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Before Getting $3 Million Loan, McCain Had to Buy Life Insurance

Just how dire was John McCain's financial situation last year, before he vaulted back to frontrunner status? The Washington Post has some details on the $3 million loan that McCain took out in order to finance the campaign, including a rather macabre detail — because McCain pledged his fundraising list as collateral, and he would need to be alive to give the list its full value, he had to take out a special life insurance policy just in case he failed to survive the campaign.

As it turned out, the gamble appears to have paid off. McCain has won the crucial primaries in New Hampshire, South Carolina and Florida, and looks like he's on his way to the nomination. As for the debts — he was $500,000 in the hole even before this loan — he should have no problems raising the money now.


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