News is that the Clinton campaign is in debt: it owes $8.7 million to vendors, not counting the $5 million it owes to Hillary clinton herself. Even after raising a record 35 million dollars in February(eclipsed only by Obama's $55 million). Much of it (about half) in small donations. One imagines many hardworking older women who identify with Hillary Clinton's struggles digging deep into their personal savings to contribute to her struggling campaign. It is not all fatcats that are supporting the Clinton campaign.
So where is the money going? Some of it is the usual stuff of political campaigns: TV ads, Radio, dough nuts for the volunteers etc. But the Clinton campaign stands out in the remarkable fees charged by her campaign's star staffers. Especially remarkable considering their sheer incompetence in planning and presenting her candidacy.
Mark Penn, the John Goodman look alike who styles himself the Clintons' chief strategist got $2.7 million. It is natural that he will charge such hefty sums, being the CEO of a white shoe lobbying firm in DC. His partner Charlie Black charged less to McCain, but at least helped secure the Republican nomination. Mark Penn is universally loathed, even within the Clinton campaign. This is the guy who periodically emerges to announce that some state or politician is not significant. Most recently, Bill Richardson. If he can't do a fair job for his own image what good is he doing for Hillary Clinton?
A less loathed, but no more effective, figure in the Clinton Campaign is Howard Wolfson. He is paid $237,000 per month . For most of us that amount is hard to fathom. That is about $1350 per hour, assuming a normal work week. (He probably works long hours. )
To understand this figure let us compare it to the rate of the hookers of the agency that Elliott Spitzer hired. That is just about the only other occupation that would earn this much, with this little to show for it. If Wolfson were a high priced hooker his hourly rate would be at the low end, a three diamond whore. Probably they don't work the steady hours that Wolfson does: their work, one assumes, is sporadic in nature. So it is doubtful if even the seven diamond whores make as much in a month as Wolfson.
So what, you say? It was Spitzer's money to spend on his hookers. And he probably got off for it. He is in trouble because he used to be a sanctimonius prosecutor and because he tried to hide his transactions. Some people look guilty spending their own money.
But Hillary Clinton is not spending her own money. When her campaign puts out the frantic emails to send cash, it is not emphasizing that much of it goes to mouths for hire such as Wolfson. The information was dug up by some NYTimes reporter from FEC filings. Does the supporter sending in the money know that the people writing those desperate pleas are getting a good chunck of the money?
Doesn't every body do this? Does Obama not have paid consultants? Yes, but this is a whole different level. The counterpart to Wolfson in the Obama campaign makes $12,000 a month. Not chump change, but not no where near a diamond rating. The Obama campaign has $38.8 million in cash, and no debt. When you give money to the Obama campaign, you can be sure that it is being spent responsibly.
Why is this relevant? If Hillary Clinton cannot manage her own campaign cash, without reaching the edge of bankruptcy twice in two months, how does she plan to manage the country's finances?
Hillary Clinton is very unlikely concede the race. She has to be admired for her tenacity. But there is a chance that her mismanagement of the campaign money is what will force her to quit.
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