Friday, July 23, 2010

Berryhill's Bloopers - Funny Money Shuffle

Berryhill's Bloopers - Funny Money Shuffle
Berryhill shuffling own cash in, out of war chest
"WASHINGTON -- Republican congressional candidate Michael Berryhill keeps cycling his own money in and out of his uphill campaign...

Berryhill has not fared well in raising money from others, newly filed campaign statements show.  The former Turlock Irrigation District and Ceres school board member reported raising only $11,555 from May 20 to June 30...

Although Berryhill has failed to connect with outside donors, he has been aggressive in shifting around his own money.  His timing appears to be tactical, pegged to campaign reporting deadlines.

On March 30, records show, Berryhill loaned his campaign $225,000. The loan came on the second-to-last day of a reporting period and enabled his campaign to report having cash on hand.  Five days later, after the reporting deadline passed, the campaign repaid Berryhill.
On May 19, the last day of the next reporting period, records show Berryhill again loaned his campaign $225,000. Again, the loan enabled his campaign to report having cash on hand.  Two days later, after the reporting deadline passed, the campaign paid back Berryhill.
One June 28, two days before the conclusion of the most recent reporting period, Berryhill loaned his campaign $125,000.  The stated due date was June 28, the same day as the loan itself, although no payment had been made by the time the reporting period ended June 30."
-Published Sunday, July 18, 2010 - The Modesto Bee
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Official Federal Election Commission Reports show Mike Berryhill recently lent his campaign an additional $140,000.00, and paid himself back an additional $225,000.00.  Berryhill continues his bizarre campaign financing patterns of loaning his campaign hundreds of thousands of dollars, and then paying himself back in the next reporting period.  In the last 12 months, Berryhill has loaned his committee $710,000.00 and has paid himself back $470,000.00.  He still owes himself $240,000.00

What does this mean?  Berryhill has raised a total of $49,667.00 from sources other than his personal loans.
Here is a breakdown:
$710,000.00   Income (Berryhill personal loans)
$49,667.00     Income (donations)
$470,000.00   Berryhill loan repayments
$240,000.00   Still owed to Berryhill

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