Ex-Politicians Keeping $100 Million in Private Slush Funds

Dave Levinthal, Center for Public Integrity

Disgraced Congressman Mark Foley and former Senator Evan Bayh are two of the many, many politicians holding onto millions in campaign contributions from races long ago.

As Sen. Evan Bayh prepared to quit Congress, he called on all Americans to embrace a “spirit of devotion to the national welfare beyond party or self-interest” and declared his “passion for service to our fellow citizens is undiminished.”

Four years later, the Indiana Democrat controls nearly $10 million in surplus campaign cash he could, by law, invest in charities—something other former politicos have done.

Instead, his old campaign money generates thousands of dollars in interest each week while sitting (PDF) in a Raymond James & Associates investment account.

Bayh, in this regard, is hardly alone.

Nine former congressional members and congressional candidates who are no longer seeking federal office each retain $1 million or more in leftover campaign cash, a Center for Public Integrity analysis of federal campaign finance disclosures and Center for Responsive Politics data indicates.

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http://www.thedailybeast.com/articles/2014/05/22/ex-politicians-keeping-100-million-in-private-slush-funds.html