* Since December 1st of 2009, campaigns for all state and local offices received almost $10.9 million in loans, according to a search of the State Board of Elections website. That’s almost a quarter of the entire amount reported raised in all forms during that same time period ($44.8 million).
About $2.2 million of the total was lent by GOP gubernatorial candidate Andy McKenna’s wife alone. Another $1.5 million or so was lent by Scott Lee Cohen to his own lt. governor’s campaign. Republican lt. governor nominee Jason Plummer borrowed about $1.2 million from himself and his family businesses. Failed treasurer candidate Justin Oberman took out over $400,000 in loans from himself and others.
But it wasn’t all rich people who borrowed money. Gov. Pat Quinn, for instance, borrowed well over $700,000 since December 1st. The search shows that Sen. Kirk Dillard borrowed $650,000 from various individuals.
I have no problem with wealthy people running for office. It’s a free country and they have a right to spend their money. My problem is that they often loan themselves money. Here’s the rub: If they win, the cash they raise after they take office is going right into their own pockets. Not good at all.
I also have an issue with bigtime borrowing by non-wealthy candidates like Quinn and Dillard. I’ve never believed that campaign contributions automatically meant that the recipients were completely beholden. But borrowed money is different. What happens if Gov. Quinn, for instance, can’t pay that money back right away? Do those lenders have a special hold over him?
* The current law in place will, when it finally takes effect, bar loans like the ones Quinn and Dillard received this cycle. I’m pretty sure it would also bar loans like the ones from McKenna’s wife (although McKenna could’ve probably gotten around the law by loaning himself the money).
Banning big loans might cut down on vanity candidates like McKenna and Cohen. If they know there’s no legal way to get their money back after the election, maybe they won’t spend as much on themselves. After all, the first thing Cohen wanted when the pressure ramped up was to be made whole.
Getting rid of those self-loans could also head off potential trouble if any of these candidates eventually take office and start raising money to replenish their own personal bank accounts.
What say you?