• Romney Campaign Owes $11 Million

    If Mitt Romney's previous business experience is any guide, a bunch of people are going to be fired while somebody collects a hefty, barely-taxed dividend

    Before the Republican National Convention, Mitt Romney was the Republican nominee in all but name. By law, however, he could only spend primary donations until he officially became [the] nominee. To increase cash flow during the interregnum, the Romney campaign borrowed $20 million…

    When federal election reports are released later this week, they’ll show debt of $15 million, but the campaign's actual debt is roughly $11 million. The campaign will soon begin fundraising to pay off the remainder.

    The Romney campaign isn't "in debt" in the sense of having more obligations than assets, but they do owe $11 million to the Bank of Georgetown thanks to a bridge taken to remain competitive in the months before FEC regulations permitted them to use their massive general election war chest.

    That, or this is another Romney business venture. Load up the campaign with debt, bet against it on Intrade and sink the entire enterprise. It worked at Bain.

    Photo by Oli Scarff/Getty Images News/Getty Images

    Tags: Debt, Fundraising, Mitt Romney, Money


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