Follow Barack Obama prior and during his tenure as the 44th President of the United States. Read about my personal observations along with every day facts as they happen. This blog will only submit factual information about the first black President, now in his 2nd term of office.


Send E-mail to the Editor at:

Search This Blog

Clinton owes $6 Million in Campaign Debt

Sunday, February 1, 2009

Running for President as you may expect would involve very serious management of cash used by the Presidential campaign. After the campaign, Barack Obama has about $30 Million dollars left over, a sum of money he can use to re-run for his second term in 2012. But now on the other hand, another Presidential candidate that did not win, is Hillary Clinton, now acting Secretary of State. She owes creditors 6 Million. Since she suspended her bid for the White House in June 2008, at one time she owed an amount of $25.2 million dollars. At one time in her campaign, she gave a personal loan of $13.2 million to her campaign, but has since then forgiven the loan, which means that the money most likely will never be returned to her personal account. Any outstanding loan that existed when the Democratic National Convention convened in Denver, Colorado, in August was to be then paid according to a deadline mandated by the 2002 McCain-Feingold campaign finance law.  So now, she has been racing against time to pay off as much debt as possible before she was to be confirmed on January 20th. Well, due to a rejection of a Senator during her confirmation hearing, she got an extra day to find some money as she was then sworn in as Secretary of State a day later on January 21st.
Now because of a federal law known as the Hatch Act, as a federal employee, she cannot personally solicit or accept political contributions. It may be that she will have to come up with an additional 6 million to pay off the debt.
Some people may believe that President Obama who now has an access of funds should have given Hillary a bonus contribution before the deadline date from his reserve funds. But that did not happen. So what happens now to the $6 Million dollar debt that she now has.

Hillary owed money to 16 different creditors, but now only owes 5 creditors total.

The following is a list of her creditors:

$5.4 billion - Penn, Schoen & Berland, consulting and polling firm
$397,114   - MSHC Partners - for printing costs
$147,987   - D.H. Lloyd & Associates - for insurance costs
$31,452     - Financial Innovations Inc - for printing costs
$4,552       - Mayfield Strategy Group - consulting and Web site expenses

So now what will happen? Maybe the rest of these firms will forgive the debt and somehow get a tax credit and we as taxpayers may pay for the debt. After all, lately we have been paying for everything else.


  © Free Blogger Templates Columnus by 2008

Back to TOP