(Agencies)
Updated: 2008-04-03 20:31

WASHINGTON - On a spring day at a speedway in the South, John McCain posed with his wife, Cindy, and racing star Dale Earnhardt Jr., highlighting the couple's political and business interests in a single snapshot.

Sen. John McCain, center, and his wife Cindy, right, greets NASCAR driver Dale Earnhardt Jr, left, prior to the Coca-Cola 600 NASCAR auto race at Lowe's Motor Speedway in Concord, N.C. in this May 27, 2007, file photo. [Agencies]

McCain served as honorary starter of the NASCAR race that weekend in Charlotte, N.C. Earnhardt drove the Budweiser car, painted military camouflage, rather than its trademark red, to honor the troops.

Budweiser, then NASCAR's official beer, is brewed by Anheuser-Busch Cos. Inc., whose products have made Cindy McCain and her family a fortune.

The brewer sold toy replicas of its race car to aid the Special Operations Warrior Foundation and publicized its support for the group, on whose board John McCain served and whose chairman later endorsed him. The speedway appearance helped McCain court NASCAR voters, and his campaign circulated video of the event over the Internet.

The McCains' marriage has mixed business and politics from the beginning, according to an expansive review by The Associated Press of thousands of pages of campaign, personal finance, real estate and property records nationwide. The paperwork chronicles the McCains' ascent from Arizona newlyweds to political power couple on the national stage.

As heiress to her father's stake in Hensley & Co. of Phoenix, Cindy McCain is an executive whose worth may exceed $100 million. Her beer earnings have afforded the GOP presidential nominee a wealthy lifestyle with a private jet and vacation homes at his disposal, and her connections helped him launch his political career - even if the millions remain in her name alone. Yet the arm's-length distance between McCain and his wife's assets also has helped shield him from conflict-of-interest problems.

Nearly 30 years before John McCain became the Republican presidential nominee, he worked in public relations at his wife's family company.

Within a few years of marrying Cindy Hensley, the daughter of a multimillionaire Anheuser-Busch distributor, John McCain won his first election. He was new to Arizona politics and fundraising in the 1982 House race, and his campaign quickly fell into debt. Personal money - tens of thousands of dollars in loans to his campaign from McCain bank accounts - helped him survive.

Anheuser-Busch's political action committee was among McCain's earliest donors. Cindy McCain's father, James Hensley, and other Hensley & Co. executives gave so much the Federal Election Commission ordered McCain to give some of it back. McCain's campaign used Hensley office equipment such as computers and copiers, and Cindy McCain personally paid some of the campaign's bills.

The campaign gradually reimbursed Hensley for use of its equipment and Cindy McCain for her expenses. The loans - described initially by John McCain as coming from him and his wife - caught the eye of the FEC, which repeatedly questioned him about them; spouses are held to the same donation limits as everyone else.

McCain told the FEC the loaned money came from his share of joint accounts. At the time, McCain reported drawing a $25,067 salary and $25,000 bonus working for Hensley in public relations and receiving a Navy pension of $11,038 a year; his 1982 financial disclosure report showed bank interest but didn't say how much the bank accounts held.

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