Friday, February 01, 2008
McCain had to get life insurance before bank agreed to credit line
In November, John McCain's presidential campaign was broke... To survive, he offered his fundraising lists as collateral for a $3 million line of credit from a bank. But obtaining the loan required an unusual extra step: He had to take out a special life insurance policy in case he did not survive the campaign.
At the time, the 71-year-old senator's campaign was more than $500,000 in the red, and the line of credit was a pivotal lifeline that allowed him to make a strong showing in New Hampshire and eventually vault into the Republican front-runner's position. ...Anthony Corrado, a campaign finance expert at Colby College, said he had never heard of a candidate having to secure a loan with a life insurance policy...
SFgate: McCain had to get life insurance before bank agreed to credit line
At the time, the 71-year-old senator's campaign was more than $500,000 in the red, and the line of credit was a pivotal lifeline that allowed him to make a strong showing in New Hampshire and eventually vault into the Republican front-runner's position. ...Anthony Corrado, a campaign finance expert at Colby College, said he had never heard of a candidate having to secure a loan with a life insurance policy...
SFgate: McCain had to get life insurance before bank agreed to credit line
Permalink posted by markw @ 8:17 AM 
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