Romney Campaign $11 million in debt.

[RandySF]

Before the Republican National Convention, Mitt Romney was the Republican nominee in all but name. By law, however, he could only spend primary donations until he officially became nominee. To increase cash flow during the interregnum, the Romney campaign borrowed $20 million.

“We realized that we could collateralize this debt with $20 million of general-election funds that were already sitting in our bank account,” a senior Romney aide says, speaking exclusively with National Review Online.

“This is permitted by Federal Election Commission rules,” the aide explains. “In the past, the FEC has specifically contemplated candidates putting up their public financing payments as collateral.” Since Romney is not taking public funds, his finance team found another option.

In order to compete with President Obama, the senior aide continues, Romney’s advisers could not sit on their hands until they were able to use general-election funds.


http://www.nationalreview.com/corner/327793/romney-campaign-borrowed-20-million-robert-costa#

[Barack_America]

1. I suppose they'll be wanting a bailout?

Isn't that how their sort deal with debt?

[Major Nikon]

10. He'll get matching funds from the PECF

But it's not as if these "loans" ever have to be paid back. They are financed by people like the Koch brothers as a way to get around campaign finance laws.

[Telly Savalas]

2. no problem, if romney looks under his couch cushions he'll find at least that amount

[Generic Brad]

11. That's not as easy as you make it sound

He has a lot of couches scattered throughout his many houses. Finding the sofas that pay out might be a challenge.

[L0oniX]

3. Chump change for him, his backers and their sex parties.

[mucifer]

4. Joe Ricketts just donated 12 MILLION dollars. So no problem for them.

[Panasonic]

5. Actually the 12 million is for GE funds

not primary funds, which Mittwit is in the hole for...

[tomm2thumbs]

6. All the ad money in the world can't successfully sell poisoned water

and Romney's well has been good and tainted by Mitt himself

[cr8tvlde]

7. There's an old saying ... You don't throw good money after bad.

Somehow I'm not feeling the pain.

[Initech]

8. And people trust him to fix the economy. Right.

[hunter]

9. Whatever it is, it's probably not what average people would call a "loan."

Rather it's $11 million of skulduggery, a disguise for some other sort of transaction.

[Major Nikon]

12. AKA money laundering

[kestrel91316]

13. Mittens needs to accept responsibility and care for himself and

get out his effin' checkbook and PAY HIS DEBTS.