Post by The Big Dog on Feb 14, 2009 14:10:36 GMT -5
I wonder how Madame Speaker thinks she is doing rooting out that "culture of corruption". This latest outrage, while (just barely) within the law, speaks volumes to just how deeply rooted the entitlement mindset of the professional politician can go.
Even in saintly, gray haired, grandmotherly looking ones.
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The FEC allowed the Democrat from Norwalk to charge an 18% interest rate on $150,000 she lent her campaign.
By Andrew Zajac
The Los Angeles Times
February 14, 2009
Reporting from Washington -- Rep. Grace F. Napolitano (D-Norwalk) has collected tens of thousands of dollars in personal income by charging double-digit interest on money she lent her campaign 11 years ago and soliciting donations from Washington lobbyists at "debt retirement" fundraisers.
Napolitano, 72, has taken advantage of a 1998 Federal Election Commission ruling that authorized her to lend $150,000 to her campaign at 18% interest, accepting her argument that the money was from a retirement fund subject to an early withdrawal penalty equivalent to that rate. She lowered the interest on the loan to 10% in mid-2006.
<< snipped >>
Invitations to the Napolitano debt retirement events were faxed by the Democratic Congressional Campaign Committee, but the committee otherwise had no role in the events, according to spokeswoman Jen Crider.
"As far as looking over shoulders, that's not the role of the DCCC," Crider said.[/quote]
Even in saintly, gray haired, grandmotherly looking ones.
[/url]
The FEC allowed the Democrat from Norwalk to charge an 18% interest rate on $150,000 she lent her campaign.
By Andrew Zajac
The Los Angeles Times
February 14, 2009
Reporting from Washington -- Rep. Grace F. Napolitano (D-Norwalk) has collected tens of thousands of dollars in personal income by charging double-digit interest on money she lent her campaign 11 years ago and soliciting donations from Washington lobbyists at "debt retirement" fundraisers.
Napolitano, 72, has taken advantage of a 1998 Federal Election Commission ruling that authorized her to lend $150,000 to her campaign at 18% interest, accepting her argument that the money was from a retirement fund subject to an early withdrawal penalty equivalent to that rate. She lowered the interest on the loan to 10% in mid-2006.
<< snipped >>
Invitations to the Napolitano debt retirement events were faxed by the Democratic Congressional Campaign Committee, but the committee otherwise had no role in the events, according to spokeswoman Jen Crider.
"As far as looking over shoulders, that's not the role of the DCCC," Crider said.[/quote]
