Beer heiress could be next first lady

Hensley's chairwoman
Cindy McCain is Hensley's chairwoman and holds at least a 20 percent stake in it, according to Arizona corporate records. She works mostly on strategic planning and corporate vision, said Hensley spokesman Douglas Yonko. The company is family owned, but Hensley won't say whether Cindy McCain is a majority shareholder.

Within the industry, as heiress to her father, she is widely assumed to own a majority of the company. If so, that would make her net worth at least $100 million, if industry estimates of Hensley's value are accurate.

Hensley distributes only Anheuser-Busch products, which makes it and the St. Louis-based brewer heavily dependent on each other, said Joe Thompson, president of the Independent Beverage Group, a research and consulting firm.

"It is a very, very competitive business, and Phoenix is a very, very competitive market," Thompson said. Nationally, some Anheuser-Busch wholesalers are looking to end exclusive arrangements with the brewer, but Thompson does not believe Hensley is among them: "They've been very loyal to Anheuser-Busch, and Anheuser-Busch has been very loyal to them."

Hensley's Web site includes links to Anheuser-Busch promotions and to the National Beer Wholesalers Association, a powerful trade group. Hensley's spokesman, Yonko, is the lobby's Arizona director, and Hensley executives gave enough to the group's political action committee to make its company honor roll.

The PAC doles out millions of dollars to Democratic and Republican congressional candidates each election. John McCain's campaigns have received at least $26,000 from it over the years. An informal poll on the trade group's Web site asks visitors which presidential candidate they would most like to have a beer with (Democrat Barack Obama was way ahead in late March with 45 percent, McCain was second, with 23 percent).

The association's priorities include drunken-driving laws; trucking and labor regulations; estate, fuel and alcoholic-beverage taxes; beer labeling and advertising rules; recycling programs and campaign finance restrictions. Many of those issues come under the purview of the Senate Commerce, Science and Transportation Committee, which McCain chaired from 1997-2001 and again from 2003-2005.

Refrains from voting on beer matters?
McCain has long said he refrains from voting on beer industry-specific issues. Following that policy, McCain voted "present" when the Senate voted in March 1998 to withhold state highway funding from states that failed to adopt a .08 blood-alcohol standard for drunken driving.

Two years later, McCain voted against the fiscal 2001 transportation appropriations bill, which set a national .08 standard. The National Beer Wholesalers Association opposed the legislation and told its members it had at least succeeded in "delaying and diluting the final version." McCain voted against the bill because he objected to "pork-barrel spending," Hazelbaker said.

On some high-profile issues, McCain disagrees with his wife's industry.

Beer wholesalers and other businesses tried unsuccessfully to block a campaign finance law that McCain co-sponsored banning corporate contributions to the national Democratic and Republican parties. On another top business issue, the estate tax, McCain has supported cuts but opposes permanent repeal. Beer wholesalers contend a repeal would help save family businesses like Hensley.

Cindy McCain became chairwoman of Hensley in 2000 around the time of her father's death. She previously served as a vice president and director of the company.

"She is regarded as a serious businesswoman," said Art Pearce, a Hensley competitor in Phoenix until he sold his family's Coors beer distributorship in 2004. Pearce said he worked with Cindy McCain on tax and recycling issues in Arizona. "We were major competitors, but she was open-minded and listened to issues, and I couldn't have asked for anybody better to deal with, really."

Pearce said she scaled back her involvement in state beer issues after John McCain was elected to Congress.

Message board   What do you think of McCain's candidacy?

Still, Cindy McCain remained involved in Hensley as her husband began his presidential campaign. A company photo last year shows her posing with a shovel at a groundbreaking ceremony for a distribution facility in Chandler, Ariz. Hensley declined to say whether she will step down if she becomes first lady.

Broader assets
Cindy McCain's assets go beyond the family beer company.

She and her children own a minority stake in the Arizona Diamondbacks. The professional baseball team's chief executive, Jeff Moorad, and former majority owner Jerry Colangelo are McCain fundraisers. Red Sox pitcher Curt Schilling, a former Diamondback player, appeared in a New Hampshire campaign advertisement for McCain.

Assets held by Cindy McCain alone or with her children also include Anheuser-Busch stock; two condominiums along the California coast worth a total of at least $3 million and Arizona investments in rental medical offices and a parking lot, according to property records and John McCain's latest financial disclosure reports.

John McCain has seven ch1ildren: two stepsons and a daughter from his first marriage, and two sons, a daughter and an adopted daughter from his second. McCain's financial disclosure reports do not identify the children who share assets with Cindy McCain.

Arizona is a community property state, so McCain may share possessions his wife didn't inherit, such as their primary home. Cindy McCain, through a family trust, sold the family mansion in Phoenix for $3.2 million and bought a $4.6 million Phoenix condo in 2006. The couple may also jointly own a condo in Arlington, Va., assessed at $847,800. McCain's campaign and Hensley declined to say whether the couple has communal property.

John McCain held a barbecue recently for reporters at a two-story cabin near Sedona, Ariz., that sits on 15 acres owned by his wife's family trust and a real estate partnership in her name. The property includes four single-family homes and is worth nearly $1.8 million.

It's clear the rustic retreat is considered family property. The cabin features artwork by the McCain children and editorial cartoons depicting McCain. A doormat reads: "GEEZER (formerly known as `Stud Muffin') Lives Here." The amenities include a soda fountain and, of course, a Budweiser beer tap.

Picking the president: The candidates Click to visit that candidate's MSNBC page or click the XML symbol for an RSS feed. John McCain                Barack Obama

MORE FROM ON THE TRAIL

On the Trail Section Front

‘Yes we did!’ Historic night in Harlem Great expectations await Michelle Obama Will Obamas get a Yankee labradoodle? Obama elected 44th president   Obama’s transformational moment   Images from a historic election night   Obama victory makes history   Images: World reacts to Obama’s victory   Barack Obama casts his vote   Slide show: America votes On the Trail Section Front   Add On the Trail headlines to your news reader: