Monday, March 2, 2009

Rep. Grace F. Napolitano has collected at least $158,000 in interest on loan she made to her campaign - Los Angeles Times

Rep. Grace F. Napolitano has collected at least $158,000 in interest on loan she made to her campaign - Los Angeles Times: "By Andrew Zajac
February 14, 2009
Reporting from Washington -- Rep. Grace F. Napolitano (D-Norwalk) has collected tens of thousands of dollars in personal income by charging double-digit interest on money she lent her campaign 11 years ago and soliciting donations from Washington lobbyists at 'debt retirement' fundraisers.

Napolitano, 72, has taken advantage of a 1998 Federal Election Commission ruling that authorized her to lend $150,000 to her campaign at 18% interest, accepting her argument that the money was from a retirement fund subject to an early withdrawal penalty equivalent to that rate. She lowered the interest on the loan to 10% in mid-2006."

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