$4 Million on Hand, Ron Paul Looks for Ways to Spend It
HOUSTON — U.S. Rep. Ron Paul is considering using $4 million left over from his failed presidential campaign to start a for-profit publishing company that would reflect his Libertarian-leaning views.
The move could test the limits of federal campaign finance rules.
“I’ve never heard of anyone taking their campaign money and putting it into a for-profit corporation,” campaign finance-reform advocate Fred Wertheimer told the Houston Chronicle.
Former candidates have leeway in how they use leftover campaign money.
“There’s a provision that says you can use the funds for any lawful purpose, so long as it’s not personal use for the candidate,” said Bob Biersack, a spokesman for the Federal Election Commission.
Federal guidelines say the money can’t be used for things such as vacations, mortgage, rent or household items or to seed a for-profit corporation that benefits an individual or shareholder.
Paul, a Republican from Lake Jackson, about 50 miles south of Houston, has about $4 million in leftover campaign cash, said campaign spokesman Jesse Benton.
Among options being considered for the money, Benton said, are supporting like-minded candidates through Paul’s Liberty PAC; donating it to Paul’s FREE Foundation, which publishes his newsletter; trying to influence public policy through a new nonprofit group; or creating “something inventive and entrepreneurial” like a for-profit corporation to produce publications.
It’s not clear whether Paul would be able to form a for-profit corporation specifically designed for educational purposes.
Paul also has a potential gold mine in his mailing list, if he rents those names to interest groups or other campaigns.
Benton said the campaign has the names of 160,000 donors who have given an average of about $100 each. With people who signed up to receive campaign information, but have not donated money, the e-mail list grows to 400,000.
Presidential list are attractive because they include donors from across the country. Paul’s list also includes new participants into the presidential process, offering candidates a chance to expand their network to nontraditional donors.
On the market, the list of 160,000 donors would probably fetch about $135 per 1,000 names for each use, or about $21,600 a pop, estimated Kevin Shuvalov, a partner in Olsen & Shuvalov, an Austin firm that does fundraising and voter-contact mailings.
The Paul presidential campaign already has rented its list twice — once to his Texas congressional re-election committee, which raised $1.4 million, according to CQ Moneyline, a site that tracks FEC records; and once to incumbent Rep. Walter B. Jones, R-N.C., who serves with Paul on the Republican Liberty Caucus, a group of Libertarian-minded lawmakers.
It was not a failed Presidential campaign. It isn’t over yet, and even if he doesn’t “Win” in the traditional sense of the word, he is changing peoples views and starting dialog all over the country. This will be another election where most people will be voting for the “less of two evils.” Not me, I’m writing in Ron Paul.
Good for Ron Paul! I gave $350 of my money and i’m a poor student. I hope Ron uses the money I gave HIM to use as he wishes.
To the govenment and Mainstream media:
Get out of our lives and pocketbooks!
GIVE US LIBERTY!
Ron Paul is still campaigning. I hope he uses the money to buy some media time and let America know what the Internet already does. Ron Paul would beat Clinton or Obama hands down.
I would not call waking folks up to the truth a Failed Candidacy. You think Nevada Convention was a surprise? Just hang on to your seat, its gonna be a bumpy ride! Honesty and integrity will prevail in the end. All other candidates are the same as leaving Bush in office! God forbid
I’m more curious as to what Rudy is doing with his “FAILED” campaign money…. love ya A.P. but give the bias a break… Maybe Rudy is doing what other New York politicians do with their money hmmmmmm j/k that’s biased
Ron Paul would be welcome to send my name to ANY like minded, freedom loving politician who wants to let people know that the cause of freedom is not dead in America. Fox News and the drive-by media believe they can influence everyone in the country with their Geobles style propaganda. They believe they can convince us to line up to enter the gas chambers of tyrranical government without a fight.
The propagandist who wrote this article wants us to ignore the fact that state conventions are being shut down by Republican Party leaders because they can’t get enough people to support John “Keeting Five” McCain. Wake up and smell the lillies, Fox. Your Neo-Con mind controlling days are over. Your propaganda isn’t working and why? It’s because people can see they are being turned into slaves by our oil company executive run government.
The price of food and fuel and electricity will bring this country to it’s knees.
Vote Ron Paul! He’s a man with a REAL plan.
I hope Ron Paul uses my cash to stimulate the economy by:
1. Getting elected
2. Starting a “for-profit publishing company”
Here’s to preventing the second great depression!
Im happy Ron Paul used some of my cash to eat at Burger King. Im actually honored.
YEAH!! All for it. Republicans for real for real. This is how the party should lean. Times up for the Neocons!
You should be commenting on the money McCain illegally borrowed from public Coffers to boost his campaign as opposed to the Campaign funds raised legally by a republican still in the race…..