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April 28, 2008

JOHN McCAIN'S FINANCES....Even though I've commented on this before, I didn't realize just how skimpy John McCain's financial disclosure was until I read this Moneybox piece over the weekend:

Aside from a Wachovia checking account, in which he keeps between $15,000 and $50,000 (wouldn't some of that money earn more interest in a certificate of deposit?), all of the couple's assets are in Cindy's name. John McCain's tax return is so anemic, so marginal to the couple's actual financial situation, that he doesn't even take a deduction for interest on his home mortgage. Presumably Cindy does, since disclosure forms indicate that she has several mortgages.

Can we stop pretending to be children about this? There's only one reason for a politician to make sure that all his assets are in his wife's name: it's to make sure that no one knows anything about his assets. It's not as if McCain is the first pol to try this, after all.

Is the press really going to let him get away with this?

Kevin Drum 2:06 PM Permalink | Trackbacks | Comments (56)
 
Comments

yes

Posted by: cleek on April 28, 2008 at 2:09 PM | PERMALINK

"Is the press really going to let him get away with this?"

Gee, that's a tough one! YES, THEY ARE.

Posted by: Buckethead on April 28, 2008 at 2:09 PM | PERMALINK

It seems very dangerous for John McCain to have his finances set up like this. What happens if his wife decides she's tired of being married to a very old man and starts banging a younger guy, then leaves John for that younger guy?

It's not an unheard of scenario. And if it happens, there goes his private jet, his Sedona ranch, everything...

Posted by: skeptic on April 28, 2008 at 2:12 PM | PERMALINK

Is this different than John Kerry and Teresa Heinz?

Posted by: Robert on April 28, 2008 at 2:17 PM | PERMALINK

Is this different than John Kerry and Teresa Heinz?

yes, completely.

John StBBQ is a Republican.

Posted by: cleek on April 28, 2008 at 2:19 PM | PERMALINK

John only has one real asset--Cindy. He left his wife and kids for the young blond beer baroness and has never looked back.

Posted by: Ron Byers on April 28, 2008 at 2:20 PM | PERMALINK

Is the press really going to let him get away with this?

Let's see if the Drum gang is up to task:

He won't be the first republican to hide behind a woman's skirts.
Can you name some of the others?

Posted by: koreyel on April 28, 2008 at 2:20 PM | PERMALINK

To expand on cleek:

It's Okay If You're A Republican. That's the credo of the liberal mainstream media. Those dirty liberals!

Posted by: Lifelong Dem on April 28, 2008 at 2:22 PM | PERMALINK

cleek - what tax disclosures to the press did Teresa Heinz make before October of 2004?

Posted by: Robert on April 28, 2008 at 2:22 PM | PERMALINK

Have to disagree with Buckethead. McC would be by far our wealthiest president since JFK, and none of the three Texan presidents in that period have been anywhere near eligible for food stamps. There's a substantial story here, which various enterprising types (McClatchy?) will pick at until it begins to seem Wifey might be richer than the Saudi royal family. McC will then agree to some limited disclosure, even though same will probably reveal the real secret: that they pay a lower tax rate than a large chunk of Americans.

Posted by: penalcolony on April 28, 2008 at 2:23 PM | PERMALINK

Would it be in bad taste to play up the prenup Cindy had him sign?

If Cindy doesn't trust him, should we?

Posted by: Davebo on April 28, 2008 at 2:24 PM | PERMALINK

Rather than asking whether the media will let him get away with it (obviously they will), maybe we should speculate on what it would take for the media to turn on him? Short of genocide, I can't really think of anything. My guess is that if John McCain burst into the Senate chamber and started mowing people down with an M-16, the media would say, "oh that's just John having a 'senior moment'. And he's saving the taxpayers money on Senate salaries."

Posted by: fostert on April 28, 2008 at 2:25 PM | PERMALINK

There's only one reason for a politician to make sure that all his assets are in his wife's name: it's to make sure that no one knows anything about his assets. It's not as if McCain is the first pol to try this, after all.

Oh, that's a bunch of baloney.

You put your assets in your wife's name in case you're indicted--your spouse cannot testify against you and the courts have a much harder time seizing your assets.

Any businessman worth his salt has assets in the names of his wife or his ex-wives, in the names of all of his living children or their dependents, and in the names of any common-law spouses. This disperses your net worth and allows you to transfer or hide wealth as needed when negotiating with prosecutors, lawyers, rivals or tribesmen. If you need to hide it, then you need blood relatives whose names you can use to mask the true control or ownership of the asset. If you ever want to get in on that Indian gaming casino action, and I know, we ALL do, then you'd better figure out what I'm talking about first, otherwise a gaming commission is going to light you up like a Christmas tree at a licensing hearing. This is what trusts are for, for crying out loud. How many trusts has McCain set up for his children? That's what I want to know.

Senator McCain is just foolish enough to get caught doing something perfectly legal, so that a lot of silly liberals can delude themselves into thinking they won a game of "gotcha!" This is why I have little or no enthusiasm for McCain--he cannot have been truly smart in any sense of the word for marrying into a situation where the wife could not adequately give his net worth the proper cover. I mean, I know that politicians have it rough, hiding wealth from prying eyes, but I had no idea that it was this bad.

I guarantee you one thing--SHE doesn't "own" any of what the McCains have on the books. He probably had to take it all away from her to keep her from snorting it up her reconstructed little nose.

Posted by: Norman Rogers on April 28, 2008 at 2:30 PM | PERMALINK

Yes. The press will give him a pass.

also,

Would it be in bad taste to play up the prenup Cindy had him sign?

Definitely. But since when has good taste been a pre-req for effective politics?

Posted by: phleabo on April 28, 2008 at 2:32 PM | PERMALINK

He is a flawed candidate, which is why I want to see Barack Obama against John McCain. Except, the whole time, this annoying Hillary Clinton is continuing to cost the rest of the team the prize. Arrgh.

Posted by: Boorring on April 28, 2008 at 2:36 PM | PERMALINK

Is the press really going to let him get away with this?


The fix is already in, Kevin.

Unless:
a) you have some suggestions about how the Democrats can circumvent the media; and / or
b) how to get rid of the current media ( not criticize - destroy, got it ? )

then you might as well speculate as to what is on Gibson's and Stehpanopolus's tax returns.

Posted by: Duncan Kinder on April 28, 2008 at 2:45 PM | PERMALINK

You did not hear this from me, but I live in Washington D.C. and I "hear" things.

McCain has been carrying on a sordid affair with Hillary Clinton since 1997.

Shhh!

Posted by: Norman Rogers on April 28, 2008 at 2:47 PM | PERMALINK

It isn't as though the press called Kerry on it...

Posted by: John McCain: More of the Same on April 28, 2008 at 2:49 PM | PERMALINK

National war hero hides behind wife's skirts.

Posted by: Brojo on April 28, 2008 at 2:52 PM | PERMALINK

Here's John in 2003 on tax-cuts....

MCCAIN: “Well, I think it will. But when you look at the percentage of the tax cuts that—as the previous tax cuts—that go to the wealthiest Americans, you will find that the bulk of it, again, goes to wealthiest Americans. … A lot of Americans now are paying a very large a—low and middle-income Americans are paying a significantly larger amount of their income in taxes. I’d like to see them get the bulk of the relief.”

—NBC’s “Today,” Jan. 7, 2003.


"I will make Bush's tax-cuts (for the wealthy) permanent." JM 2008

No wonder he wants to hide his wife's assets.

The press needs to hammer him on his flip flops.

How can he be considered a POTUS if he has no ability to be credible? Pandering to a small constituency is not presidential, it's sleazy.

God McCain America! Land of the filthy rich and nothing but the obscenely rich, so help us god!

Posted by: Tom Nicholson on April 28, 2008 at 2:58 PM | PERMALINK

Kevin: "Is the press really going to let him get away with this?"

Buckethead: Gee, that's a tough one! YES, THEY ARE.

As Atrios would say, simple answers to simple questions.

Posted by: on April 28, 2008 at 2:58 PM | PERMALINK

Which do you like the sound of better?

John Hensley McCain?

or John McCain Hensley?

or how about Mr. Cindy Hensley?

Posted by: Joe Bob on April 28, 2008 at 2:58 PM | PERMALINK

Yes. You can be sure that if Obama pulled something like this, or something legal, but ethically-dubious like using his wife's private jet for campaigning, there'd be no end of hearing about it from the teevee punditariat.

Posted by: grape_crush on April 28, 2008 at 3:01 PM | PERMALINK

But what about the children, Kevin? Who's going to protect the privacy of those (not so) poor, innocent kids...?

Posted by: Steve in Sacto on April 28, 2008 at 3:04 PM | PERMALINK

Better wait until the General to come up with the interesting stuff.

Posted by: Jörgen in Germany on April 28, 2008 at 3:05 PM | PERMALINK

cleek - what tax disclosures to the press did Teresa Heinz make before October of 2004?

beats me. i know the press in general and the wingnuts had a conniption about the entire matter, though. and what have they said of McCain's failure to disclose in 2008? oh, nuttin.

and that's the point.

Posted by: cleek on April 28, 2008 at 3:07 PM | PERMALINK

"Is the press really going to let him get away with this?"

Kevin, why do you persist in asking questions that have obvious answers? The press lets him get away with talking about "the gooks," fergawdsake.

Posted by: Quaker in a Basement on April 28, 2008 at 3:07 PM | PERMALINK

How can he be considered a POTUS if he has no ability to be credible?

This thread seems to be full of really hard questions.

Posted by: AJ on April 28, 2008 at 3:13 PM | PERMALINK

McCan't show you my real financial status.

Posted by: RobertSeattle on April 28, 2008 at 3:13 PM | PERMALINK

Yes. The media is his base.

Posted by: JD on April 28, 2008 at 3:13 PM | PERMALINK

Here's a question I'd like the Press to ask of the 3 remaining President Contenders:

Which one of you signed a pre-nup for your current marriage?


Posted by: RobertSeattle on April 28, 2008 at 3:15 PM | PERMALINK

cleek - you mean "nuttin" like this from the Wall St. Journal? Plenty of press in general and wingnuts are having a conniption:
http://s.wsj.net/article/SB120852774944126269.html

Posted by: Robert on April 28, 2008 at 3:18 PM | PERMALINK

Is the press really going to let him get away with this?

If by press, you do not include blogs, then yes. Yes, they will.

Posted by: anandine on April 28, 2008 at 3:19 PM | PERMALINK

It just proves that McBush is really just a regular guy like Dubya. He is not one of those elitists. (snort) (roll eyes).

Posted by: j swift on April 28, 2008 at 3:24 PM | PERMALINK

Plenty of press in general and wingnuts are having a conniption

utter nonsense

Posted by: cleek on April 28, 2008 at 3:35 PM | PERMALINK

Did you read the WSJ article? Maybe it's just LEFT wingnuts this time around.

Posted by: Robert on April 28, 2008 at 3:37 PM | PERMALINK

Question:

If the MSM is giving JM a free pass for his flip flops, like with tax-cuts, how come Obama is villified for being associated with Wright?

It's as if it's OKAY to change your tune as a GOP guy... but you are forever damned by your past if you are a democrat.

Think about it. We let John M blow his stack, he does have a fiesty temper. Yet John Dean was crucified for his display of anger.

It's as if the GOP doesn't have to be credible, since the human side of the democrats is... is incredible.

John's family values pale when compared with Obama's, yet he gets a free pass.

Wow. No wonder Cindy's dollars are NOT discussed, not mentioned, and simply won't be a factor in the grueling campaign ahead.

Posted by: Tom Nicholson on April 28, 2008 at 3:37 PM | PERMALINK

Hay, Norman Rodgers, I 'read' things at the checkout line and McCain is having an affair with Connie Stevens, its true, National Enquirer said so.

Neener Neener!

Posted by: Jet on April 28, 2008 at 3:40 PM | PERMALINK

I seem to recall that John Kerry had considerably more substance in his financial reports. Granted, anything that might have raised questions could have been moved over to Teresa's ledger, but what was shown gave a much more complete financial picture than what we're getting from McCain.

Posted by: idlemind on April 28, 2008 at 3:44 PM | PERMALINK

Did you read the WSJ article?

i read the first 10 lines, beyond which they won't share.

Maybe it's just LEFT wingnuts this time around.

maybe LEFT wingnuts are ___what___ this time around?

please don't tell me that all the wingnut outrage in 2004 was manufactured bullshit... how could i ever bring myself to trust the media ever again ?

Posted by: cleek on April 28, 2008 at 3:49 PM | PERMALINK

McCain is living a particular version of the American Dream: trade your shopworn middle-aged wife for a 25-year old blond who owns a liquor store.

Posted by: gcochran on April 28, 2008 at 3:51 PM | PERMALINK

The media has a ginormous mancrush on the doddering old fool. He could sodomize a goat on the steps of the Lincoln Memorial and the press would find a way to spin it favorably.

Posted by: Blue Girl, Red State on April 28, 2008 at 4:00 PM | PERMALINK

I'm not the first person to point this out, of course, but:

Is the press really going to let him get away with this?

Yes.

SASQ.

Posted by: on April 28, 2008 at 4:40 PM | PERMALINK

He could sodomize a goat on the steps of the Lincoln Memorial and the press would find a way to spin it favorably.

"Hey, since Mickey Kaus blows goats, isn't it time we reconsidered the whole notion of Republican-goat sex? Kudos to McCain for taking such a bold -- dare I say maverick? -- stance on a controversial issue!"

Posted by: on April 28, 2008 at 4:47 PM | PERMALINK

Gah. 4:40 and 4:47 are by me. Since when does the comment system allow totally anonymous posting?

Posted by: Gregory on April 28, 2008 at 4:49 PM | PERMALINK

gcochran - "McCain is living a particular version of the American Dream: trade your shopworn middle-aged wife for a 25-year old blond who owns a liquor store."

No, no, no - the American dream is to trade that shopworn middle-aged wife for a 25-year-old blond bisexual nymphomanaic whose father is a Columbian drug lord and whose mother owns a liquor store.

McGrampa may have missed on a couple of those, but give the man credit for trying.

Posted by: Uncle Jeffy on April 28, 2008 at 6:04 PM | PERMALINK
Is the press really going to let him get away with this?
Clearly you don`t know how this works. The press wouldn`t know how to answer that question. You need to ask them: A. Is the press really going to let McCain get away with this? OR B. Is the press really going to let Obama get away with this?

Those are the questions they know the answer to.

Norman Rogers: How many trusts has McCain set up for his children? That's what I want to know.

That depends on what you define as "for his children" (HT Ken Silverstein):

NYT: Over the past two years, Senator and Mrs. McCain donated about $340,320 from their community assets to charity, the campaign said. Most of Senator McCain’s contributions were made to the John and Cindy McCain Family Foundation. It contributes to a number of groups including Operation Smile, an organization that provide reconstructive facial surgery to poor children and others, and The Halo Trust, an organization involved in mine-clearing.

Oooh, landmines bad, smiles good!!!
Silverstein: That’s true, but [..] the John and Cindy McCain Family foundation “made contributions of roughly $1.6 million. More than $500,000 went to his kids’ private schools, most of which was donated when his children were attending those institutions. So McCain apparently received major tax deductions for supporting elite schools attended by his children.”


[unless] you have some suggestions about how the Democrats can circumvent the media

Oh come on you make it sound like only the pentagon has surrogates and the addresses of local TV stations. Just don`t bother with plain old "conflicts of interest" stories. Stick to all the sex, "foreign" and less-than-Christian transactions you can find.

Plenty of the lobbyist on the McCain team must have FARA registrations because of their work for foreign governments. Just find a majority Muslim country and whack him around with it Dubai ports style. Sure its the work for Pharmaceutical companies and secular dictators that actually helped kill people, but lobbying for Muslims just is better TV.

Hell 10 bucks says he is in touch with someone who helped/supported the Iranian republican guard fly weapons into the Balkans. There is a "helped radical Muslim group XYZ" angle here.

Posted by: hy on April 28, 2008 at 6:27 PM | PERMALINK

The media never gave Teresa Heinz Kerry a pass on not disclosing her assets. Her reasoning for not disclosing her wealth was also to protect her children's pivacy. Why should they give John McCain a pass?

Posted by: leslie on April 28, 2008 at 6:53 PM | PERMALINK

The media never gave Teresa Heinz Kerry a pass on not disclosing her assets. Her reasoning for not disclosing her wealth was also to protect her children's privacy. Why should they give John McCain a pass?

Posted by: leslie on April 28, 2008 at 6:53 PM | PERMALINK

So after more than two decades of making a hefty six-figure salary, a salary that puts him among the top income-earners in this country, McCain has managed to save no more than a pathetic $15-50K in a savings account? Really? If that's how poorly he handles his own finances, how can we possibly trust him with the American worker's hard-earned money? The man's obviously a financial incompetent.

Posted by: Stefan on April 28, 2008 at 7:26 PM | PERMALINK

We all know Republicans hate taxes like a vampire hates sunlight, but I care more that John McCain has unresolved PTSD and committed war crimes while serving in Viet Nam. The sicko dropped napalm on civilians and bombed civilian targets, such as lightbulb factorys. I don't want my president waking up sweating in the middle of the night, wanting to drop a nuke on Charley to alleviate his nightmares...

Posted by: The Conservative Deflator on April 28, 2008 at 9:35 PM | PERMALINK

The answer of course is Hell, yes. AFAIK not one major news organization is even thinking about this. They're too busy wondering why Obama doesn't give up now because of the Rev Wright "scandal".
File this in the IOKIYAAR Folder.

Posted by: stonetools on April 28, 2008 at 9:41 PM | PERMALINK

And how about his health records, while we are at it? Two occurrences of melanoma is a bad general prognosis.

Posted by: bob h on April 29, 2008 at 7:05 AM | PERMALINK

stonetools:

The Wall Street Journal is not "one major news organization"? Teresa Heinz Kerry only disclosed two pages of her 1040 in OCTOBER of 2004, so there's nothing hypocritical yet.

Posted by: Robert on April 29, 2008 at 12:14 PM | PERMALINK

The man's a hero, for god's sake! If he wants to steal us blind, isn't that HIS business?

Posted by: Kenji on April 29, 2008 at 12:59 PM | PERMALINK

Johnny always says one thing and does another...no surprise there.

Posted by: Dusty on May 8, 2008 at 5:09 PM | PERMALINK
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