Sunday, February 15, 2009
How Some Politicians Get Rich While In Office
People who wonder how elected officials come to Congress on modest means and retire wealthy should study Rep. Grace Napolitano of California. Few have found campaigning as personally enriching as Napolitano … literally. And according to the FEC, her scheme is apparently completely legal:
During a decade in Congress, California Representative Grace Napolitano has pocketed more than $200,000 of political contributions by charging as much as 18 percent interest on money she loaned to her own campaign.
The suburban Los Angeles Democrat made the $150,000 loan in 1998, when she was first elected to the U.S. House of Representatives. Through Dec. 31, her campaign committee has used donations to pay Napolitano $221,780 of interest while reducing the principal by just $64,727, a review of her Federal Election Commission filings shows.
Read more ....
My Comment: I give credit where credit is due .... this is a brilliant scheme. Morally corrupt .... but brilliant.