Shout out to the BALLS on this lady...


CBS REPORTER CALLS CONGRESSWOMAN'S CAMPAIGN LOAN SETUP SIMILAR TO 'MAFIA' SCHEME


by KERRY PICKET 21 Oct 2013 256 POST A COMMENT

CBS's 60 Minutes confronted Congresswoman Grace Napolitano (D-CA) about $150,000 she loaned to her campaign in 1998 at an astounding 18% interest rate, likening the profit margin to organized crime.

The Sunday night news program showed investigative reporter Steve Kroft asking Napolitano about the loan; she responded that the banks would not lend her money because she was a Hispanic woman, so she had to withdraw $150,000 from an investment account and lend it to her campaign.
Kroft later questioned why she would charge 18% interest, saying, “That’s what the Mafia gets.”

“It isn’t like I’ve really profited,” Napolitano responded. “I still live in the same house. I drive a small car. I am not a billionaire, or a millionaire, for that matter.”
Government Accountability Institute (GAI) President and Breitbart News Senior Editor-at-Large Peter Schweizer also appeared on 60 Minutes, and his new book Extortion: How Politicians Extract Your Money, Buy Votes, and Line Their Own Pockets, explores how politicians like Napolitano take advantage of loopholes in campaign finance laws.

“I think Napolitano’s claim that she couldn’t get a loan, because she’s Hispanic or she’s a woman is ridiculous because no politician can get a loan for their campaign. It’s against the law for banks to make those loans,” Schweizer told Breitbart News. “It doesn’t matter if you’re male or female—black, white, red, yellow, or green, you’re not going to get those types of loans. It’s complete subterfuge on her part.”

Schweizer explained, “In the case of Napolitano, she went 20 years. She carried that loan for 20 years. That’s how she made so much money in interest. She was charging 18 percent in interest.”
“The first loan came in 1998 and she didn’t pay it off until 20 years later, so that’s why she made hundreds of thousands of dollars in interest payments,” he added.

Similar to a political annuity, Schweizer describes the issue as a guaranteed investment. “You know you’re going to get a return on your investment, because you’re going to get contributors to give to your campaign and then you’re putting the interest in your pocket,” he says, noting that Napolitano went up to the limit one can charge for interest on a loan and could have paid off the 1998 loan already in full.

“It’s ridiculous. She could have very well, if you look at the campaign records, paid off that loan in full. They chose not to, because for every one hundred dollars that her campaign took in, eighteen dollars of that was going into her pocket, that’s what was so stunning about that.”

being female and hispanic almost locks you into a loan these days. Get a handicap and they pay you to take out loans! At the very least a government contract!

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"That's what the internet is for. Slandering others anonymously." Banky
“Been that way since one monkey looked at the sun and told the other monkey ‘He said for you to give me your fuckin’ share.’”

Driving into work this morning and listening to the Economist's latest issue discussing America's dysfunction, I actually considered withdrawing from the political process. I have voted in every election since the first day I was eligible. I have worked for several campaigns. And as those who post in such threads know, I have strong Libertarian leaning opinions. It is amazing that someone like me who has been so actively engaged for over 20 years would even consider such a thing. That is how sick I am of all this crap.

Sigh.

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Hawaii (fuck) You

(your title is currently incorrect .... change 'Janet' to 'Grace')

nomination seconded

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Power is always in the hands of the masses of men. What oppresses the masses is their own ignorance, their own short-sighted selfishness.
- Henry George

I got it wrong because Im white and a male. I had NO chance.

Yeah, that's not exactly how the math works there.

Plus, prime was around 9% in 1998 so it didn't start out to be quite so egregious.

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You know me like that.

You don't get south of 35th St much. do you Doc. Cause that's how the math works down dere.

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Are they also 5 years in the future south of 35th?

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You know me like that.

Do you think in this kind of situation, a candidate loaning their own campaign money, should charge competitive interest rates? And take 15 years to pay down the loan?

What does that even mean?

Did you just want to write "dere"?

Yes. No.

That's more of a line of credit. Any type of loan should be required to be tied to some type of index with P&I payments and a limited term.

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You know me like that.

Be simpler to have one Carorra thread in which the topics of the daily podcast (texas football bullies, this thread, etc) are further discussed

There is a Carolla thread, but this story deserved its own.

That thread is for people who dont turn on red and service dogs on planes.

When did he do the 91-0 story? Saw that one on yahoo

Yes, and let me tell you, you aren't going to like how it turns out for the rebuild

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O judgment! Thou art fled to brutish beasts,
And men have lost their reason.

My guy http://2016.presidential-candidates.org/Bayh/

Oh, but he is Democrat, so many could NEVER believe I would vote for him!

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"That's what the internet is for. Slandering others anonymously." Banky
“Been that way since one monkey looked at the sun and told the other monkey ‘He said for you to give me your fuckin’ share.’”