Wow, it sounds like Romney is running his campaign the way he ran companies Bain took over: order the company borrow to money, use that borrowed money to give bonuses to the Bain people, and then bail when the previously healthy company gets in trouble w/ the debt forced upon on it by Romney/Bain ... I guess the GOP is in the position Ampad and the other companies Romney/Bain forced into bankruptcy
Romney campaign gave bonuses to top staff:
http://www.washingtonpost.com/...
Richard Beeson, Romney’s national political director, received a $37,500 payment on Aug. 31 in addition to his salary, according to records filed with the Federal Election Commission.
In addition, records show at least six other top staffers each received $25,000 bonuses on the same date: campaign manager Matt Rhoades, general counsel Kathryn Biber, policy advisor Lanhee Chen, communications director Gail Gitcho, digital director Zach Moffatt and advisor Gabriel Schoenfeld. Two other employees received $10,000 bonuses.
A Romney spokeswoman did not respond to requests for comment on the payments Thursday.
Here's the really Bain-like part:
The bonuses came the day after Romney formally accepted the Republican presidential nomination at the party’s convention in Tampa. Despite strong fundraising since May, new records show that the campaign was struggling badly for money in August because it had run low on primary funds and was unable to tap into contributions collected for the general election until after the nomination. As a result, the campaign borrowed $20 million.
Records show that the campaign still owed $15 million of a $20 million loan from the Bank of Georgetown on Aug. 31.
And Romney's reliance on the 1% for donations is screwing him even further:
Cash Low, Romney Striving to Find New Large Donors:
http://www.nytimes.com/...
While Mr. Romney’s combined fund-raising apparatus began September with $168.5 million in cash, much of it was sitting in the accounts of the Republican National Committee, which reported cash on hand of about $76.6 million. While an estimated $42 million remains in his joint account with Republican Party committees, only some of it will be available to Mr. Romney for his general election campaign.
Mr. Obama and the Democrats, by contrast, began the fall campaign with less money over all, about $125 million. But federal law guarantees candidates, not parties, the lowest available ad rate in the days leading up to a general election. Thanks in part to his army of small donors, Mr. Obama gathered more money in his own campaign account than Mr. Romney, whose advantage lies in raising large checks that primarily benefit the R.N.C.
Mr. Obama began September with a balance of $86 million, even after spending $65 million on advertising. He raised over twice as much money as Mr. Romney in checks of under $200, which donors can give repeatedly without quickly hitting federal contribution limits.
And the filings suggest a significant amount of untapped money waiting for the Republican nominee on the sidelines. At least 32,000 donors have given the maximum of $2,500 to Mr. Romney’s campaign for the primary season running through August, according to an analysis by The New York Times, but have not contributed to the general election. That group that could generate about $81 million with a second round of general election checks.
But prospecting for those checks will take time. While Mr. Obama can count on a steady stream of small contributions donated over the Internet, Mr. Romney’s intake depends more on a heavy schedule of fund-raisers in cities around the country, detouring to deep-pocketed cities far from swing states.
Mr. Romney’s cash crunch in August also reflected the rapid expansion of his campaign organization, a task Mr. Obama undertook months ago, using his early cash to open offices and hire staff while Mr. Romney was still spending heavily to win the Republican primary.
