Kerry's $6.4 million loan that saved him may drain him

[ringmastery]

http://www.usatoday.com/news/politicselections/nation/primariescaucus/2004-02-08-kerry-loan_x.htm

WASHINGTON — Once written off as a Democratic presidential contender, John Kerry survived to become the front-runner thanks to a $6.4 million Christmas Eve loan he made to his campaign.

The loan allowed Kerry's campaign, which was struggling to raise money, to put ads on the air and pay staff until victories in Iowa and New Hampshire produced new funds. But now the loan, which he got using his home in Boston's exclusive Beacon Hill neighborhood as collateral, places a financial burden on the Massachusetts senator, with no easy way to pay it off:

• Kerry's financial disclosures show no assets sufficient to pay the loan or even to keep up with the interest payments. Aides say he has assets that aren't listed on the forms but decline to reveal them.

• His wife, heiress Teresa Heinz Kerry, has a fortune estimated at more than $500 million. But the law forbids her from paying off a campaign loan for her husband.

• If he wins the nomination, Kerry could pay himself back from campaign contributions made before the Democratic convention in late July. But doing so would siphon off money at a time when he would be running against President Bush, who will have a projected $200 million to spend.

"There are a limited number of ways he can pay off that loan, and it's a fair question to ask what he intends to do," says Larry Noble, director of the non-partisan Center for Responsive Politics, which studies money in politics.

[sandnsea]

1. Center for Responsive Politics

Again. Interesting. Molly Ivins on the board. What total shit.

[deutsey]

5. Molly Ivins isn't listed on the board

http://www.opensecrets.org/about/board.asp

And if she were, so what? Just because she endorsed Dean you think Ivins, who has been one of Bush's harshest critics since before he ran for president, would be muscling this rather reputable resource on campaign money into going after Kerry?

More about CRP: http://www.opensecrets.org/about/
The Center for Responsive Politics is a non-partisan, non-profit research group based in Washington, D.C. that tracks money in politics, and its effect on elections and public policy. The Center conducts computer-based research on campaign finance issues for the news media, academics, activists, and the public at large. The Center’s work is aimed at creating a more educated voter, an involved citizenry, and a more responsive government.

[dsc]

9. Of course she would (sarcasm)

anyone who supports or endorses Dean is profoundly dishonest. (more sarcasm)

[Egnever]

2. It will be interesting to see what becomes of that loan.

I know I wont be helping him pay it off.

[molly]

8. I'll donate for you!

[IndianaGreen]

11. A better question would be to find out the details of the loan

C-SPAN had a US News & World reporter on this morning and he was questioning the $6M and the basis upon which the loan was approved.

[Raya]

12. What about party unity?

[Debi]

13. If Kerry is not the nominee

Will you be contributing to the party?

[WiseMen]

18. Contributor need to pony up!

[BruinAlum]

3. I'm sure he took this into consideration when he took out the loan in

December. He must already have some idea how he is going to handle this. We'll know soon enough.

[Leilani]

4. Interesting

According to the article, his financial records were sealed after his divorce in 1995, & there is still much info that has not been
disclosed.

So Wes Clark was right. After Kerry arracked him about money made from lobbying, Clark made all his financial info public & called on Kerry to do the same. When asked, Kerry said all his financial info was public. But it wasn't. He lied.

Kerry has a double standard. One for himself & one for everyone else.

[patricia92243]

6. What would happen now if he runs out of money?

[DemocratSinceBirth]

7. I'd Give Him Mine If He Could Beat *

<kisses>

Brian

[Raya]

10. Unfortunately, not so easy to make-up for "matching funds"

Individtual Dems don't have as much spare change as Repubs.

Turns out Dean would have done better with matching funds because
after his fund-raising slowed in Jan he could have picked up possibly $20-40 mill in new money if he had not "opted-out."

[Debi]

14. How much has Kerry raised since Dec. 31st?

Outside of his 'loans' to his campaign?

And how much have the other candidates raised??

Does anyone know?

[Raya]

15. Reality is, if Kerry has to keep spending to match Dean and Edwards

and Clark, he will never be able to pay himself back.

[rucky]

16. Is this how he plans to repay the loan?

"If he wins the nomination, Kerry could pay himself back from campaign contributions made before the Democratic convention in late July. But doing so would siphon off money at a time when he would be running against President Bush, who will have a projected $200 million to spend."


so any money I'd give would go where?

[Debi]

17. To pay for the new gazeebo

at the summer cottage..