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Sen. Hillary Clinton’s campaign was plagued by a shortage of money even though she lent the campaign millions of dollars. Now the campaign is looking to do some fancy footwork to turn the accumulated debt into an asset.
From the Politico.
At her disposal are a handful of accounting maneuvers — some never before tried in presidential politics — that would render her political debt practically insignificant, while at the same time freeing up $24 million in currently off-limits cash, according to interviews with her lawyer and outside campaign finance experts.
Enhancing her flexibility is that all but $1 million of her $9.5 million in unpaid bills at the end of April was owed to allies and political firms unlikely to cause her legal or political headaches by demanding prompt payment.
In fact, their assumed — but unspoken — cooperation is a key part of the New York senator’s most likely path to robust campaign finances.
That financial path would go something like this: Reclassify as a contribution most of the $11.4 million or more she loaned her campaign, which would be a personal financial hit because she wouldn’t be able to recoup much of it. Ask her donors to redirect $23.7 million they gave for her presidential general election campaign to her Senate campaign committee.
The most aggressive approach would be to redesignate the general election contributions to her Senate committee, transfer her debt to the same account, and then use the general election contributions to pay off the debt.
There’s a budding debate in the campaign finance bar about the legality of such of a maneuver. Some contend it would amount to illegally “laundering” general election contributions to pay off primary election bills. But others assert a 30-year-old Federal Election Commission decision regarding “surplus” campaign cash allows flexibility in the brave new world of privately financed presidential campaigns.
I guess that’s what Democrats mean by campaign finance reform.
Read the entire story.
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About the author
Don Irvine is Chairman of Accuracy in Media. He is active on Facebook and Twitter. You can follow him @donirvine to read his latest thoughts.
2 Comments for Clinton Campaign Money Woes May Disappear
THEY USED TO TAKE IT WITH THEM WHEN THEY LEFT OFFICE, THE CORRUPT SEN. ALAN CRANSTON, EG, WHO TOOK NEARLY 1 MILLION CAMPAIGN CONTRIBUTIONS WITH HIM HE GOT FROM THE CROOKED SAVING AND LOAN DEAL. THAT, FORTUNATELY, HAS BEEN STOPPED, PARTLY BECAUSE OF CORRUPT POLITICIANS PEOPLE LIKE CRANSTON (ALTHOUGH HE RECEIVED ONLY A SLAP ON THE WRIST, AT LEAST HIS EXAMPLE DID SOME GOOD IN THE LONG RUN). I’M ALL FOR HILLARY IN THIS CASE. I’M STILL FOR HILLARY. IF FAILED CAMPAIGNS END UP ALSO LEAVING SO MUCH DEBT, THERE’LL BE FEWER CHALLENGERS. OBAMA HAS SO MUCH MONEY THAT HE MAY BE ABLE TO BUY THE RACE, PERHAPS ALREADY HAS: I NEVER SAW ANYONE WITH SO MANY APOLOGISTS SINCE KENNEDY’S SORENSON AND SCHLESINGER(SP?),
This is why people get into politics. For the “surplus cash” from campaigns. It should be that anything left over from any campaign fund reverts to the general fund of the state that person lives in. They would either have to spend it on legitimate campaign efforts or lose it. Problem solved.