Failed candidate Michael Bloomberg transfers $18 million to DNC

Michael Bloomberg spent nearly a billion bucks to be a failure at running for president and now he's transferring $18 million from his campaign over to the DNC. There's two problems with this - the morality and the alleged legal loopholes.

Not only did Bloomberg end his campaign as a Democratic socialist like Bernie Sanders kept going, and sleepy, creepy, Joe Biden pressed on - despite the possibility he mistakenly said he was running for senate - but now he's giving the rest of the campaign money to the DNC.

Wow. Can we imagine what Bloomberg could do if he put $18 million to better use, such as donating it to hospitals in need? I don't know how all this works with finances, but I'm sure in our current situation he could probably be allowed to donate the rest of his campaign money back to the American people instead of the goons at the DNC.

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David Rutz and Joe Schoffstall suggest there's a legal loophole being exploited, as stated by experts, who "say allows Bloomberg to bypass individual donor limits."

From what experts are saying, it seems like candidates can transfer the leftover money to the part, but Brendan Fischer doesn't think that specific loophole has ever been done to this magnitude. He also believes it allows Bloomberg to have influence over the Democratic Party.

Another expert spoke directly to the Washington Free Beacon. His name is Lee Goodman. He's a former chairman of the Federal Election Commission, so he knows a thing or two. He called Bloomberg's big transfer as the "legal two-step."


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He says that since the contributions to Bloomberg's campaign were so that he could win an election, that passing those same funds over, with the goal of helping the Democrats win an election, is basically acceptable.

He further suggests that if Bloomberg had simply passed his own funds through the campaign, that's where it gets tricky. He said, "the law might treat this transfer of funds differently if Mr. Bloomberg had merely passed funds through his campaign committee for the purpose of evading his personal contribution limits to the party."

WFB spoke to yet another expert. This is Kendra Arnold. She's got some skills too and she's an executive director working for the Foundation for Accountability and Civic Trust.

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Arnold states that "Bloomberg's transfer violates the intent of campaign finance laws."

She suggests that even though transferring money from a campaign to a party  could be within legal limits, there's also a $2,800 individual donation amount to keep in mind. Not only that, but Bloomberg's campaign was mostly self-funded and could, in a way, use his own campaign to make "massive contribution" that goes WAY over that previously mentioned individual limit of $2,800.

Specifically:

"The logic behind the unlimited transfer from a campaign to a national party committee is that a campaign raised the funds in compliance with the federal legal limits, namely the $2,800 individual donation," Arnold told the Free Beacon. "But in the case of a self-funded campaign, a candidate could simply use their campaign as an intermediary to make a massive contribution in excess of the individual limit. In this case, an $18 million contribution is extremely far afield from the intention of the law."

If you want to be more irritated with Bloomberg, then here's two more tidbits of information to get your blood pressure up.

Bloomberg is contributing $40 million to a global coronavirus initiative. You know, money that should've been used to help Americans first.

Bloomberg also laid off dozens of staffers who were possibly exposed to coronavirus and they'll be losing their health insurance. You'd think Bloomberg might have kept his campaign open and used the funds to make sure his own staffers were taken care of until this thing settles down or they all test negative.

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