The primaries are over! Whew! It was becoming difficult to watch Clinton continue a battle that apparently was lost months ago. Even in a time when, at least to many, the race was a goner for Hillary, she continued to borrow money from her personal finances to push forward. How much did she borrow from her personal coffers in all? The reports indicate that it was around $11 million. In addition, her campaign ended up in the red by a long shot ($9 Million) even after her infusion of cash. As a result, she has until the convention to get her debts paid and pay herself back via contributions from the general public or she will have to take a loss.
Let’s see! People, many who have a net worth that is minimal to zero, are to help her pay herself back millions. I am trying to figure out who is buying in to that nonsense. Should I use $50-100 to fill the tank or contribute to a lost campaign? Well, I am not sure about you but it seems pretty clear – help Hillary! Ya right!
In this case, logic got trumped by a foolish agenda – staying in the race. Before March 4Th, many sources were indicating that Clinton would need blowout wins in each state in order to over take Obama. In fact, after Super Tuesday #2 (March 4th), the margins were not there and yet she pushed on with her blind vision. Her viewpoint being that she statistically was not out of it. Pushing forward and being out spent by the Obama campaign, she borrowed more money from her coffers and chose to buy ads rather than pay the bills that were mounting. This trend continued right up to June 3rd. It is hard to tell whether she truly believed that the people should have a say to the end or whether she did not want to face the humility of dropping out before the end of the primaries. Maybe, she hoped to raise enough in contributions to get paid back which would require that she stick it out to the convention. Who knows!
The sad part about all of this is that Clinton, who could have limited her losses, continued to spend hoping to recoup the funds later (hard to raise money after a loss). In fact, it has now become a plea of hers to seek contributions via a Special Thank You. Kind of ironic, a politician worth millions hoping to repay her loan from herself with funds raised from those who support her and are more likely the 98% making less that $200,000.
Here are some points to ponder (from CNN (www.cnn.com) and Fox News (www.foxnews.com) Archives):
- Clinton Net Worth is 34.9 Million.
- Income from 2000 – 2007 is 109.1 Million
- In late January, Clinton revealed she had dipped into her own finances for an additional boost ahead of “Super Tuesday” contests, lending her Democratic presidential campaign $5 million. “I think the results last night prove the wisdom of my investment,” she said.
- Hillary Clinton’s cash-strapped presidential campaign has been putting off paying hundreds of bills for months — freeing up cash for critical media buys but also earning the campaign a reputation as something of a deadbeat in some small-business circles.
- Hillary had to stay in the campaign in order to raise money to pay herself back due to a little-known provision of a 2002 campaign – finance law cosponsored by McCain which prevents candidates who drop out of the race from raising money after the nominating conventions to repay themselves for personal loans. So lend yourself money to stay in in hopes to have contributions to pay it back.
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