Rep. Grace Napolitano (D-CA) has bagged at least $294,245 since 1998 by loaning her congressional campaign money at interest rates up to 18%–a scheme that effectively funneled campaign contributor donations directly into her personal bank account.
The self-loan ruse was exposed Sunday night during a joint investigation by 60 Minutes and Government Accountability Institute (GAI) President Peter Schweizer based on Schweizer’s forthcoming book, Extortion: How Politicians Extract Your Money, Buy Votes, and Line Their Own Pockets.
After numerous attempts to interview Napolitano, Kroft finally confronted her outside a Hispanic Caucus meeting.
“She told us that as a woman and a minority, banks wouldn’t lend her money, so she had to withdraw $150,000 from an investment account to lend it to her campaign,” said Kroft.
Kroft then questioned why she would charge 18% interest. “That’s what the Mafia gets,” said Kroft.
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