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“GOP Reaps What It Sowed With Spouses”

From the Politico:

In this April 24, 2008 file photo Cindy McCain introduces her ...

The AP dusts off a very flattering photo of Mrs. McCain from April 24, 2008.

Cindy’s fortune: An asset and a liability

By: Kenneth P. Vogel
July 2, 2008

In 2004, Republicans demanded fuller disclosure about the considerable fortune of Teresa Heinz Kerry, wife of Democratic presidential candidate John Kerry.

Now, the GOP is reaping what it sowed.

Having established a recent precedent for increased scrutiny of spousal finances, the party now finds its own presumptive nominee, John McCain, under an unwanted spotlight over the fortune of his wife, Cindy.

Already, Democrats have blasted Cindy McCain’s less-than-full financial disclosure, asserting that it calls into question John McCain’s commitment to transparency and suggests that he may be “hiding” information about how his efforts in Congress benefited his family.

Worse though, the burgeoning focus on Cindy McCain’s finances could attract attention to an aspect of the Arizona senator’s family life that is unlikely to be advantageous to him on the campaign trail: the affluent lifestyle and free-spending habits of the McCain clan

In recent years, a Politico analysis found, the McCain family appears to have tapped its fortune liberally.

While Cindy McCain, her dependent children and the trusts and companies they control made as much as $29 million — and likely substantially more — from her family’s business interests from 2004 through last year, data from the Internal Revenue Service, the U.S. Senate, the U.S. Office of Government Ethics and the Center for Responsive Politics also reveals that they spent $11 million purchasing five condominiums for the family, hired additional household help and racked up progressively larger credit card bills almost every year.

Their credit card bills peaked between January 2007 and May 2008, during which time Cindy McCain charged as much as $500,000 in a single month on one American Express card and $250,000 on another, while one of their two dependent children had an AmEx card with a monthly balance as large as $50,000…

In addition to the American Express cards — which carry no monthly interest charges — Cindy and John McCain jointly hold a credit card through Chase with a steep 25.99 percent interest rate. It had a top balance as large as $15,000 last year.

John McCain has his own credit card, his aide said, but its balance for years has not exceeded the $10,000 threshold that triggers the reporting requirement for listing liabilities on Senate or executive branch personal financial disclosure statements.

The last year John McCain reported holding a credit card with such a balance was 2004, when he had  an American Express Platinum card with a top balance of $15,000. Cindy McCain also had a Platinum AmEx that year, with a top balance of $100,000, as well as a Business Platinum account with a top balance of $50,000, and charge cards from Saks Fifth Avenue, MasterCard and Visa with top monthly balances between $15,000 and $50,000 and interest rates between 10.49 and 24.49 percent.

And in 2004, one of their dependent children had an AmEx Business Platinum card with a top monthly balance of $50,000. The McCain aide wouldn’t identify which child got the card, but their oldest, Meghan, turned 20 that year.

What a preposterous article, even for the Politico.

Having established a recent precedent for increased scrutiny of spousal finances, the party now finds its own presumptive nominee, John McCain, under an unwanted spotlight over the fortune of his wife, Cindy.

Questions were raised about Ms. Teresa Heinz Kerry because she not only funded his campaign (through illegal loans based on one of her houses), but because she ran the so-called Heinz Foundation.

Lest we forget, the Heinz Foundation funded the Tides Foundation and countless other ultra-left organizations that were a major factor in the 2004 elections.

But of course the reporters at the Politico were unaware of all of this.

They are too busy going through the McCains’ credit card bills.

[T]hey spent $11 million purchasing five condominiums for the family, hired additional household help and racked up progressively larger credit card bills almost every year.

Remember all of the breathless stories from our watchdog media about the numerous palatial estates the Kerrys owned thanks to Teresa (or rather, her former husband, who was a Republican), and how much they spent keeping them going?

I don’t either.

This article was posted by Steve on Wednesday, July 2nd, 2008. Comments are currently closed.

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