TNR BLOGS

July 04, 2009 | 11:58 AM
July 04, 2009 | 11:32 AM
July 04, 2009 | 8:16 AM

March 09, 2009 | 5:19 PM
March 09, 2009 | 5:16 PM
January 07, 2009 | 12:20 PM

July 01, 2009 | 10:33 PM
June 30, 2009 | 8:42 AM
June 29, 2009 | 9:09 AM

July 26, 2008 | 2:24 PM
July 23, 2008 | 1:55 PM
July 17, 2008 | 3:56 PM

July 03, 2009 | 10:13 PM
July 02, 2009 | 12:57 PM
July 01, 2009 | 7:02 PM
COLUMNISTS
TODAY'S STORIES
06.02.2008
The Clinton Piggy Bank

 

Item updated and slightly revised: The Clinton campaign confirms a $5 million self-loan in January. 

Ambinder's pre-confirmation spin:

If Clinton decides to loan herself money, I envision that it would produce at least two countervailing forces. There would be a spate of stories on the End of the Clinton Machine -- that her donor base is tapped out and hasn't been able to expand like Obama's. This force is likely to be very strong, and it is not unfair or inaccurate....

But perceptually, it could turn her into an underdog, and it could prove Obama's statement today that Clinton is "the frontrunner" to be vacuous. How can the frontrunner be tied for delegates and be nearly broke? The move could help with her grassroots fundraising. She'd be able to show potential donors than she will sacrifice as she's asking them to sacrifice. One can imagine a fundraising appeal along the lines of: "Help Us Match HIllary!"

The first theory sounds far more plausible to me. I also wonder if the Clintons really want to open up their personal finances to added scrutiny. People will want to know more about where this cash came from. Bill's speeches in foreign countries? His Burkle connection? And those stories rarely play well for the Clintons.

Ben Smith has more good details, including estimates of Clinton wealth, a big Burkle payoff, and an old quote about personal loans that Bill probably now regrets.

P.S. Potential Clinton talking point: People forget, but it was a self-loan that saved John Kerry's bacon in Iowa in 2004.

--Michael Crowley

Posted: Wednesday, February 06, 2008 2:43 PM with 25 comment(s)

Comments

You must be logged-in to comment.

Not a subscriber? Click here to get a digital or print and digital subscription to The New Republic!

epicciuto said:

Any thoughts on why Chelsea is wearing a choir robe?

February 6, 2008 3:33 PM

jesserj said:

Isn't McCain the frontrunner, way ahead in delegates, and completely broke?

February 6, 2008 3:33 PM

lymon1 said:

Huckabee does pretty well with a lot less than Mitt...

February 6, 2008 3:47 PM

BHLnyc said:

When you're Hillary Clinton and you're running on your 35 years of experience, there is no good spin on having to lend yourself money just to keep pace with an insurgent candidacy. If this is true, this is a very, very ominous development.

February 6, 2008 3:49 PM

forrestnash said:

"Clinton spokesman Howard Wolfson: “Late last month Senator Clinton loaned her campaign $5 million.The loan illustrates Sen. Clinton’s commitment to this effort and to ensuring that our campaign has the resources it needs to compete and win across this nation. We have had one of our best fundraising efforts ever on the web today and our Super Tuesday victories will only help in bringing more support for her candidacy.”"

from Halperin

February 6, 2008 3:50 PM

Ivanova said:

I dunno. Hillary always does better, I think, when she's on the defensive, able to play the underdog role, etc -- I think it strikes a chord with a lot of women. I think the press would mostly be bad, but the votes might be good.

February 6, 2008 3:57 PM

arsonplus said:

Hey, I think that get up is kind of hot (Not that I want to incite some sort of backlash) but seeing as how I'm Catholic that opinion probably represents a deep seated childhood trauma of some kind.

February 6, 2008 3:58 PM

adamvaught said:

Apparently, according to Ambinder, the Clinton campaign confirmed she loaned herself $5 Mil last month.

February 6, 2008 3:58 PM

Rhubarbs said:

epicciuto, this has just been a weird year in political fashion. Between the curtain remnant Hillary wore at her NH victory speech to last night's gold jacket, to John McCain's shockingly bold ties, to Mitt Romney's Paulie Walnuts hairdo, to Chelsea's elf costume last night, it's been kind of like looking back at photos from the '72 race, when weird fashion and personal grooming reigned supreme.

AP is just reporting this hour that Clinton has put $5 million into her campaign.

To compensate, I just gave $50 to Obama. As a bonus, I still have lots of room before I hit the legal limit, and none of my income comes from corrupt foreign businesspeople, the sale of influence, bribes in exchange for pardons, or anti-reform insurance companies.

February 6, 2008 4:04 PM

williamyard said:

epic,

That's not a choir robe. It's part of a labyrinthine, little-known hazing ritual that hedge fund newbies have to ensure for their first couple of years.

February 6, 2008 4:07 PM

Rhubarbs said:

And how does someone who's spent the last 35 years serving the public have $5 million in the bank?

February 6, 2008 4:08 PM

BHLnyc said:

Ivanova, I don't care how much she looks like an "underdog." Voters want a competent steward of the economy, not someone to be pitied. Running your campaign into debt does not reinforce the message that you can run the government effectively.

February 6, 2008 4:11 PM

spencer97m said:

ABC News just posted the same item on the $5 million loan.  blogs.abcnews.com/.../clinton-loaned.html

February 6, 2008 4:14 PM

primwallflow said:

Is that $5 million included in her fundraising totals from January?

February 6, 2008 4:23 PM

BHLnyc said:

Hey, Virginiacentrist... Does this breath new life into Boratgate?

February 6, 2008 4:25 PM

virginiacentrist said:

Ha ha ha ha. A $5 million dollar loan? What a joke. This is a machine candidate and she can't even raise money.

February 6, 2008 4:31 PM

EricWitte said:

I'm not so sure she wants to compare herself to John Kerry either.  For starters, his loan came before Iowa, which he won on a relative shoestring, and which she lost this time around while still flush with cash.  And then there's the fact that he's, well, John Kerry - and things didn't really turn out so well for him in the end.

February 6, 2008 4:33 PM

virginiacentrist said:

BHLnyc:

I hope so! And don't forget that the real Borat endorsed Obama:

Q: Who do you favor for President in the United States?

A: "I cannot believe that it possible a woman can become Premier of US and A - in Kazakhstan, we say that to give a woman power, is like to give a monkey a gun - very dangerous. We do not give monkeys guns any more in Kazakhstan ever since the Astana Zoo massacre of 2003 when Torkin the orang-utan shoot 17 schoolchildrens. I personal would like the basketball player, Barak Obamas to be Premier."

February 6, 2008 4:36 PM

The Plank said:

The news that Hillary Clinton lent her campaign money is a surprise, but let's keep this in perspective

February 6, 2008 4:39 PM

aref_j said:

Doesn't this offer an opportunity for Obama, with the lower income demographic he's been struggling with...; if he can continue to articulately contrast of his movement (with its hundreds of thousands of small donors) versus her large donor/self-financing.  

And if he's feeling snarky, he can always throw in a polite reminder, that if elected he plans to roll-back Bush's tax cuts for the super-wealthy (hey, they just lent the campaign $5mn)..

February 6, 2008 4:40 PM

primwallflow said:

Just read the ABC story Spencer linked. Apparently the $5 million is not included in the January totals her campaign has quoted.

February 6, 2008 4:48 PM

blackton said:

when Hillary ran almost unopposed for the NY Senate in 2006 (against the little known mayor of Yonkers) she burned through 31 million dollars to get over 65% of the vote. I think she raises money fine, but burns through it even quicker. She pays salaries to her campaign team and pollsters like they are the starting lineup of the NY Yankees. I hope she does run out of money, it will serve her right. But, sadly, I am sure Bill will just introduce another businessman to a third world dictator for a handsome fee, and Bill will just hire a lot of Hillary's campaign staff as consultants for his charity, and then they can work for free for Hillary.

February 6, 2008 5:16 PM

epicciuto said:

Thanks Rhubarbs and william, that clears up the matter. And arson, you're right: you indeed must have experienced a horrible childhood trauma and should seek help immediately.

Picking up on what Blackie said: I think you make a good point that more of an issue should be made by donors about just how the campaign spends their money. They might be spending it quite poorly.

February 6, 2008 6:08 PM

arsonplus said:

Hold up, I just found out something TEXAS is not a primary:

   126 of the 193 delegates will be chosen at the district level, but differently than in other states where they’ve been allocated based on Congressional district: they’ll be chosen based on totals in 31 state senate districts by caucuses in more than 18,000 precincts. The remaining 67 pledged delegates will be chosen by statewide primary vote.

   So the Texas primary gives only a delegate catch of 67 delegates, less than, say, Minnesota.

   On the same date, in the evening, precinct caucuses will be held across the state and to participate one has to have voted in the primary earlier in the day. That is where the big prize of 126 delegates will be chosen.

   That scenario favors a campaign that spends the resources and has the volunteers to wage a ground game on 18,000 fronts.

February 6, 2008 6:08 PM

cspencef said:

Well, that makes the regular caucus process seem sane by comparison.

February 6, 2008 10:16 PM