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Scandal Hampers NRCC’s Ability to Get Loans
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| Contributor | RP |
| Last Edited | RP Jun 13, 2008 06:39am |
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| Category | Scandal |
| News Date | Thursday, June 12, 2008 10:00:00 PM UTC0:0 |
| Description | An embezzlement scheme by former Treasurer Christopher Ward that has already cost the National Republican Congressional Committee $725,000 in stolen funds and more than $800,000 to correct matters has created additional fallout, the NRCC revealed Thursday afternoon.
The committee will need to hire an outside firm to conduct a standard audit of its books for 2007, and until that audit is complete, the NRCC will not be able to take out any bank loans to fund independent expenditure campaigns in late-breaking races [...]
The ability to obtain a line of credit, while standard practice for a national party committee, could be particularly important for the NRCC this fall. The committee had $6.7 million in cash on hand as of April 30 and has 30 open seats to defend and several incumbents being threatened by the cash-flush Democratic Congressional Campaign Committee.
The DCCC closed April with more than $45 million in the bank.
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