Hillary Loaned Her Campaign $5 Million, Spokesperson Confirms
This morning, Mark Halperin floated an intriguing question: Are the Clintons financing Hillary's campaign with their own money?
Now the Clinton campaign has finally answered: Yes, they are. Hillary spokesperson Howard Wolfson sends over the following:
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.
The revelation suggests another emerging dynamic in the race: Now that the campaigns are committed to grinding it out for weeks and weeks, perhaps all the way until the convention. The Hillary camp faces the prospect of being dramatically outspent by the Obama campaign, which has enjoyed huge fundraising success.
In January, for instance, Obama raised $32 million -- well over double the $13.5 million Hillary raised in the same month. This perhaps explains the self-financing loan at the end of last month.
More in a bit.
Late Update: Wolfson confirms to me that the $13.5 million that Hillary raised in January does not include this $5 million.
Late Late Update: Ben Smith has Hillary's own response to this, from her press conference today:
"My opponent was able to raise more money, and we intended to be competitive, and we were, and I think the results last night proved the wisdom of my investment."















Steve M dispute the notion that Obama has more
cash on hand. Where's the evidence?
http://www.mydd.com/story/2008/2/6/21152/73747
February 6, 2008 3:37 PM | Reply | Permalink
Steve M. is wrong. He includes the $19 million in Clinton's total that is only allowed to be used in the general election. Hillary finished 2007 with less usable cash than Obama.
February 6, 2008 4:36 PM | Reply | Permalink
Was this included in the $13.5MM total? If so, wow....
February 6, 2008 3:38 PM | Reply | Permalink
Haha, Mitt Romney-lite! :P
I guess this is where all of Bill's financial dealings come into play. Juicy!
February 6, 2008 3:38 PM | Reply | Permalink
Yeahh, I'm assuming this was part of their total raise, which would mean their fundraising was pretty bad.
February 6, 2008 3:39 PM | Reply | Permalink
who wants to give money to the on who isn't winning?
February 6, 2008 3:41 PM | Reply | Permalink
I doubt it was included in the 13.5 million. Those numbers were just what the campaign told reporters, not anything officially reported.
At least, I hope so. Because 6 million to 32 million is painfully embarrassing.
February 6, 2008 3:42 PM | Reply | Permalink
"The loan illustrates Sen. Clinton’s commitment to this effort..."
Really?
I think it shows a tapped-out, desperate campaign.
February 6, 2008 3:43 PM | Reply | Permalink
And conflicts of interest:
Clinton $: Bill earned a lot these last 7 years, on the strength of his connections and name recognition. How's it gonna look when that $ is spent to elect a spouse to an office she's claiming "experience" for? When the $ that buys her the White House was gotten by "selling" White House connections? It's like "selling" the White House - to buy the White House.
What happened to the People's House?
It's also a conflict of interest when a former office holder uses a spouse to regain an office that he legally can't hold himself any longer.
And it's a conflict of interest when a former president has a business or foundation that profits from his "connections" and he's actively engaged in seeking to further those connections (through his spouse) which only feeds his business/foundation activities and influence.
Do you really want a president who has "sold" the White House to "buy" the White House?
February 6, 2008 4:55 PM | Reply | Permalink
I'm anxious for the MSM take on this...and how it rallies her base.
Does Obama raise the point of his own financial difficulties in the past, his community organizing as an even more poignant example of his ability to connect with/empathize with those who are feeling the pangs of a troubling economy? After all...Hillary may get the support of many working class Dems, but now we can ask why? A person who can dump their own fortune into the purchase of a political office obviously doesn't know what it's like for the rest of us...deciding between milk and bread or childcare.
February 6, 2008 3:43 PM | Reply | Permalink
Which reminds me, it is probably a good time to make another modest donation to Obama's campaign...
February 6, 2008 3:45 PM | Reply | Permalink
I was thinking the same thing.
Typically I don't give money during the primaries, as I think it gives them more ability to bash each other into pulp and let the Republicans clean up in the mean time. I'm not actually worried about that.
They are civil to each other, neither is really the worst of the two evils, there isn't even one evil between 'em. Frankly, I think they could continue onward and probably gain votes with the publicity and more debates (though that's probably her way to go forward with her campaign without paying a bunch of money) -- Though if she think Obama would go on a Fox debate she's kidding herself.
February 6, 2008 5:16 PM | Reply | Permalink
Right Greg D - I made another donation to the Obama campaign earlier today. It felt great. I expect to make another one in March.
Unless of course Hillary folds by then...
February 6, 2008 6:04 PM | Reply | Permalink
It's good to have connections in Central Asia, I guess...
http://www.politico.com/blogs/bensmith/0108/Bill_in_Central_Asia.html
February 6, 2008 3:45 PM | Reply | Permalink
Ben Smith notes this Bill Clinton quote back in December: "They say you couldn’t stop me from spending all the money I’ve saved over the last five years on Hillary’s campaign if I wanted to, even though it would clearly violate the spirit of campaign finance reform."
February 6, 2008 3:46 PM | Reply | Permalink
Excellent point.
Not only is Dubai bailing out Citibank...but they're financing a presidential candidate!
http://www.newsweek.com/id/105650/page/2
February 6, 2008 3:48 PM | Reply | Permalink
Made a $50.08 donation to Obama a little earlier when it was just a rumor. ;-)
February 6, 2008 3:48 PM | Reply | Permalink
"Haha, Mitt Romney-lite! :P"
Hillary Romney Clinton?
February 6, 2008 3:49 PM | Reply | Permalink
Thanks for the update Greg. And Greg D, I think lots of folks will be doing the same.
February 6, 2008 3:50 PM | Reply | Permalink
I made another small donation to Obama today, too. Won't it be fun when Hillary's "best fundraising efforts on the web" day still can't keep up with Obama's online fundraising?
February 6, 2008 3:52 PM | Reply | Permalink
Well, I guess that means I'll have to donate to the Obama campaign again. I really can't afford it, but then I can't afford not to. How many times does this opportunity come along? After 7 years of Bush/Cheney, the Democrats have a GREAT opportunity here, but only if we don't blow it. And I'm sorry, but nominating a woman who would single-handedly revitalize Republican Party spirits and enthusiasm seems like the best way to blow it that I can imagine.
February 6, 2008 3:55 PM | Reply | Permalink
This explains why she has started asking for more debates. They are free air time. Obama would be crazy to do any more debates since Hillary is now cash strapped.
Let her apply her thirty five years of experience, and do it the Arkansas, and Huckabee way. Drive around, and Iron her own Pants Suits. Also, tears are great for garnering free TV coverage.
Pace yourself Hillary. It is a long campaign still, and if you shed too many tears too soon, you will run out of nose hairs to pull.
February 6, 2008 3:55 PM | Reply | Permalink
Yeah, it's a good day to send another modest donation to Obama, just to prove that the Democratic nomination is not for sale to self-funded candidates. I contributed at 3 am this morning. Yes, we can take back the party!
February 6, 2008 4:00 PM | Reply | Permalink
Greg DeL, I was planning on it anyway, but now I may just bump it up a little. Sure would be nice to have $5M to toss around.
February 6, 2008 4:05 PM | Reply | Permalink
I hear you. Must be nice. I think that Sen Obama will have to content himself to receive $30 from me this time around, but I have confidence that, while this is a drop in the bucket of what is needed, there will be enough other drops of similar size to fill it quickly.
February 6, 2008 4:28 PM | Reply | Permalink
If people want to go "awww, she really cares" to her shelling out her own cash they might as well go vote for Romney, who obviously cares more than anyone :P
I think how much average people, and even low income people are willing to give to a candidate is a better indication, like the old woman who send Obama a money order for $3.01. I've heard a lot of people who don't have much and have donated to him because they believe strongly that we need change and we need him to help us make that change a reality. I've given to him multiple times, even when I was between jobs and didn't know how long I would have to go without any income, because I believe it is that important and I will do anything I can to help him take back America.
February 6, 2008 4:08 PM | Reply | Permalink
Well, I guess this means it's time for us Hillary supporters to put our money where our mouths are. In the past it seemed strange to give money to the "establishment" candidate, the one supposedly raking in all the money from her "shady" connections, but she needs us now. I encourage all her working class supporters to do the same. Time to put a smart, able person in the White House, regardless of whether or not she'd be any fun to have a beer with!
February 6, 2008 4:11 PM | Reply | Permalink
There's an Obama campaign ad for ya -- "it would clearly violate the spirit of campaign finance reform" and then HRC goes ahead and loans herself money.
But that's how dynasties work, right? Take the wealth from one reign and apply it to securing another future reign, and so on...
It all happens out of site of regular folk, monies changing hands back and forth. Same old people staying in power. Been there, done that.
Another point is that her campaign is looking like McCain's in that it lacks deep support on his side of the isle (many Repugs detest him) and he had to lend himself money to carry on. HRC lacks broad-based support and has to keep herself afloat with her personal wealth. Something like only 14% of her funding is from little people who can't afford to max out at $2300.
So, do we want a weak Dem candidate who can't attract new support to run against a weak Repug candidate detested by much of his own party? Or should we take advantage of McCain's weakness by nominating a stronger candidate on our side?
February 6, 2008 4:13 PM | Reply | Permalink
Well, clearly this is going to be decided by superdelegates. Obama, at this point, is the prohibitive favorite to win the pledged delegates based on the favorability of the calendar, but the best case scenario he could hope for is 3/5, which won't be nearly enough to get him over the hump. So what do you think? Where will the superdelegates break?
My guess is that the number one priority for them will be electability, so it's time to start making that argument. For me it's Obama. He'll be competitive in purple states in a way she simply can't be. Her most important wins (Cali, NY, Mass, NJ, NH, etc...) are all states that he can win easily in a general election against McCain. On the other hand, his biggest wins (Colorado, Missouri, Georgia, Iowa) have come in states where she would not be competitive, but he may be. Naturally, there are of course going to be exceptions (Nevada for instance), but this seems to be the trend. I'm not saying he'd win in Kansas or Georgia, but he'd be competitive which is more than we could hope for from her.
Finally, there is of course the polling data. While admittedly, polls have been spotty, the bulk of them show Obama matching up better against McCain than Hillary, though by only a small margin (+2 to 6 points). It's hard to refute the notion that he fairs better against Independents (a strong point for McCain) and even some Republicans, who are less than enamored with their presumptive candidate.
At this point, I have to believe that the Superdelegates will go for Obama, but that familiarity and sense of entitlement and establishment will be hard to overcome. Party insiders are far less likely to fall in love and be swept away by an insurgent candidate.
Tell me what you think; I'll post this as a blog entry if anyone wants to discuss this more.
February 6, 2008 4:14 PM | Reply | Permalink
Just gave an extra $100 to Obama today (did anyone else notice his minimum pre-checked amount went up from $50 to $100? Good for him...keep raking it in. (Don't worry, you can still contribute how ever much you want to or can afford!)
This is a people-run campaign!
Yes we can.
Yes we can.
February 6, 2008 4:16 PM | Reply | Permalink
I have given Obama a total of $100 in two separate donations, one for $75 when he lost NH and a $25 donation last night as I was watching the returns. I suspect there are others like me that can obviously continue to give without reaching the limit. This is what I find so interesting, here you have Obama raising modest amounts from thousands upon thousands of people and then you have HRC who has a ton of big time donors that have already maxed out their $2300 contribution for the year. Gee, i wonder which one will best represent the people?
February 6, 2008 4:16 PM | Reply | Permalink
The big question: why a loan?
Leona Helmsley notoriously stated that "only the little people pay taxes." Does Hillary feel that it's also true that only the little people pay for Democratic political campaigns?
February 6, 2008 4:16 PM | Reply | Permalink
Here's a crazy question. Why are these candidates so willing to loan their campaigns millions of dollars for a job that pays significantly less than that. Salon's reporting that Clinton now says she'll loan herself up to $20 million if need be. She wouldn't make back anywhere near that amount as President for eight years.
The same goes for Romney.
What's the financial back-end that makes spending $50 million of your own money worth it?
February 6, 2008 4:17 PM | Reply | Permalink
One more thing...
Bill Clinton, in the quote above, said: "all the money I’ve saved"
So, she's running on his experience as President and his money made post-Presidency. Shweet.
February 6, 2008 4:19 PM | Reply | Permalink
Uh oh, I agree liam that's why she wanted all the stupid debates. Free air time. You had to figure something was up when the clintons didn't advertise in all the 2/5 states and didn't compete in many of them. They are running out of cash. They maxed out there "donors" and spent a ton on the early states going for the knock out and it obviously didn't work. Obama is better equipped for trench warfare and this development increases his chances to prevail.
February 6, 2008 4:19 PM | Reply | Permalink
Don't over look the fact that Hillary is promising to restore fiscal responsibility and balanced budgets in Washington.
Since she keeps telling us to judge her on her experience. OK. How does the way she has squandered the huge campaign war chest she had accumulated, and her borrow and spend approach now look to those who want to judge her on how fiscally prudent she would be as President!
February 6, 2008 4:42 PM | Reply | Permalink
Maybe that's why she was really crying in early January. She had to loan herself money, and she's not sure she can find enough regular folk to pay back her loan to herself.
February 6, 2008 4:22 PM | Reply | Permalink
http://marcambinder.theatlantic.com/archives/2008/02/clinton_weighs_a_selfloan_to_f.php
spirit violated.
February 6, 2008 4:24 PM | Reply | Permalink
Obama will win the superdelegates, because the party has absolutely no reason to prop up a candidate who will be devastating on the ticket in November if she is nominated. She'll kill our chances at the presidency against McCain, and her presence on the ballot will kill us in local and congressional elections all across America as Republicans flock to the polls to destroy the most hated person in politics, for them.
Pure and simple, the obvious choice for voters and for superdelegates is Obama. Anyone voting for Hillary is being shortsighted, like it or not, and they are trying to stick us with a loser for the general election.
February 6, 2008 4:31 PM | Reply | Permalink
Andrew Sullivan linked to an interesting document and made, what I think, is an important note...that Hillary's loan is roughly 4 times Obama's net worth.
http://thinkonthesethings.wordpress.com/2007/12/10/saloncom-presidential-candidates-net-worth/
February 6, 2008 4:36 PM | Reply | Permalink
Agreed with the posters above, now seems like an excellent time to shoot Obama another $50 or so.
February 6, 2008 4:38 PM | Reply | Permalink
This grueling battle is exhausting the candidates and the resources of the party and the donors. What if anything will be left to take on McCain?
I would barely be standing if I had had either of their schedules for the past few months.
Once Ohio, Texas,and Pennsylvania are in,the one who is behind needs to concede. If they don't, then the superdelegates and the large donors need to make them. A brokered convention before the convention, essentially. It isn't just Hillary, none of us can afford this.
February 6, 2008 4:38 PM | Reply | Permalink
Her net worth is 34mil so this is no big deal. She's not going nowhere.
February 6, 2008 4:40 PM | Reply | Permalink
This will not play well on the cable news programs.
Hillary's sucking wind. She never knew what hit her.
If she works as a Senator to advance the things she's running for as president, she can be hugely effective, and a star member of the Obama Revolution. I look forward to her support of President Obama's policies of implementing UHC, ending the War in Iraq, etc., in 2009 and beyond.
February 6, 2008 4:43 PM | Reply | Permalink
>Steve M dispute the notion that Obama has more
>cash on hand. Where's the evidence?
>http://www.mydd.com/story/2008/2/6/21152/73747
Steve M. forgets to account for the assertion that Hillary has maxed out (or has nearly maxed out) a small pool of big donors while Barack's large pool can continue to donate--if they are able.
February 6, 2008 4:46 PM | Reply | Permalink
Just donated $100 to Obama. Let's see how many days it takes us to match that $5M. Then let's see if she's willing to double-down.
February 6, 2008 4:48 PM | Reply | Permalink
"Loan to campaign" = "If I win, I'll use my power to squeeze post hoc donations to my campaign committee out of people and companies it would be embarassing to accept money from now and pay myself back." Goodness me, she really is the change candidate.
February 6, 2008 4:49 PM | Reply | Permalink
Wow, check out all the Obamanoids giving up on the politics of hope in favor of the politics of schadenfreude.
It's like watching a bunch of children trying to nominate a Hallmark card.
February 6, 2008 4:50 PM | Reply | Permalink
Wow, check out all the Obamanoids giving up on the politics of hope in favor of the politics of schadenfreude.
It's like watching a bunch of children trying to nominate a Hallmark card.
February 6, 2008 4:50 PM | Reply | Permalink
Wow, check out all the Obamanoids giving up on the politics of hope in favor of the politics of schadenfreude.
It's like watching a bunch of children trying to nominate a Hallmark card.
February 6, 2008 4:51 PM | Reply | Permalink
Oh, we're hardly celebrating her misfortune. We're just celebrating the possibility that we may end up with a president we actually LIKE this time.
Hillary sucks.
February 6, 2008 5:38 PM | Reply | Permalink
Oh destor, you poor dear. Did mama forget to warm the milk bottle again? Or is it that your diaper needs changing?
February 6, 2008 7:57 PM | Reply | Permalink
Interesting that you use the term "Hallmark". Didn't Hillary have an hour long special on the Hallmark Channel? The answer is yes, yes she did.
February 7, 2008 8:21 AM | Reply | Permalink
"In June 2005, Obama and Rezko purchased adjoining parcels in Kenwood. The state's junior senator paid $1.65 million for a Georgian revival mansion, while Rezko paid $625,000 for the adjacent, undeveloped lot. Both closed on their properties on the same day.
Last January, aiming to increase the size of his sideyard, Obama paid Rezko $104,500 for a strip of his land."
How could Hillary's loan be worth 4 times Obama's net worth?
February 6, 2008 4:58 PM | Reply | Permalink
I bet this news is just going to crush Hillary's primary fundraising going forward. Self-financed candidates often start to find themselves have trouble raising money. Average supporters don't want to send politicians money to repay their loans. Didn't that hurt Kerry's fundraising for awhile in the Dem primary after he took out his loan?
And I think it goes almost without saying that it wouldn't matter as much IF (big IF) she wins the nomination.
February 6, 2008 5:01 PM | Reply | Permalink
I believe the technical term for this is a "subprimary loan"
February 6, 2008 5:04 PM | Reply | Permalink
She gets the "name" from bill.
She gets the "fame" from bill.
And now she even gets 5 mil from bill.
February 6, 2008 6:01 PM | Reply | Permalink
Here's a helpful primer on the Clintons' problem with donors:
http://www.tnr.com/politics/story.html?id=076fd56f-4aca-4683-a9d1-3c55d748946e
February 6, 2008 5:07 PM | Reply | Permalink
Another_Reader: Ever heard of a mortgage? Down payment? Mortgage payments? You know, regular folk stuff.
February 6, 2008 5:08 PM | Reply | Permalink
Publicus--
I don't know many regular folks who pay 1.65 mil for a home. Also, I don't know many regular folks who make shady land deals like the one described above.
February 6, 2008 5:11 PM | Reply | Permalink
Publicus--
That may well be true, but I don't know any regular folk who pay 1.65 mill for a home, or engage in shady land deals like the above mentioned.
February 6, 2008 5:12 PM | Reply | Permalink
Rick Flair FTW!!!
+1
I have noticed Obama ads on TV in my state.
Not a hint of irony that the 'change' candidate is the one spending the most money?
Naw...
February 6, 2008 5:13 PM | Reply | Permalink
I think it's interesting she called it "my money". Presumably its from the $8 million+ book deal. How much more is there, and at what point does it become Bill's Kazakh mining deal money?
February 6, 2008 5:21 PM | Reply | Permalink
ok,
so the law makes you put money into 2 pots.
one for the primary, one for the general.
she can't draw from the second to fund the first.
but she can loan the first from her own money, can she then pay her self back from the second?
that sounds illegal to me.
February 6, 2008 5:28 PM | Reply | Permalink
It sure is going to suck when one group of us has to suck it up and either support the other one or go away.
Be careful. With this fancy new comments system, we can see everything we've ever written. Bound to make some folks cringe in a couple of months.
February 6, 2008 5:29 PM | Reply | Permalink
I was wondering why they weren't running any ads in our market. Guess now I know. Sheesh--and this was going to be a cakewalk for Hillary a few months ago. Guess I'd better send Obama another fifty bucks...
February 6, 2008 5:33 PM | Reply | Permalink
Some are going to see this as a loan from Bill or money she has due to being Bill's wife.. She looks weak once again.
February 6, 2008 5:40 PM | Reply | Permalink
I thought they were both busting fundraising records. I guess "more than anyone has raised before" is not enough anymore.
February 6, 2008 5:41 PM | Reply | Permalink
It's funny that when this question was first floated this morning it was reported here that Mark Penn stated he was not aware that she had made a loan to the campaign.
Now either Mark Penn was lying or Hillary's top campaign manager doesn't know where $5 million suddenly appears from.
Shouldn't someone call him on this?
February 6, 2008 5:47 PM | Reply | Permalink
Hillary is simply not wealthy enough to self-fund a campaign a la Mitt Romney. Hillary & Bill are worth about $35 million.
Obama outraised Hillary by almost $20 million in January alone.
If Obama continues to outraise Hillary -- even by $5 or $10 million a month -- Hillary simply won't be able to keep up. She can go personally broke and still be far behind in the money race.
February 6, 2008 5:52 PM | Reply | Permalink
well, i'll have to wait until payday to send him another $50. but i did just make a donation to the DNC.
about a week ago, Obama started airing ads in my corner of Virginia, fully two weeks before the primary, and a week ahead of McCain. he started ads in MD too. i haven't heard of any MD or VA ads for Sen Clinton.
February 6, 2008 5:52 PM | Reply | Permalink
they'll both be tapped financially and politically by the time they run against McCain. I predict that this, the worst pool of candidates ever to run, will draw the largest number of voters ever to vote.
February 6, 2008 6:02 PM | Reply | Permalink
So Wolfson and Penn were lying. And for those counting at home, the Clinton campaign is at least $5MM in the hole right now, maybe $10MM (depending if they repaid the debt the had on the books at year end).
She can't afford to go dark for the entire month of February and she needs the money to campaign in Texas and Ohio. The next few days are going to be interesting.
Oh, and if I'm Obama, I'm not debating her for anything in the world. She's DYING for free press.
February 6, 2008 6:09 PM | Reply | Permalink
Bubba, can you spare a dime?
February 6, 2008 6:11 PM | Reply | Permalink
I always volunteer in elections. In 2006 I volunteered to do a literature drop in my ward for all the candidates -- Spitzer, Clinton, etc.
Clinton had a tremendous amount of literature compared to the rest and needlessly blew through millions on a campaign she had locked up months before. We are talking experience versus judgement. Why did Clinton blow through these millions that she have saved for her campaign? Arrogrance??? Why doesn't she fire Mark Penn,
February 6, 2008 6:16 PM | Reply | Permalink
Apparently things aren't good in the Clinton headquarters. Folks are working without pay:
http://thepage.time.com/
February 6, 2008 6:18 PM | Reply | Permalink
I'm predicting that if this goes into April, Hillary's campaign will accept public financing.
You heard it here first!
February 6, 2008 6:19 PM | Reply | Permalink
It is still early and my guess is this fundraising weakness will rebound to her benefit (increased fundraising + sympathetic media). Obama supporters need to stay focused.
Remember New Hampshire.
February 6, 2008 6:24 PM | Reply | Permalink
ABC news has just reported that not only is Hillary loaning her campaign $5 mil, but some of her paid campaign staffers are now working as volunteers...
This is not good...once you start putting money into your campaign this late, it says a lot about your her in ability to attract new people to her campaign
February 6, 2008 7:00 PM | Reply | Permalink
Like Romney, HC attempts to "buy the job." Talk about lack of credibility. I love it! Reminds me I need to send my next contrib to Obama. Onward!
February 6, 2008 7:14 PM | Reply | Permalink
I didn't have time to scan all the comments but ,a href"http://thepage.time.com/2008/02/06/page-exclusive-some-clinton-senior-staff-working-without-pay/">here is a little gem from The Page:
February 6, 2008 7:20 PM | Reply | Permalink
Sorry! I messed up the link.
http://thepage.time.com/2008/02/06/page-exclusive-some-clinton-senior-staff-working-without-pay/
February 6, 2008 7:23 PM | Reply | Permalink
I agree! The Clinton loan is already proving a most excellent fundraising tool for Obama. Just got the Plouffe e-mail. I didn't wait for them to ask - logged on and gave $50 as soon as I heard of HRC's loan.
Great point from Matt Yglesias:
"Now it seems to me that, logically, one problem with self-financing ought to be that it hurts fundraising. The reminder that the Clintons are multi-millionaires would seem to me to make giving them a modest cash donation of $250 or $500 seem like a less attractive proposition. Does it turn you into an Obama donor? Of course not. But maybe you donate that money to the poor, or to a favorite congressional candidate, or you buy yourself something nice. After all, why would you donate money to someone much richer than yourself? Of course, if Clinton wins you give her money to pay back her loan because you're looking for favors from the White House. But from where we're sitting now, but for now, what's the point?"
http://matthewyglesias.theatlantic.com/archives/2008/02/clinton_selffinancing.php
February 6, 2008 7:33 PM | Reply | Permalink
Interesting you update with her statement, but not that some of her staff are going without pay for the rest of the month.
February 6, 2008 7:33 PM | Reply | Permalink
Not paying campaign staff? What's so bad about that? It worked great for Rudy.
February 6, 2008 7:34 PM | Reply | Permalink
Hillary's financial woes are indicative of something significant:
Why can't you and I run for president?
Well, we need lots of money to do that. So we have 2 choices:
a) be so popular that people are willing to fork over something even modest like $25 to you
or
b) be so wealthy that you are in the "wealthy people club" where they will donate the maximum ($2.3K) and you probably have some stash on your own
Hillary fell into group *b*, not *a*. Think about it:
Only 4M people need to donate $25 to raise $100M.
Now, at this point in the election, you have name recognition and free press to get a message out.
About 5.5M people voted for HRC yesterday (SuperTuesday). She could easily raise 20x the $5M *if she were really popular*.
Obama *clearly* has enthusiastic support. This is truly a broad basis of a representational democracy. This was how Obama was able to raise $32M in a single month. Lots of enthusiastic people offering modest amounts of money. And, like Obama points out, without the special interest lobbies (unlike HRC).
Let these numbers speak for themselves. Whether you like it or not, Obama has tapped into something -- an amazing opportunity for the Dems to transform their party for the first time since 1932!
This isn't spin, it's just clear thinking.
February 6, 2008 8:02 PM | Reply | Permalink
$5,000,000 .....dirty come ....dirty go !!
February 6, 2008 8:02 PM | Reply | Permalink
Obama will bring America back. If he's good enough for the Kennedys, he's good enough for me!! www.whytheDemocratswillwinin2008.com
February 6, 2008 8:04 PM | Reply | Permalink
"We are very frustrated because we have a Supreme Court that seems determined to say that the wealthier have more right to free speech than the rest of us. For example, they say you couldn’t stop me from spending all the money I’ve saved over the last five years on Hillary's campaign if I wanted to, even though it would clearly violate the spirit of campaign finance reform," - Bill Clinton, December 24, 2007.
February 6, 2008 8:14 PM | Reply | Permalink
Yay, Hillary's almost defeated!! Obama? Yes he can...
What? What can he do for this country besides serenade us with poetry and not maul the English language like Bush? Specifics? Details? Or is it as simple as saying 'change'?
Is that what it takes to be a President nowadays?
After eight horrendous years of Bush and feeling as though my vote did not count in 2000, I was really looking forward to this election cycle... that is until news outlets and websites like this, Drudge, and Huff insist on Obama being 'God' of the United States(the flip-side to this, of course, is FOX news' unrelenting support of Bush). This craze for Obama is resulting in a free pass on the issues and a dangerous trend for this country. If Centrists are no longer welcome and the 25% polar extremes of this country dictate our government every 4 to 8 years, then there will never be any balance.
I want to like Obama the man; but his campaign, his supporters, and how the media treats him makes him seem as plastic as Romney, as paid for as Hillary, and a parrot like Bush. Once again, my vote feels like it is no longer necessary and I will not have a say in the future of this country this year.
Enjoy the White House, Obama. It's yours to lose now.
February 6, 2008 8:28 PM | Reply | Permalink
"What? What can he do for this country besides serenade us with poetry and not maul the English language like Bush? Specifics? Details? Or is it as simple as saying 'change'?
Is that what it takes to be a President nowadays?"
Don't be lazy, look it up...it's on the internet for all to see. Don't expect a PowerPoint presentation on the Criteria he will use to make Policy decisions during a stump speech.
February 7, 2008 8:25 AM | Reply | Permalink
I can't read through all the comments right now, so I apologize if this is a repeat.
But let's be clear, the Clinton's had no persnoal wealth when Bill left office, and Hillary has been a Senator since that time on a relatively small salary given their lifestyle that also has pretty strict limits on outside income she can earn. So any 'personal' wealth they have is Bill's incomes from his pension, hiis books, and very lucrative speaking and 'consulting' engagements.
If you look back to 2004 you'll note there was a mini-controversy about a mortgage that John Kerry took out on a house he and his Tereza Heinz Kerry lived in. Kerry insisted he was only relying on his assets, and not Tereza's. If Hillary is allowed to do this without a public and press outcry, then she has put women back 30 years by showing that as poor helpless woman she can't run for President on her own, must rely on her man to bring home the bacon so she fry it up in the pan.
If borrowing from your spouse's persnoal fortune is off limits for John Kerry in 2004, then it must be off limits for Hillary in 2008. Pull the plug Hillary, the public tried to send you a message by cutting off their donations, please listen to them and get out of the race gracefully. Obama should win most if not all the contests over the next 7 days, if you can more than 2 of them then drop out.
February 6, 2008 9:03 PM | Reply | Permalink
Is it possible that she put it all on the line with the Hallmark fiasco? Thinking it would be the knock-out punch? Hmm. She needs a greater sense of fiscal responsibility and maybe a capacity to run something of great complexity and proportion. Her, ahem, experience is not helping out here, is it?
February 6, 2008 9:09 PM | Reply | Permalink
Obama has now raised $4.8 million since the polls closed. $50 of that was from me.
If he raises another $200k in the next 1 hour 45 minutes, he will have matched Hillary's loan in less than a day. At the rate contributions are coming in (empirically estimated by reloading the fundraising graphic for a few minutes) he is going to blow that number away.
I don't want to sound like a fanboy, but how can she compete with that? She can't, but we can.
February 6, 2008 9:16 PM | Reply | Permalink
I hope we will soon see more inquiry into how, when and where the Clintons amassed their millions. When they left office in 2001, they were raising money to pay off "horrendous" legal depts. Reportedly, much of the Clinton fortune comes from the huge "speaking" and "consulting" fees Bill accepts from corporate cronies(wink wink). But, does the Clinton campaign also benefit from indirect subsidies from the "non-profit" Clinton Foundation. Does the Hillary loan come from the adance she received years ago on her memoirs? Now that the Clintons are personally financing her campaign, aren't their finances fairer game for public scrutiny?
February 6, 2008 10:00 PM | Reply | Permalink
The timing of this news is not ideal for Hillary. This revelation undercuts some of the momentum she has been touting after Tuesday's victories in California, Massachusetts, & New Jersey. No doubt she get a boost in fundraising after Super Tuesday, but will it be enough to compete with Obama, who also had a good night on Tuesday and should expected to continue his strong fundraising.
It'll be curious to see what impact this news has on the public perception of Hillary's campaign. Usually, news of lackluster fundraising and campaign personnel going unpaid negatively impacts a campaign perception among the public, as well as the media.
February 6, 2008 10:37 PM | Reply | Permalink
Remember, Clinton spent $36 million towards her Senate reelection, which was more than any other candidate in 2006? This against a practically non-existent candidate.
Money she could use right about now. Boy, is she kicking herself or what?
February 7, 2008 1:03 AM | Reply | Permalink
Did her campaign put all of its eggs into the Super Tuesday basket, thinking that they'd reap huge victories and huge rewards in fundraising? Maybe. I just keep wondering how much of this is drummed up to generate more money from her supporters and/or bring in new donors... But maybe I'm just too cynical.
If the financial issues are significant, they may explain why she wants more debates. She typically raises a lot of money after her debates.
February 7, 2008 5:11 AM | Reply | Permalink
Has anyone tracked HRC's "net worth" from 2000, when she was elected, through 2008? A quick glance at her speaking fees, the largest source of her income, indicates that a few groups pay excessively large speaking fees to her each year. These groups are "financing" her campaign.
February 7, 2008 11:34 AM | Reply | Permalink
her net worth is 34 mil
February 7, 2008 3:12 PM | Reply | Permalink
I love that Bill says self-financing of campaigns is against the spirit of campaign finance and was pissed at the Supreme Court for allowing it, yet the very next month the Clintons drop $5 million out of their personal cash and into their campaign. That is sketchy itself, especially given Bill's post-presidential financial dealings, but the hypocrisy is simply hilarious, just another example of saying one thing and doing another! I think they call that the Clinton shuffle.
http://thepersonalispolitical.tumblr.com/post/25868500
February 8, 2008 7:15 PM | Reply | Permalink