Originally published December 23, 2008 at 12:00 AM | Page modified December 23, 2008 at 2:34 AM
Comments (0)
E-mail article
Print view
Clinton writes off $13M loan
Having spent more than a year on a failed effort to win the Democratic presidential nomination, Sen. Hillary Rodham Clinton has officially...
The New York Times
Having spent more than a year on a failed effort to win the Democratic presidential nomination, Sen. Hillary Rodham Clinton has officially recognized the multimillion-dollar toll the campaign took on her personal assets.
Clinton filed papers with the Federal Election Commission over the weekend formally writing off all of the $13.2 million she lent the campaign, plus $77,900 in interest on the loan.
Clinton was able to write off the loan because she and her husband, former President Clinton, have amassed significant wealth since leaving the White House. The couple have reported earnings of $109 million during the period, mostly from Bill Clinton's speeches.
Her giving up any hope of reclaiming the money, a step signaled in September when the statutory deadline passed for recouping all but a small piece of it, confirms the financial strain the fundraising juggernaut of the Obama campaign placed on Clinton personally.
And in addition to the personal loan, the same weekend filing showed she still owed millions to dozens of vendors as of Nov. 30. She did manage to chip away at that debt in November, reducing by roughly $1.1 million the $7.5 million she owed at the end of October. The single biggest debt as of November's end was $5.4 million, to the firm of Mark Penn, her former chief strategist.
The shadow of her debt has hung over Clinton ever since she ended her campaign for the nomination in June. The Clintons have held a series of fundraisers to try to pay it off, and President-elect Obama has been urging his supporters to help out.
Clinton even recruited her mother, Dorothy Rodham, to the cause. In early December, Rodham sent an e-mail message to supporters urging contributions to help retire her daughter's campaign debt and offering an autographed children's book about Clinton in exchange for a donation of $250 or more.
Now, nominated to be secretary of state, Clinton has been dealing with additional finance-related complications. Her husband already has disclosed a long list of donors to his charitable organizations, making his international dealings more transparent and thus meeting a condition Obama set for his selection of Clinton.
And Congress has removed another stumbling block by adopting a measure to reduce the secretary of state's salary, satisfying an obscure constitutional provision that forbids appointment of a lawmaker to a federal position that was either created or given a pay increase during the legislator's concurrent term.
But if Clinton is confirmed as secretary, her ability to raise money to pay off her campaign debt will be sharply restricted. Provisions in federal law could keep her from personally soliciting contributions at all, leaving the job to her presidential-campaign committee.
Copyright © 2008 The Seattle Times Company
More Nation & World headlines...
E-mail article
Print view Share:
Digg
Newsvine
![]()
UPDATE - 07:40 AM
Service sector shrinks less than expected in June
Ousted Honduras leader blocked from return by air
Pakistan attack targets nuclear lab workers
UPDATE - 07:26 AM
Bankruptcy judge OKs GM sale plan, appeal looms
Nuclear-arms control heads Obama's Moscow agenda

2009 fireworks time lapse
With strict parking rules enforced at this year's July 4th celebration on Wallingford Ave North, less cars and more spectators filled the streets.
Entertainment | Top Video | World | Offbeat Video | Sci-Tech
nwjobs

Post a comment

Michelle Goodman blogs about work/life balance.
Tax tips for new independent professionals
Post a comment
nwautos

Choosing a new car? Weigh the impact of your choice on your wallet and on the planet.
Post a comment
nwhomes

Find a new home or condo that fits your lifestyle.
Search New Developments
Builder Directory
- Landmark Smith Tower mostly vacant
- Property taxes: Appeals shoot up in King, Snohomish Counties
- Shooting unveils very different sides of McNair
- Palin links resignation to 'higher calling' and blasts media in Facebook posting
- Former NFL MVP McNair killed
- Hard times for tourist towns means good deals for travelers
- Tukwila residents rally against light-rail noise
- Confessions of an Idol Addict | "American Idols" on tour: Live coverage from opening date
- Quincy Jones remembers "the biggest entertainer on the planet": Michael Jackson
- Plasma and LCD beware; OLED screens ready to go mainstream
- Seattle Mariners at Boston Red Sox: 07/05 game thread
247 - Palin links resignation to 'higher calling' and blasts media in Facebook posting
179 - Hatred for the NBA runs deep, but don't take it out on the players
137 - Tukwila residents rally against light-rail noise
128 - Former NFL MVP McNair killed
113 - Property taxes: Appeals shoot up is King, Snohomish Counties
104 - Tent City on campus: UW stalls decision
102 - Anti-tax rally in Olympia attracts about 1,500
69 - Mariners did their part, now they need help
46 - Megachurch pastor Rick Warren addresses US Muslims
36
- Property taxes: Appeals shoot up in King, Snohomish Counties
- Hard times for tourist towns means good deals for travelers
- Landmark Smith Tower mostly vacant
- Plasma and LCD beware; OLED screens ready to go mainstream
- The People's Pharmacy | Estrogen mimicker found in sunscreen
- Tent City on campus: UW stalls decision
- Toyota's Toyoda scolds execs for emulating U.S. car companies' mistakes
- Seattle may allow homeowners to build backyard cottages
- Tukwila residents rally against light-rail noise
- Outdoor-theater season kicks off at Volunteer Park





