Political Campaigns
On February 13, 2009, Timothy J. Burger, writing on Bloomberg.com, noted that, “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 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.” The loan was completely repaid as of August 2010.
Read more about this topic: Grace Napolitano
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