Newt Gingrich $4 Million in Debt; Staffers and Creditors Fume

[Ichingcarpenter]

Source: ABC news-AUSTRILIA

Newt Gingrich ends his White House dream today with his political committee facing a mountain of debts -- owing about $4 million to scores of businesses and campaign workers around the country who fear they will never get paid.


Campaign watchdogs said the size of Gingrich's debt is extraordinary -- and could have been avoided if the candidate and his team had been more disciplined.
"He was reckless in running up these bills, especially in the last month or so of the campaign when it was quite clear that Mitt Romney would be the nominee," said Craig Holman, a government affairs lobbyist for the watchdog group Citizen Union.


The campaign has been dogged by financial problems since last summer, but its cash crunch accelerated in recent weeks. It finished March with $4.3 million in debts, an alarming increase from $1.5 million at the end of February, according to reports filed with the Federal Election Commission.

Relief can't come soon enough for the Gingrich campaign's anxious creditors. The campaign owes Moby Dick Airways $1.1 million for travel and charter flights.; the Patriot Group, a Virginia security company, $449,502 for helping to protect the candidate; and McKenna, Long and Aldridge, a law firm with offices in Atlanta, $183,658 for legal services, the reports show.

Read more: http://news.yahoo.com/newt-gingrich-4-million-debt-staffers-creditors-fume-002208567--abc-news-topstories.html

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Time to hock some of his wife' bling.

[tanyev]

1. I guess not enough people wanted to pay $50 to have their picture taken with him.

[yellerpup]

3. The big secret: Newtie was paying them. eom

[kayakjohnny]

2. They can find some relief here....

http://www.sadtrombone.com/

[JNelson6563]

5. And then he can go here

www.SuckItYouCrybaby.com

[WhoIsNumberNone]

6. I like it.

I had been using this one on YouTube:

But I think yours is better

[DCKit]

4. He's been living like a king off this slush fund, as was intended.

If those campaign workers have any sense, they'll be working for us by the end of the month.

[WhoIsNumberNone]

7. Can we get the link?

Thanx

[Laura PourMeADrink]

8. Just heard on Faux News that Romney is going to "put him in touch" with his donors

to see if any of them will pay off his debt. Bet, he would have had more luck
with that if he had gotten out sooner.

[CanonRay]

9. Personal Repsonsibility. Remember Newt, it's all about Personal Responsibility!

[SDjack]

10. After Pres. Obama is re-elected, he should pay off Newt's debt. He owes

Newt for doing tearing up Mittens in the primaries. That save DEMs a lot of money.

[SOS]

11. 7-4=3

Gingrich can pay his creditors out of his $7 million net worth.
He'd still have $3 million to live on.

Don't be a deadbeat Newt!
It's all about personal responsibility.

http://www.celebritynetworth.com/richest-politicians/republicans/newt-gingrich-net-worth/

[David in Canada]

23. Actually...

Actually, Newtie Poo isn't liable for a red cent of his campaign debt.

Campaign committees operate essentially as corporations. The campaign is liable but the actual candidate isn't. Many people actually think that because a person runs for office and the committee is on their behest and behalf, that they have to pony up for the debt.

Now, knowing this, people are probably wondering: "If candidates aren't liable, why do they even bother to pay off their campaign debts?" There are several reasons. A) The erstwhile candidate is not a total douchebag and wants to make right by his campaign's vendors. B) The candidate expects to run again. C) Other people help pay off the debt. After all, if not paying campaign debts was de rigeur, no one would do business with campaign except on a strict COD basis.

Also, campaign committees can continue on long after the actual campaign has subsided. The 1984 presidential campaign committees for John Glenn and Ronald Reagan are actually still in existence with campaign managers and treasurers and the like. Glenn's campaign is still trying to retire debt whereas the Reagan/Bush '84 committee keeps reinvesting its surplus and basically operates as a PAC. Last I heard, Pat Buchanan's sister Bay is still the campaign treasurer.

[Democat]

12. How much is an endorsement worth to Romney?

Selling off your endorsement is probably one way to pay off the debt.

[David in Canada]

25. Endorsement...

If Romney pays off Newtie Poo's campaign debt, it might be as much to get the vendors that donated to Gingrich on his side. Many campaign vendors and operatives only cater to a single party so Romney might not want a bunch of disgruntled vendors in case they are needed in the future.

If Newtie Poo and/or Frothy Mess release their respective delegates, they still cannot force them to vote for Romney. They can keep their delegates pledged to themselves OR release them, making them uncommitted delegates. Many of their delegates were assigned to them as a result of primaries but the delegates themselves chosen at conventions or at cauci with the delegate assigned a first ballot vote. Many Ron Paul supporters actually won many of these spots so if they formally drop out (suspended candidacies are still technically still running) and release their delegates, Paul will suck most of these up.

Overall, the party will basically ensure the debts are paid so other candidates aren't forced into doing business cash-only due to a lack of confidence in candidates paying up.

[closeupready]

30. I'd guess probably a lot more than we here think it is.

Romney is likely to lose, but will try to marshal every conceivable resource and endorsement he can to give it all he's got.

[hue]

13. Lol! and Newt preached about balancing the budget!!

Maybe they should have a yard sale of some of Callista's jewels from Tiffany's.

[gratuitous]

14. You thought Newton was campaigning? Suckers!

He and the little woman came out with no less than five (count 'em!) books in the last year and whatever. This was a book tour, not a political campaign. What, you were listening to the popular media and got gulled into thinking this was a campaign for high office? Psych!

[hayrow1]

15. This strikes me as utter B.S.

Anyone that deals with a political campaign demands cash in advance unless they are actually supporters of the candidate and use services or product to assist the candidate in a way to circumvent campaign finance laws. Corruption is spread from the top down in this case, and I am sure each and every one of these "creditors", as well as Gingrich, are involved with this blatant scam.

[Javaman]

16. Quick Lizard! crank out several dozen crap books to promote! Stat! nt

[qb]

17. He should join the Minnesota Republicans.

They can all cry in their beer about their millions in debt.

[Liberal_Stalwart71]

18. Oh, the irony!! He got into the race thinking that he'd make money and now look...

Welp, now he's going to have to sell his soul to Mitt Romney and maybe...just maybe...R-Money will pay off his bills. Besides, $4 million is lunch money for Mittens!

[ashling]

19. When you lie down with the Newt

you get up morally broke

[eringer]

20. Let His Buddy Hannity Bail Him Out

Mr. Speaker Mr. Speaker I am sick of Hannity calling him him Mr. Speaker.
Somebody tell the Newt that all he has to do is write another hate-filled book about how the Democrats are destroying this country and schelp it on Hannity's three ring circus shows.

[Hubert Flottz]

21. Let the Koch Roaches eat the pig.

Deadbeat Dud.

[Hubert Flottz]

22. If little kids can go off to work to pay their bills...

Why can't Newt?

[UTUSN]

24. Don't his staff & creditors know what a Revolving Account is?!1 n/t

[beac]

26. "Moby Dick Airways"???

Is their motto "We'll fly you all over the place in the insane pursuit of your unobtainable goal?" ????

[colorado_ufo]

27. Tried to resist this one, but . . .

Moby Dick Airways? Do they specialize in flying Great White Whales?

[beac]

34. Moby was a Sperm Whale.

But, given Newtie's romantic history....

[sarcasmo]

28. He can't call up sugar Daddy Sandy?

[truthisfreedom]

29. One word.

Tiffany's.

[yellowcanine]

31. Hard to feel too sorry for them. Presumably they voluntarily went to work for him and loaned him

money. I mean, it is Newt Gingrich we are talking about her. Seems to me they knew what they were getting into.

[eppur_se_muova]

32. When Repugs say they'd run the country like a business ...

this is the kind of business they have in mind. A storefront sham operation with big salaries and bonuses for management and nothing but debt for everyone else.

[Initech]

33. Perfectly ironic punishment: he has to work as a high school janitor.

[AnotherMcIntosh]

35. Finally

?