McCain raises $62.5 million through public finance loophole

So much for public financing and straight talk. Let's see how long it takes all the media types who've been excoriating Obama for his alleged change on public financing to start in on McCain. Hint: don't hold your breath while waiting. From The Jed Report:

...according to FEC reports filed on July 15, through June 30, John McCain had raised at $62.5 million in private funds that can be used for his general election campaign -- even though he's already committed to accepting public funding for the general.

Moreover, based on my own analysis, of that $62.5 million, three-quarters -- $46.3 million -- comes from a total of 1,803 wealthy individuals who made five figure contributions averaging $25,664 each.

So not only is John McCain blatantly violating his public financing pledge, but he's doing it in grand style, raising money in increments of up to $70,000 per donor -- more than thirty times the amount a donor can give to Barack Obama's general election campaign. [...]

First, ten days before Barack Obama announced his decision to forgo the public finance system, McCain campaign manager Rick Davis told McCain supporters that the campaign had discovered a way around the campaign finance system that would allow McCain to raise at least as much money as Obama -- if not more.

Second, of the $62.5 million in private funds that McCain can use in the general election, $54.1 million -- 86% -- was raised before Barack Obama's decision.

So it is absolutely clear that even as the McCain campaign was telling reporters one thing about their intention to stick by the public financing pledge, they were actually raising tens of millions of dollars from private sources for the general election campaign.

In short, the McCain campaign brazenly lied to the media.

The issue isn't that John McCain will withdraw from the public finance system -- he won't -- but rather that he's devised a way to spend tens if not hundreds of millions in privates funds even as he takes $85 million in taxpayer funds. (Talk about a bridge to nowhere.)

Jed has lots more info ... do go read.