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Jan 26, 2004 - 07:53 PM
Debt Dueby Jamie Court
It turns out California's knight in shining armor was riding a stolen horse. A Sacramento Court ruled late this afternoon that Arnold violated campaign finance laws in the days just before the election by arranging a personally-guaranteed loan to his campaign of more than $4 million that ignored a voter-approved $100,000 limit on personal loans. The candidate who came to office claiming to clean up Sacramento politics was playing dirty himself.
Since elected, Schwarzenegger has been holding fundraisers up and down the state with special interest groups to repay the loan. He no longer can under the ruling today. That means that the cash flowing at those fundraisers at least cannot go directly into the Governor's own bank account. Arnold will have to repay this debt himself and he still owes another debt to Californians that put him in office -- Delivering on political reform promises that will foreclose the possibility that the type of money laundering Arnold engaged in will ever occur again.
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