election campaign, allowing him to spend without limit after the primary season. Analysts now expect him to raise more than $200 million in private donations for the general election, following a record $287 million raised through May 30 for the primary campaign.

......

[CutePuppy]

... recent innovations on Sen. McCain's behalf ...

That's what happens when politicians have an occasional need to live by the laws the pass for "the rest of us".

[corkoman]

shameless

[ken21]

the wall street journal’s “news” pages are really liberal.

the editorial pages are divided between liberal and conservative.

[razorback-bert]

John will take a time out in the corner.

[CutePuppy]

WSJ editorial / opinion pages are mostly and overwhelmingly conservative, but they always give liberals space to express their point of view.

“News” pages and the journalists are overwhelmingly liberal, and WSJ had a distinction of being voted the most liberal newspaper, “beating” USA Today, NYT and LAT, which is saying something.

Sometimes, however, WSJ is the first or most thorough to bring finance-related stories that bite Democrats in the rear(Countrywide “VIPs” and other “Friends of Angelo”, Hillary’s Norman Hsu fundraising scandal etc.)

This peace does state the real facts and brings to the fore the difficulties and (rightfully so!) scorn McCain brought upon himself and GOP with the insanity of McCain-Feingold CFR. Let them not say they have not been warned!

[M203M4]

Campaign finance reform is a purely political incarnation of regulatory capture. Well meaning, but devastating to the free market (of ideas).

[CutePuppy]

Agree, except for "well meaning" part. It was done partly out of spite (by McCain), partly to help keep status quo and keep people with ideas from expressing them and/or entering electoral politics.

People who came up with and embraced this law knew exactly what they were doing, they were not well meaning people who wanted "to keep money out of politics", as the bill has been sold.

[B-Cause]

This is a formatting test only

Top All-Time Donors, 1989-2008

LEGEND: Republican   Democrat   On the fence
	= Between 40% and 59% to both parties = Leans Dem/Repub (60%-69%) = Strongly Dem/Repub (70%-89%) = Solidly Dem/Repub (over 90%)

 

Rank	Organization	Total	Dem %	Repub %	Tilt
1	American Fedn of State, County & Municipal Employees	$39,544,053	98%	1%
2	AT&T Inc	$39,270,929	43%	56%
3	National Assn of Realtors	$32,504,706	47%	52%
4	American Assn for Justice	$28,952,889	90%	9%
5	Goldman Sachs	$28,846,592	62%	36%
6	Intl Brotherhood of Electrical Workers	$28,314,034	97%	2%
7	National Education Assn	$27,836,529	93%	6%
8	Laborers Union	$26,609,339	92%	7%
9	Service Employees International Union	$26,261,263	95%	3%
10	Carpenters & Joiners Union	$25,730,082	89%	9%
11	Teamsters Union	$25,269,372	92%	7%
12	Communications Workers of America	$25,001,219	99%	0%
13	American Medical Assn	$24,977,771	38%	61%
14	Citigroup Inc	$24,529,800	49%	49%
15	United Auto Workers	$24,343,870	98%	0%
16	American Federation of Teachers	$24,252,693	98%	0%
17	Machinists & Aerospace Workers Union	$23,214,445	98%	0%
18	Altria Group	$23,114,591	27%	72%
19	National Auto Dealers Assn	$22,368,892	31%	68%
20	United Food & Commercial Workers Union	$22,282,959	98%	1%
21	United Parcel Service	$22,276,416	35%	63%
22	FedEx Corp	$21,860,188	44%	55%
23	American Bankers Assn	$19,860,743	40%	59%
24	National Assn of Home Builders	$19,749,230	34%	65%
25	EMILY's List	$19,186,026	99%	0%
26	National Beer Wholesalers Assn	$18,402,854	29%	70%
27	JPMorgan Chase & Co	$18,178,266	50%	49%
28	National Assn of Letter Carriers	$18,159,230	87%	11%
29	Time Warner	$18,124,702	69%	29%
30	Microsoft Corp	$17,608,068	50%	49%
31	AFL-CIO	$17,293,000	95%	4%
32	Verizon Communications	$16,678,339	39%	60%
33	Morgan Stanley	$16,595,770	45%	54%
34	National Rifle Assn	$16,487,799	16%	82%
35	Lockheed Martin	$15,873,677	41%	58%
36	Sheet Metal Workers Union	$15,785,361	97%	2%
37	Ernst & Young	$15,751,370	44%	55%
38	General Electric	$15,441,091	48%	51%
39	Credit Union National Assn	$15,279,171	47%	52%
40	Bank of America	$14,999,706	46%	52%
41	American Hospital Assn	$14,868,298	51%	48%
42	American Dental Assn	$14,832,101	45%	54%
43	United Steelworkers	$14,447,511	99%	0%
44	BellSouth Corp	$14,377,177	45%	54%
45	Plumbers & Pipefitters Union	$14,310,427	94%	5%
46	Blue Cross/Blue Shield	$14,196,746	38%	61%
47	Air Line Pilots Assn	$13,801,847	83%	16%
48	Natl Assn/Insurance & Financial Advisors	$13,753,205	42%	57%
49	International Assn of Fire Fighters	$13,747,743	82%	17%
50	Deloitte Touche Tohmatsu	$13,700,176	32%	67%
51	Operating Engineers Union	$13,567,693	84%	14%
52	Merrill Lynch	$13,514,720	35%	64%
53	AFLAC Inc	$13,425,739	44%	55%
54	PricewaterhouseCoopers	$13,304,030	35%	64%
55	RJR Nabisco/RJ Reynolds Tobacco	$12,959,197	25%	74%
56	Union Pacific Corp	$12,895,146	22%	77%
57	United Transportation Union	$12,555,963	88%	11%
58	American Institute of CPAs	$12,245,380	42%	57%
59	Pfizer Inc	$12,124,993	27%	72%
60	Boeing Co	$11,759,153	44%	55%
61	Ironworkers Union	$11,414,251	91%	7%
62	Credit Suisse Group	$11,295,093	43%	55%
63	Anheuser-Busch	$11,283,935	47%	52%
64	American Financial Group	$10,701,764	19%	80%
65	American Postal Workers Union	$10,665,919	95%	4%
66	National Rural Electric Cooperative Assn	$10,648,640	52%	47%
67	General Dynamics	$10,369,456	45%	53%
68	MBNA Corp	$10,106,006	17%	82%
69	Natl Active & Retired Fed Employees Assn	$10,047,000	77%	22%
70	Chevron	$10,011,077	25%	74%
71	Walt Disney Co	$9,883,497	66%	33%
72	General Motors	$9,849,091	38%	61%
73	Freddie Mac	$9,746,003	43%	56%
74	UST Inc	$9,714,252	20%	78%
75	Exxon Mobil	$9,517,233	13%	86%
76	National Restaurant Assn	$9,244,995	15%	84%
77	GlaxoSmithKline	$9,138,589	26%	73%
78	American International Group	$9,078,777	49%	50%
79	Human Rights Campaign	$9,006,867	89%	9%
80	Prudential Financial	$8,883,073	47%	52%
81	Southern Co	$8,842,214	30%	69%
82	National Cmte to Preserve Social Security & Medicare	$8,723,893	80%	19%
83	American Academy of Ophthalmology	$8,480,538	51%	48%
84	American Maritime Officers	$8,369,381	45%	53%
85	Eli Lilly & Co	$8,294,232	26%	73%
86	Metropolitan Life	$8,259,740	54%	44%
87	CSX Corp	$8,217,110	29%	70%
88	Associated General Contractors	$8,199,971	12%	86%
89	National Cmte for an Effective Congress	$8,103,940	99%	0%
90	MCI Inc	$8,097,822	46%	53%
91	Archer Daniels Midland	$8,078,114	43%	56%
92	Amway Corp	$7,976,993	0%	99%
93	Seafarers International Union	$7,692,224	84%	15%
94	American Airlines	$7,631,852	47%	52%
95	American Council of Life Insurers	$7,281,793	36%	63%
96	Marine Engineers Beneficial Assn	$7,156,805	74%	25%
97	Bristol-Myers Squibb	$6,991,490	21%	78%
98	Enron Corp	$6,615,507	29%	70%
99	Andersen	$6,290,362	37%	62%
100	BP	$5,763,545	28%	71%
101	Vivendi	$4,129,155	66%	33%

 

[JessieHelmsJr]

ping

[kenavi]

This is good news!

[airborne]

IT’S NOT ABOUT THE PAYCHECK!

IT’S ABOUT THE PAYOFF!!

[ken21]

thankq very much.

very interesting.

[ken21]

agree.

[DoughtyOne]

What? McCain vote one way and then take actions that are diametrically opposed to that vote? Not McCain! Tell me it isn’t so...

This is vintage mcCain.

[Condor51]

On April 28, on Don Imus's radio program, discussing the charge that the McCain-Feingold law abridges freedom of speech by regulating the quantity, content and timing of political speech, John McCain did not really reject the charge:

"I work in Washington and I know that money corrupts. And I and a lot of other people were trying to stop that corruption. Obviously, from what we've been seeing lately, we didn't complete the job. But I would rather have a clean government than one where quote First Amendment rights are being respected that has become corrupt. If I had my choice, I'd rather have the clean government."

[Except of course when I need the money.]

Hypocrite.

[PSYCHO-FREEP]

McNasty finds another way to subvert and circumvent his own ethics, and claim complete innocence?

So what’s new?

[CutePuppy]

"I work in Washington and I know that money corrupts."

Firsthand, no less. "All hypocrites are equal, but some hypocrites are better than others"...

[hedgetrimmer]

No surprise. Since McCain wrote the law, I’m sure he had the loopholes figured out way in advance.

[CutePuppy]

Thanks for great info. Quite telling, over a great stretch of time, so there is no random "off-year" explanation excuse.

Clear as day to see for some people, shouldn't take IQ of a genius to understand this.

[DoughtyOne]

Yep. That’s the long and short of it.