Disclosures Give Look at Candidates’ Personal Finances

NYT: Disclosures Give Look at Candidates’ Personal Finances
By LARRY ROHTER
Published: June 14, 2008

Senators John McCain and Barack Obama released their Senate financial disclosure statements on Friday, revealing that Mr. McCain and his wife had at least $225,000 in credit card debt and that Mr. Obama and his wife had put more than $200,000 into college funds for their daughters.

The bulk of the McCains’ obligations stemmed from a pair of American Express credit cards that are held in Cindy McCain’s name. According to the disclosure reports, which present information on debts in a range rather than providing a precise figure, Mrs. McCain owed $100,000 to $250,000 on each card.

Another charge card, held by what was described as a “dependent child,” had also accumulated debts of $15,000 to $50,000. In addition, a credit card held jointly by the couple was carrying $10,000 to $15,000 in debt, the filing indicated, at a stiff 25.99 percent interest rate.

Under Congressional reporting rules, spouses of senators need not specify the exact amount of income they earn from employment, only whether that money exceeded $1,000. Neither Mrs. McCain, an heiress of the Hensley beer distribution company, nor Michelle Obama, a lawyer turned hospital administrator, provided additional information on their salaries in the disclosure form.

Mrs. McCain’s filing, however, indicated that she had substantial holdings in property and stocks — including shares in Anheuser-Busch, which this week became the target of a takeover bid that is expected to send its value climbing....

http://www.nytimes.com/2008/06/14/us/politics/14disclosure.html?_r=1&oref=login

between $100K and $250K. But they do point out that they're paying a "stiff 25.99%" on $10K-$15K. Figures. Thanks for nothing, NYTimes. McCain passes legislation that affects credit companies, while AmEx loans his wife thousands of dollars interest free, but the good ol' NYTimes doesn't find it newsworthy. :mad:

"The bulk of the McCains’ obligations stemmed from a pair of American Express credit cards that are held in Cindy McCain’s name. According to the disclosure reports, which present information on debts in a range rather than providing a precise figure, Mrs. McCain owed $100,000 to $250,000 on each card."

That's what angered me. The article specifically mentions a "stiff 25.99%" rate for a small portion of their debt, but doesn't mention that the bulk of Cindy's AmEx debt is interest-free. Seems newsworthy to me. John passes credit card legislation while Cindy gets interest-free loans kinda has the stench of conflict of interest to me.

:-)

:)