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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRepublican candidates love to park their campaign money at a Virginia bank with one branch
http://www.bloomberg.com/politics/articles/2015-07-22/where-candidates-stash-their-cashAccording to the most recent Federal Election Commission filings, Chain Bridge is the sole bank serving Jeb Bushs presidential campaign, which reported raising $11.4 million as of June 30, and his allied super-PAC, Right to Rise, which says its raised $103 million so far. Donald Trumps campaign banks at Chain Bridge, and its listed as the primary financial institution for the campaigns of Kentucky Senator Rand Paul and former Texas Governor Rick Perry. Its also the only bank used by super-PACs supporting neurosurgeon and author Ben Carson, South Carolina Senator Lindsey Graham, former technology executive Carly Fiorina, Louisiana Governor Bobby Jindal, and Wisconsin Governor Scott Walker, all Republicans.
Founded in 2007, Chain Bridge served John McCains presidential campaign in 2008 and Mitt Romneys in 2012. House Speaker John Boehner keeps fundraising accounts there; so does the Republican National Committee. Its also served political action committees for Altria Group, the National Association of Convenience Stores, and the Outdoor Advertising Association of America. The largest issue that we would always have with people is that theyd be like, Why would we use this Podunk little bank in McLean, Virginia? says Bradley Crate, Romneys 2012 chief financial officer. He routinely refers clients of his consulting firm Red Curve Solutions to the bank, including both Florida Senator Marco Rubio and Trump. Chain Bridge offers services tailored to the idiosyncrasies of campaigns, which deposit and then spend enormous sums quickly, with no credit history to lean on. I know I can call my contacts at Chain Bridge Bank and have an account open in like 15 minutes, Crate says. If you go to a much larger bank, you have a bureaucracy you have to deal with.
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None are as dependent on their political business as Chain Bridge. Its deposits tend to swell in election years and dissipate as soon as ballots are cast. Its 2013 annual report made reference to the phenomenon to explain one reason its earnings fell 3 percent that year: Average earning assets in 2012 were inflated due to seasonal deposit balances. The banks recovery comes earlier and earlier with each campaign cycle. In the fourth quarter of 2014, deposits fell 13 percent. By March the bank had more deposits and had grown larger by assets than at any point in its history. Its the rise of the super-PACs, says Fitzgerald, who was one of only a dozen Senate Republicans to vote in favor of McCains 2002 campaign finance reform. Co-authored with former Wisconsin Democratic Senator Russ Feingold, the legislation barred corporations and wealthy individuals from making large contributions to party committees.
liberal N proud
(60,334 posts)What could be fishy about that?
TexasTowelie
(112,168 posts)corporations into one mega account after the GOP decides on a nominee and not have to worry about pesky issues like transparency like would happen if the funds were transferred to different banks.
Scarsdale
(9,426 posts)Who serves on the board of this bank? The candidates all trust it with their millions, so chances are the owners are former politicians, or family members. Deserves some investigating. Jeb! has his millions in there, hopefully his crooked brother Neal is not involved. Remember Silverado Saving and Loan? Nealzie walked away with millions, while everyone else either served time, or lost everything.
MynameisBlarney
(2,979 posts)Took the words right outta my mouth...er...keyboard...
Laxman
(2,419 posts)a lot of directors for a small bank.
https://www.chainbridgebank.com/leadership
edit to add from American Banker:
The $337 million-asset bank is run by Peter Fitzgerald, who served in the Senate as an Illinois Republican. Its clients include the political action committee for Altria Group, the parent of cigarette maker Philip Morris, according to data from the Federal Election Commission.
snot
(10,524 posts)I'd like to know what it DOES invest in.