Newt Gingrich $4 Million in Debt; Staffers and Creditors Fume

Yahoo News ^ | 2 May, 2012 | JOEL SIEGEL

[Mountain Bike Vomit Carnage]

Newt Gingrich ends his White House dream today with his political committee facing a mountain of debts -- owing about $4 million to scores of businesses and campaign workers around the country who fear they will never get paid.

Campaign watchdogs said the size of Gingrich's debt is extraordinary -- and could have been avoided if the candidate and his team had been more disciplined.

"He was reckless in running up these bills, especially in the last month or so of the campaign when it was quite clear that Mitt Romney would be the nominee," said Craig Holman, a government affairs lobbyist for the watchdog group Citizen Union.

[VideoDoctor]

It still amazes me that they make a BIGGER news story out of this than the UNACCOUNTED for 1.2 BILLION dollars in CLIENT funds missing that John Corzine, Obama's one time official choice for treasurer, is responsible for. There are emails showing that Corzine authorized the transfer of the funds himself

Corzine has never been charged, the money is still unaccounted for, and Corzine is currently raising funds for Obama's re-election.

CRIME DOES PAY!

[JediJones]

He left that successful company to run for president and its financial problems only happened after he departed.

Give us the specifics on who Newt “knifed” in the back. We hear these vague accusations sometimes but we don’t ever seem to find out who was specifically “knifed” and how. What is more clear on the record is how Newt was made a punching bag by the media just as they did with Bork, Quayle, Palin, etc. and how many in the party thought it was easier to offer him up as a sacrificial lamb rather than defend him.

I couldn’t care less about what Newt thought about one little House race one year. That doesn’t amount to a speck of dust on Mt. Everest compared to everything he’s done for conservatism in his career. It’s ridiculous to keep bringing something so inconsequential up. Politicians endorse other candidates all the time for a whole host of reasons and it’s not always because they agree with everything that politician says or does.

[Utah Girl]

The thing that discouraged me about Newt is in June, 2011 he took off for a cruise with his wife. He didn’t spend that time getting on ballots in several states. He didn’t spend that time getting more organized or having fundraisers. He took a vacation right during the most important time of setting up a campaign. For President of the United States, no less.

[LuvFreeRepublic]

If it wasn’t the vacation, I bet it would have been something else that discouraged you about Newt.

[Toespi]

Unlike our nominee, not gifted but flawed?

[Utah Girl]

How about talking to 25 students about brain science right before the Delaware primary? I give Newt credit, he can talk a good game. I admire the work he did in the House of Representatives, giving the Republicans the majority after 40 years of Democrat rule. Great job. That gave us conservatives hope. However, after 1998 he made some rash decisions, including the decision to support global warming by sitting on a couch with Nancy Pelosi. I think Newt is great at suggesting new and exciting ideas, not so great at the implementation of them. IMHO

[LuvFreeRepublic]

I know, I know, he sat on the couch.....That being said, our next president will be Obama or Romney and for certain, our country is going down. I do hope those that were concerned about the couch have a real comfortable one to sit on to watch the final fall of America. I do apologize for the snarky reply, but given the stupid reasons why people did or didn't vote for each of the candidates, I am beyond being nice. All that should have mattered in this primary is who is best (strong enough)to take on the entrenched political establishment (both parties) and the media, and redirect our country. Vacations/couches vs saving America. We each had to choose a side. Cheers.

[Clara Lou]

Yeah— he can balance the federal budget, but his personal budget and his campaign’s haven’t fared so well.

Your “dumb” comment, is uncalled for. I didn’t insult you or Newt. Newt was the candidate I supported. So many juvenile name-callers at FR these days.

[Amish with an attitude]

If you can’t run a campaign, how are you going to run a country?

[kcvl]

Holman worked closely with the Democratic congressional caucus of the 110th Congress

[kcvl]

Clinton, Giuliani, Edwards campaigns still in debt

4/16/12

New federal campaign finance documents indicate these and other former White House hopefuls each still owe creditors six- or seven-figure sums that date back years, which in more than one case, bleed into decades.

Hillary Clinton’s 2008 presidential committee, for one, is paying off debt by renting its supporter information lists to the Democratic campaigns of U.S. Senate candidate Elizabeth Warren in Massachusetts and U.S. House candidate Kathleen Falk in Wisconsin, as well as the New York-based direct marketing firm Lake Group Media, federal filings show.

http://www.politico.com/news/stories/0412/75211.html#ixzz1tp4yLKUd

[tennmountainman]

So we now know what an endorsement goes for, if anyone was curious.

And for those freepers who supported Newt.

The GOPe and Romney, who benefited from Newt’s run by splitting the conservative vote, are now going to reward him by paying off Newt’s campaign debt.

Quite frankly, you Newt supporters were conned. Even now, most of u don’t realize it. Very sad.

[mimaw]

You took the words right out of my mouth. He’s a gadfly.

[conservative98]

So was Hillary’s debt all eventually paid off only from $2,500 donations?

It still hasn't been all paid off yet. What was paid is from $2500 or less per person. A person is limited by campaign finance law from simply donating millions to his/her own campaign -- that includes donating millions after the election to pay off campaign debt. Companies cannot donate.

Newt had raised millions for his think tanks like American Solutions so I have a feeling he’ll be able to pay this down in the same timeframe Hillary did.

He can raise millions, but it will still can only be for $2500 per person or less.

http://go.bloomberg.com/political-economy/2012-04-25/gingrich-super-pac-cash-enough-to-pay-his-debt-if-only-it-were-legal/

[conservative98]

The problem is not paying off the debt. The real problem is the contribution limit. If one guy could have given Newt $10 million directly to Newt, then they wouldn’t have this debt in the first place. Newt would have likely competed earlier in Forida and the rest would have been history.

[conservative98]

Thank you Juan McCain.

[JediJones]

However I read Hillary loaned millions to her campaign. What if someone loaned millions to their campaign and then folded up the campaign without ever paying themselves back? Wouldn’t that be a loophole to the personal contribution limit?

I actually thought that anyone could legally spend as much of their own money as they wanted on their campaign. I just Googled an old page (on DU, LOL) that suggested once a candidate spent a certain amount of their money, the contribution limit for their competitors would get raised.

What a mess of regulation...

[thatjoeguy]

I called the statement dumb not you and it still is, sorry if that hurts your feelings. Lots of brilliant people make dumb statements all the time.

Anyway, He made an investment to run for President of the United States and failed. How does that justify your statement? There are a lot of other good men and women that have tried that road and failed should they receive the same criticism as this?

Finally and in truth I really could care less whether he can run his personal budget (I’m not aware of any problems with that anyway where did you get your info?) or campaign as long as he can BALANCE THE FEDERAL BUDGET and since he has a PROVEN track record of doing just that I’m willing to give him the benefit of the doubt.

To many shallow thinkers on these boards lately.