Opinion: Rep. Napolitano makes $221G paying herself interest on $150G loan

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Geez, looks like ex-Sen. Hillary Clinton really missed a boat here by simply writing off the $13 million she lent her own campaign for last year’s unsuccessful Democratic primary campaign.

Bloomberg News is out today with an item about California Democrat Rep. Grace Napolitano.

Seems she lent herself $150,000 in 1998. OK, fine.

And, according to campaign finance documents, since then she’s paid herself way more than that in interest -- $221,780.

While paying down the principal only $64,727, Bloomberg says.

In 1999, after a complaint from a political opponent, the Federal Election Commission OKd the loan and 18% interest rate because, she said, she had to pay a penalty for taking the loan money from a retirement account.

As late as last June, however, Napolitano was still holding fundraisers appealing to donors to help pay down the debt. So far, her office is declining to offer new comment. Public advocacy groups are denouncing the tactic as providing personal benefits.

-- Andrew Malcolm

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