Posted by bsflag2007 on Tuesday, November 28, 2006
Loan aided O’Malley campaign
D.C. lawyer answered plea for $500,000 for TV ads
State law allows campaigns to borrow an unlimited amount if the loan is from a bank or if repayment is personally guaranteed by the candidate. Loans must carry interest, or the campaign must record the lack of interest as an in-kind contribution. The cash infusion kept O’Malley competitive despite dwindling reserves, but carried significant risk.
If O’Malley had lost to Gov. Robert L. Ehrlich Jr., his political future would have been in question, and he might have had a hard time raising money from donors for repayment. But after his victory last month, collecting donations as an incumbent chief executive will be much easier.
In an indication of just how much a governor can raise, O’Malley’s campaign account has taken in about $136,000 since Election Day, said spokesman Abbruzzese.
the preceding was lifted from the Baltimore Sun — edited by cv
I have issues with fundraising reform efforts that involve stifling the freedom of speech and association of individuals. I’m very conflicted about it.
But I am not particularly conflicted about the idea of an elected official conducting fundraising while in office.
While I truly believe it is possible to accept support from like minded folks without any quid pro quo…. this “after the fact” fundraising is just, well, unseemly.