Clinton Campaign is Broke

Over at TPM they have a story running the numbers on the Clinton campaign's finances.   You know they raised $35 million in February right?   Must be rolling in the cashish?   Not so much.

After spending about $31 million in her efforts to keep up with Senator Barack Obama, Mrs. Clinton finished February with more than $33 million in cash on hand, but $21.5 million of that is earmarked exclusively for the general election, leaving her with $11.7 million for the primary.

Mrs. Clinton, however, loaned her campaign $5 million earlier this year and she listed $8.7 million in debts to various vendors, making clear why she has not yet paid herself back from her loan.

$11.7 million in the bank for the primary and $13.7 in debt.  Now if she wants to walk away from her debt and not pay herself back the $5 million she can do that.  Likely?   I don't think so.  She ain't Romney.  

So, looks like this thing is over for many different reasons.

 

•  You know what this means, don't you?

  Give some money to Barack Obama today! Yeaaaaargh!

  by elmo on Fri Mar 21, 2008 at 02:00:24 PM PDT

•  I feel sorry for her vendors

  (especially the small businesses) and hope it's not putting them in hardship.

  by The Dead Man on Fri Mar 21, 2008 at 02:01:08 PM PDT

  •  She's got a long history

    of late or no payments to vendors.

    by DJShay on Fri Mar 21, 2008 at 02:03:05 PM PDT

    •  Late payment I understand as that is SOP

      for most campaigns, but no payments would suprise me.  Anything that backs that up?

      by ETinKC on Fri Mar 21, 2008 at 02:05:02 PM PDT

      •  I'm too lazy to look for the articles

        But I think the above person may be referring to some unpaid rent for offices in NH.

        by LoLoLaLa on Fri Mar 21, 2008 at 02:11:29 PM PDT

        •  Stuff about office cleaning in Iowa

          it took them months to pay and they still owe the company money.  Fiscal responsibility at its finest!

          by jkfp2004 on Fri Mar 21, 2008 at 02:14:16 PM PDT

          •  Yeah...

            ...there have a been a couple of lawsuits (mostly small claims court stuff) for unpaid bills, IIRC.

            by yuppers on Fri Mar 21, 2008 at 02:17:59 PM PDT

      •  Deli owners in NYC

        by cachola on Fri Mar 21, 2008 at 02:25:02 PM PDT

      •  One vendor took her to small claims court

        for an unpaid bill

        by DJShay on Fri Mar 21, 2008 at 02:32:07 PM PDT

  •  one thing I've learned from this campaign

    if I ever do work for a campaign, they will be giving me half the money up front.

    the stories of them not paying vendors, small print shops and the like, really suck.  I don't care what campaign is doing it, it sucks.

    by onemadson on Fri Mar 21, 2008 at 02:06:06 PM PDT

    •  Why do vendors give campaigns credit?

      When I inquired about buying an ad for my race in the print edition of The Onion, I was told they only accept cashiers checks from campaigns.

      by ben masel on Fri Mar 21, 2008 at 02:15:04 PM PDT

•  There just isn't any good news for Clinton

  and there isn't likely to be much before PA.  It's still a long slog to that 'victory' which will likely be the only piece of good news for her campaign.

  The narrative is shifting, Obama has survived a full on onslaught looking better than ever in some ways, and point after point is coming out with negative slants toward her campaign.

  I don't see how she survives until PA.  I think, for the first time, I'm willing to say it might be over in the next few weeks.

  Very soon, her tenaciousness is going to start to look desperate even amongst those who haven't been inclined to see it that way.

  And all this fact checking which is finally going on into her credentials is very damaging.

  What is she possibly going to have to say in the next debate?  Not much left of her platform that Obama can't respectfully deflate infront of an audience of millions.

  Wait, am I gloating?  I'm sorry.  I'll step away now.

  by Particle Noun on Fri Mar 21, 2008 at 02:03:04 PM PDT

  •  Why do people assume that she is going to win

    in PA?  There is a month left.  If Obama outspends her by a decent margin so that he can actually get the facts out on her dishonesty, and he has a debate to do the same, um, why does everyone assume Clinton will still win PA?  If there is one thing that truly annoys me it is what is becoming an essentially ironclad acceptance that PA really is just white rural Alabama with Philadelphia kind of hanging off of one end.  People here are not idiots.  I think Obama has a good chance of narrowly winning this state.

    by Mother of Zeus on Fri Mar 21, 2008 at 02:16:58 PM PDT

    •  yeah mama zeus! n/t

      by onemadson on Fri Mar 21, 2008 at 02:18:27 PM PDT

    •  I hear you

      I should say "even IF she wins PA"

      by Particle Noun on Fri Mar 21, 2008 at 02:41:30 PM PDT

    •  the problem is...

      it looks like those voters are pretty decided already.  a poll last week said 77% had made up their minds.  even if a few weren't as made up as they thought, with it being a closed primary i expect a Clinton win. it's just a matter of how small we can make it by a strong turnout.  this is not friendly territory.  

      but he's still going to be the nominee.

      by cardinalzen on Fri Mar 21, 2008 at 02:59:12 PM PDT

      •  Last I saw, Clinton was either 12 points up

        or 6 points up, and with 23% still undecided, I'd say the state is very much in play.

        by Mother of Zeus on Fri Mar 21, 2008 at 04:35:29 PM PDT

•  Fundraising is irrelevant!!!

  by joy sinha on Fri Mar 21, 2008 at 02:04:12 PM PDT

•  Forget Richardson , , , ,

  Edwards or Gore.

  This might be the one thing that would force her to step aside.

  by hoosierprog on Fri Mar 21, 2008 at 02:04:51 PM PDT

  •  That's been my take for some time --

    it was not looking good for her at the beginning of this year and the situation for her has only deteriorated since then.  However, we must remember that it takes money to beat money, even if one is the more charismatic candidate.  Obama wouldn't be winning if his supporters hadn't been willing to more than match what Clinton could raise from those in her rolodex.

    by Marie on Fri Mar 21, 2008 at 02:16:26 PM PDT

•  Meanwhile, Obama is spending 1.5 M a day

  trying to fight her propaganda.
  (per huffpost)

  Let's keep donating!

  by newyorknewyork on Fri Mar 21, 2008 at 02:05:18 PM PDT

•  Wow, looks like she learned fiscal responsibility

  FROM THE WRONG PRESIDENT!

  rim shot

  Thank you, thank you, I'm here all week.

  by Hark on Fri Mar 21, 2008 at 02:05:24 PM PDT

•  Today is my birthday (don't ask how old)...

  My mom asked me what she should get me for my birthday, and I said, "In lieu of a birthday present, make a donation to Obama."

  So $100 more to Obama (and it was a matching donation).

  ~Doc~

  by EquationDoc on Fri Mar 21, 2008 at 02:05:35 PM PDT

  •  My birthday too! (I'm 33)

    Hopefully I'll convince someone at my birthday party tonight to give a big chunk.

    -fink

    by fink on Fri Mar 21, 2008 at 02:08:22 PM PDT

    •  happy birthday

      give 'em some drinks and then bring 'em to the donation page.  

      by onemadson on Fri Mar 21, 2008 at 02:11:14 PM PDT

    •  HAPPY BIRTHDAY! WOO HOO!

      (sings) It's our birthday, it's our birthday!

      ~Doc~

      by EquationDoc on Fri Mar 21, 2008 at 06:25:09 PM PDT

  •  Happy Birthday to you

    and Thank You for the wonderful gift to America.

    by RoCali on Fri Mar 21, 2008 at 02:35:00 PM PDT

•  She isn't required

  to payback her 5 million dollar loan.  So she may still be floating.

  However, unless she is money bombed, things may not be good.

  by TheStormofWar on Fri Mar 21, 2008 at 02:06:23 PM PDT

•  yeah

  I signed up at Hillarys web site a while ago just to keep tabs on them.  So I get a few emails a week and today I got the most desperate appeal for money that I've ever recieved:  

  Despite the spirited efforts of our online community, we are facing a serious financial disadvantage against the Obama campaign. In February alone, they were able to spend $10 million more than we were.

  If we were talking together right now, here's what I would tell you. At this critical moment, our campaign needs a public show of strength that only you can provide. What you do right now could determine the outcome of Pennsylvania and beyond.

  Will you act immediately to help us close the fundraising gap by making a contribution? Your action is vital to our chances for victory.

  Hopefully as she is reflecting on this campaign as well as on the legacy of her and Bill in Chappaqua this weekend.  Maybe taking a step back it will finally sink in that not only is she hurting Barack and the party but she is also hurting herself and Bill and many of their lap dogs and surrogates.

  by dehydratedcracker on Fri Mar 21, 2008 at 02:06:51 PM PDT

  •  She's got a problem

    Well, lots of problems, but here's two in particular:

    1. Most donors are likely to be well-informed, highly involved people, but per the CW most of her voting support is among low-information working class people.

    2. Blue collar workers don't have much money to give to anyone. NAFTA gets some credit for that.

    And here's a bonus problem: as people become better informed and more involved, they tend to move towards Obama.

    by DBunn on Fri Mar 21, 2008 at 02:46:12 PM PDT

•  Clinton $2.3M in red in Feb.

  per Americablog:

  Clinton's campaign ended the month with $33.1 million cash on hand. But, that's deceptive. Clinton has been aggressively raising money for the general election, too. As AP notes, $21.7 million is off limits to the primary campaign. That means her cash on hand is really $11.4 million. In addition, the Clinton campaign reports $8.7 million in debt (including $2.5 million to Mark Penn's firm) bringing her number down to $2.7 million if she pays the debts. Subtract the $5 million loan she made to herself and we're talking negative cash balance of -$2.3 million.

  On the other hand, Obama had $38.8 million cash on hand at the end of February. Only $7 million is off limits in the primary leaving $31.8 million. The Obama camp had debts of $625,000 and no personal loans to the campaign, meaning he had over $31 million available.

  by davidkc on Fri Mar 21, 2008 at 02:06:55 PM PDT

  •  But she is not required to payback that loan (nt)

    by TheStormofWar on Fri Mar 21, 2008 at 02:12:04 PM PDT

    •  it's still a loan

      That amount does not represent money raised.

      by davidkc on Fri Mar 21, 2008 at 02:19:56 PM PDT

  •  Wow, for such a lousy advisor

    Mark Penn is sure expensive.

    You can tell Hillary is a creature of Washington D.C.

    She's great at overpaying consultants.

    by CA Libertarian on Fri Mar 21, 2008 at 02:12:45 PM PDT

    •  I wonder if Penn

      puts Premium Gas in his tank.

      by ZappoDave on Fri Mar 21, 2008 at 02:13:30 PM PDT

      •  I wonder if Penn

        is a client of the Emperors Club.

        (or the DC equivalent)

        by CA Libertarian on Fri Mar 21, 2008 at 02:16:10 PM PDT

        •  he's in the henry VIII club

          he gets to ravish any part of the turkey (for big $ natch)

          by memofromturner on Fri Mar 21, 2008 at 02:44:55 PM PDT

    •  mark penn remaining with the campaign

      is a mystery to me and it is one of the reasons I would not support Hillary.   I was reading one insider report today (Politico?) where they mentioned most clinton staffers wanting to "slit his throat".   So we don't like the guy, her staff doesn't like the guy, but she keeps him on and pays him millions.

      Serious bad judgement.  No other way to look at that decision.

      by onemadson on Fri Mar 21, 2008 at 02:16:03 PM PDT

      •  Deliberately chosen management style

        Mrs. Clinton showed a tendency toward an insular management style, relying on a coterie of aides who have worked for her for years, her aides and associates said. Her choice of lieutenants, and her insistence on staying with them even when friends urged her to shake things up, was blamed by some associates for the campaign’s woes. Again and again, the senator was portrayed as a manager who valued loyalty and familiarity over experience and expertise.

        http://www.nytimes.com/...

        One of Clinton's favorite books is "Team of Rivals," Doris Kearns Goodwin's account of Abraham Lincoln's Cabinet, and she assembled her own team of advisers knowing their mutual enmity in the belief that good ideas come from vigorous discussion. But while many campaigns are beset by backbiting and power struggles, dozens of interviews indicate that the internal problems endured by the Clinton team have been especially corrosive.

        http://www.washingtonpost.com/...

        by Catte Nappe on Fri Mar 21, 2008 at 02:30:10 PM PDT

        •  now i haven't read team of rivals

          but i have to imagine the concept of vigorous discussion of ideas doesn't mean you hate the other person you are discussing the idea with.

          too many politicians have no clue how things work in the real world.   Way too many NY politicians.   Eliot Spitzer's time in office was a disaster.  We're lucky he got caught.   These people have no real world experience.  And Hillary is the poster child for that.   one of the reasons I like Obama is that he didn't grow up rich and that he has real world experience.   If you've tried to get something done in the ghetto, you get a good sense for what works and what doesn't.   Having "dueling managers" is a bad idea.

          by onemadson on Fri Mar 21, 2008 at 02:48:31 PM PDT

        •  Ah, but Stanton, Chase, Seward, and Bates...

          ...were competent.

          This is an important distinction.

          by CA Libertarian on Fri Mar 21, 2008 at 03:28:00 PM PDT

  •  If Obama spends that $31 million as efficiently

    as I spent the $662 outlay on my Senate race in '06, he'll get another 3,700,000,000 votes.

    by ben masel on Fri Mar 21, 2008 at 02:20:48 PM PDT

•  So Money Talks

  in spite of the famous line that Obama only offers words.

  by murasaki on Fri Mar 21, 2008 at 02:17:32 PM PDT

  •  I can't wait till her sour face

    on the teevee set -- always complaining, complaining, complaining -- is giving the inevitable concession speech. On second though, I doubt she will have enough grace to admit she lost.

    She grates on my nerves as bad as AWOL Bush does.

    by GW Chimpzilla on Fri Mar 21, 2008 at 02:42:45 PM PDT

  •  Money talks, and Bullshit walks n/t

    by SecondComing on Fri Mar 21, 2008 at 03:29:29 PM PDT

•  Perhaps someone can enlighten me about something

  with respect to campaign finances.

  I know that funds targeted to the General Election cannot be used for the Primary race.

  But can left over funds from the Primary be transfered into the General Election fund?

  I think Clinton might have an advantage over Obama in GE funds.

  by pvlb on Fri Mar 21, 2008 at 02:24:01 PM PDT

•  Obama live in Salem, Or -now

  town hall:
  http://www.kgw.com/...

  by cmpnwtr on Fri Mar 21, 2008 at 02:28:47 PM PDT