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Why is Romney having to borrow money?

$20 million, apparently. I thought he was supposed to be way ahead in fund-raising?

ABC News and the Washington Post

9 Answers

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  • 9 years ago
    Favorite Answer

    You are correct, his campaign announced they borrowed $20million in August. What was not made public was how and why. The money was borrowed from Romney. This common in both parties, and the reason is simple. A candidate can't appropriate money from the campaign for his own use, but he can loan money to that campaign at any rate of interest he chooses to. So with a $20million loan at 200% interest, Romney can legally transfer $60million back to his personal wealth. Of course it is done with a lot of obfuscation, smoke and mirrors, but that is the simplified description of the process. So if you donate money to his campaign, a large chunk of it goes into his pocket. Doesn't make Carl Rove real happy, but Romney's political career is over and he might as well steal while he can.

  • ?
    Lv 7
    9 years ago

    Hes worth hundreds of millions. It's like a working stiff buying a washer-dryer on his Discover card. No big deal to him.

    "I thought he was supposed to be way ahead in fund-raising?"

    He probably is. Most candidates these days seem to think that the key to election success is spending the most money on annoying TV commercials and automated phone calls.

  • Anonymous
    9 years ago

    It was a float before he was the official candidate and he could recieve the federal funds.

    Romney is a Republican. It is all paid back.

    Unlike Hillary that stucks vendors and had others pay the remaining bills.

    I got a thumb down for correcting you out of date rant? LOL

  • Anonymous
    9 years ago

    He refuses to take money from terrorisits.

    Rezko business partner Abdelhamid Chaib donated $10,000 to Obama, then was convicted on federal corruption charges in 2010 after trying to pressure a Chicago hospital executive to steer contracts to Rezko companies.

    Another Rezko partner, Ali Ata, was a key witness during Rezko's 2008 federal corruption trial. He donated $5,000 to Obama's campaign and claimed to have given an additional $10,000 in "straw donations."

    Ata was a former president of the Chicago Chapter of the Arab-American Anti-Discrimination Committee.

    "Ali Ata donated $5,000 to Obama's campaign." Mohammed Ata flew an airplane into the World Trade Center and killed thousands of brilliant, hard-working, family men and women.

    http://washingtonexaminer.com/new-ad-raps-obamas-d...

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  • kpk02
    Lv 6
    9 years ago

    That was from before the convention and before he was officially nominated. Therefore it was from a period of time when he couldn't touch most of the campaign money.

  • Anonymous
    9 years ago

    I guess the Koch brothers pulled the plug.

  • Anonymous
    9 years ago

    He is ahead. He is borrowing money so he can spend even more in the last month.

    Get ready for wall to wall Republican lies and innuendos.

  • Anonymous
    9 years ago

    he said he was gonna give it to me

  • HD
    Lv 7
    9 years ago

    wrong, romney isn't borrowing $.

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