Records: Frist campaign short on money for loan (scandal?)

Smells like a scandal...

http://tennessean.com/government/archives/04/11/62186658.shtml?Element_ID=62186658

Records: Frist campaign short on money for loan

Associated Press

CHATTANOOGA — After big losses in the stock market, U.S. Senate Majority Leader Bill Frist's campaign committee is short of money to cover a bank loan that was due in August, records show.

The committee's most recent filing shows a little more than $10,000 was paid on the $360,000 loan from U.S. Bank.

Records show Frist's committee had losses in the stock market totaling more than $524,000 since November 2000. After paying other expenses, the committee had $312,807 in its accounts as of Sept. 30, according to records reviewed by the Chattanooga Times Free Press.

Melanie Sloan, executive director of Citizens for Responsibility and Ethics in Washington, D.C., questioned whether the bank provided special privileges to Frist.

''Are the policies U.S. Bank used to extend his loan the same as what is offered to members of the public?''

...

A Nashville office of U.S Bank made a $360,000 loan with a 4% interest rate to Frist's committee in August 2001. Records show the committee still owes $349,108 on the loan, which was due Aug. 1, 2004.

The filing shows the committee made no interest payments to U.S. Bank this summer, even though previous campaign finance reports showed interest payments.

At the beginning of July, Frist's committee had $362,000, enough to pay off the loan. However, the latest campaign finance filing shows the committee lost $32,057, or 8.8% of its total assets, in the stock market in July and August.

Officials with Frist's office told the newspaper this summer that the money was invested in a Charles Schwab index account, but they would not disclose either how much was invested or which specific fund it was in.

A Federal Election Commission audit approved in September found accounting mistakes and inadequate disclosure with reporting from Frist's political-action committee during 2002.

The audit of Frist's Volunteer PAC found several ''misstatements'' in reports of receipts, expenditures and cash balances to the commission, compared with the political-action committee's bank records.

The audit's findings were not considered serious by the FEC.

The Volunteer PAC ''amended its report to correct the mistakes,'' said FEC spokesman George Smaragdis. He said some problems it had such as the cash balance issue were not uncommon.

they'd be just as friendly and forgiving... right?

to allow his variance. Republicans believe in the rule of law and their ability to change it on their whim. No moral compass.

Resembles the coked-up zombie (Henry Silva)in the movie Sharky's Machine circa 1981.

then doing medical experiments on them while he was training for his physician's license. It appears he got caught. The whole GOP party makes me shudder.

Frist & Shrub want to funnel Social Security monies into the same market they, themselves, are unable to make work to their advantage.

Hmmm.