FEC reports will show Romney in debt, campaign sources say
Source: cnn
(CNN) - Campaign finance reports to be released later this week will show Republican presidential nominee Mitt Romney over $10 million in debt, the Romney campaign confirmed to CNN Tuesday, although the debt is a result of federal restrictions on when the campaign can spend its war chest.
Romney's campaign took out a loan of $20 million as it approached its party convention last month and saw accessible funds dwindling, sources said. While Romney has been raising general election funds for several months, he could not spend those funds until he officially accepted his party's nomination at the Republican convention.
The loans and debt were first reported Tuesday evening by the National Review Online.
A debt of $15 million will appear on the Federal Election Commission reports, due to be filed by the end of the day Thursday.
Read more: http://politicalticker.blogs.cnn.com/2012/09/18/fec-reports-will-show-romney-in-debt-campaign-sources-say/
otherone
(973 posts)Just another joe six pack
Bjorn Against
(12,041 posts)Response to Bjorn Against (Reply #2)
bupkus This message was self-deleted by its author.
Raine1967
(11,589 posts)It's always ALWAYS everyone else's fault with these people.
bkkyosemite
(5,792 posts)to bail him out.
cstanleytech
(26,280 posts)mucifer
(23,525 posts)Joe Ricketts just donated 12 million dollars to republican superpacs.
But, good news is that owing money does not make rmoney look good.
LovingA2andMI
(7,006 posts)Can run the business of his campaign, can't run this country. Enough said!
tomm2thumbs
(13,297 posts)jmowreader
(50,552 posts)Bain Capital, like all Leveraged Buyout companies, runs up extreme levels of debt every time it buys a company--"leveraged" means you have little to no non-borrowed money in the deal. A leopard cannot change his spots, especially when the leopard is named Mitt W.
freshwest
(53,661 posts)WASHINGTON -- As they strategize to spend as much as $400 million to defeat President Barack Obama and help Republicans win control of Congress, the billionaire brothers David and Charles Koch and an allied network of wealthy conservatives are looking to funnel tens of millions into conservative-leaning groups for television ads and get-out-the-vote drives.
Three GOP fundraisers familiar with the plans of the billionaire Koch brothers and their rich friends told The Huffington Post that their donor network is expected to funnel this year tens of millions into conservative groups, including the National Rifle Association, Grover Norquist's Americans for Tax Reform, the National Right to Life Committee, Ralph Reeds Faith and Freedom Coalition, the 60 Plus Association and the American Future Fund. By spreading their wealth throughout the conservative ecosystem, the Kochs can exploit trusted brands with passionate followings that reach beyond the Tea Party base. These three sources all requested anonymity since they are not authorized to speak about the Koch donor network's plans.
The billionaire brothers, working with the Koch-founded Americans for Prosperity, aim to enlist these groups' grassroots networks to mount a national get-out-the-vote drive and ad blitz that could prove crucial to GOP fortunes in battleground states.
A lot more at link:
http://www.huffingtonpost.com/2012/06/01/koch-brothers-network_n_1560596.html
http://www.republicreport.org/2012/koch-mccain-obama/
http://www.huffingtonpost.com/2012/08/05/mega-donors-bankrolling-religious-right_n_1735337.html
Naturally, I believe that you found a story that says that, but it doesn't jive with other stories this year and I can't believe the GOP is going to give up, particularly Rove, as mentioned in the first link I put there. And as far as borrowing, that's what Newt and the rest of them did. I doubt they will ever repay those loans.
There is an eerie simliarity to Mittens borrowing money for a campaign, as all of his wealth is from borrowing other people's money and making out like a bandit. Or this is more like what that Papatino video here on DU said, the GOP is finally to the point of no longer being a political party, but the advertising wing of the 'billionaire barbarians.' They don't control anything that is happening around them. Ugh, it never ends.
http://www.democraticunderground.com/?com=view_post&forum=1017&pid=57646
Blue Idaho
(5,045 posts)Is not the same as spending tens of millions on a losing campaign.
Do the fat cats have cold feet these days?
freshwest
(53,661 posts)And they may not be able to pull the funds back. I read some time back that the return on donations is about a thousand to one, they get contracts, tax deals, whatever. If they pour the money in and Mitt wins, they know they'll never pay a dime of taxes again. Period. And he'll privatize every single thing, increasing their revenue stream, too.
They may send the money down the races instead and let Mitt hang out there, IDK. I just hope all the voters who are now disgusted with Mitt will stay that way after the debates.
That is going to be a big night here at DU. I bet the 'intertubes' will nearly bog down from the traffic of people watching them. We'll see how this plays out. I won't be satisfied until it's over.