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Clinton writes off $13M loan

NEW YORK — Hillary Rodham Clinton has written off $13.1-million in personal funds she lent her failed presidential campaign, new disclosure reports filed with the Federal Election Commission show.

Clinton loaned the money to her campaign in several installments last spring as she fought Barack Obama for the Democratic presidential nomination.

The New York senator and former first lady has been working to pay down that debt to clear the way for confirmation as President-elect Obama's secretary of state. Federal ethics rules prohibit Cabinet officials from actively soliciting campaign contributions.

Since suspending her campaign in June, Clinton has told donors she would absorb the personal loan and would not be raising money to pay it down. The campaign's FEC report, filed Saturday, was the first to reflect that she had formally forgiven the loan.

The new report showed the campaign still owes $6.3-million to vendors, down from about $7.4-million in November. The largest obligation — $5.3-million — is owed to the polling firm of Clinton's senior strategist, Mark Penn.

Clinton was able to write off the loan because she and her husband, former President Bill Clinton, have amassed significant wealth since leaving the White House. The couple have reported earnings of $109-million during the period, mostly from Bill Clinton's paid speeches.

Clinton writes off $13M loan 12/22/08 [Last modified: Thursday, November 4, 2010 2:18pm]
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