FEC Warns McCain on Campaign Spending - washingtonpost.com

The nation’s top federal election official told Sen. John McCain yesterday that he cannot immediately withdraw from the presidential public financing system as he had requested, a decision that threatens to dramatically restrict his spending until the general election campaign begins in the fall.

The prospect of being financially hamstrung by the very fundraising system he helped create is the latest in a series of bitter challenges for the presumed GOP nominee, who still faces a fractured conservative coalition as he assumes the mantle of party leadership

I can’t even begin to tell you how much I’m enjoying this smarmy “maverick’s” campaign financing problems - his main problem being that he’s so farking stupid he can’t figure out how to game the very Campaign Finance/Incumbent Protection Act he had such a hand in creating.

But McCain’s attempts to build up his campaign coffers before a general election contest appeared to be threatened by the stern warning yesterday from Federal Election Commission Chairman David M. Mason, a Republican. Mason notified McCain that the commission had not granted his Feb. 6 request to withdraw from the presidential public financing system.

…But after McCain won a series of early contests and the campaign found its financial footing, his lawyer wrote to the FEC requesting to back out of the program — which is permitted for candidates who have not yet received any federal money and who have not used the promise of federal funding as collateral for borrowing money.

Mason’s letter raises two issues as the basis for his position. One is that the six-member commission lacks a quorum, with four vacancies because of a Senate deadlock over President Bush’s nominees for the seats. Mason said the FEC would need to vote on McCain’s request to leave the system, which is not possible without a quorum. Until that can happen, the candidate will have to remain within the system, he said.

No, no, Maverick. No can do.

The second issue is more complicated. It involves a $1 million loan McCain obtained from a Bethesda bank in January. The bank was worried about his ability to repay the loan if he exited the federal financing program and started to lose in the primary race. McCain promised the bank that, if that happened, he would reapply for matching money and offer those as collateral for the loan. While McCain’s aides have argued that the campaign was careful to make sure that they technically complied with the rules, Mason indicated that the question needs further FEC review.

Technically complied with. Probably depends on what the meaning of “is” is, eh? Say, old Johnny Maverick sure has a lot of trouble with banks, doesn’t he?

Campaign finance experts were split on how serious the FEC position could become. But several agreed that the matter would not be resolved by McCain simply ignoring the letter and plowing ahead.

“It’s nice for Trevor Potter to say ‘Buzz off,’ but the campaign is going to have to respond,” said Bradley Smith, a former FEC chairman.

What? Asking Johnny Maverick to play by the same rules he wants everybody else to play by? Don’t be silly.

Trevor Potter, a former FEC chairman who is McCain’s top lawyer, immediately disputed the assertions in Mason’s letter, saying McCain has a constitutional right to exit the federal program.

Constitutional right?

BWAHAHAHAHAHAHAHA!

Daily Pundit » John McCain: The List of Infamy

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.”

You asked for it - demanded it, in fact - and now you’ve got it.

So why don’t you just shut up, lie back, and enjoy what you’ve been doing to the rest of us for years.

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