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Was the origin of the Spartz family finances really worthy of spilling all this ink? She just spent a million dollars on her own campaign without panhandling from the public, money that came from 15 years of smart land speculation. A four-page exposé in the IBJ seems to be unduly excessive and smells of crestfallen disappointment that no scandal was uncovered. So, is a minute multi-page examination of her opponent’s personal finances slated for next Saturday’s edition?
Chris, I have another take on this, and will readily admit I couldn’t bring myself to finish more than half this story. First, they already ran a puff piece on her a couple of weeks ago but I’m pretty sure they never even mentioned Christina Hale’s name. Should do a little more balanced reporting. To my knowledge, the IBJ still hasn’t run a story on Hale. This article will be construed as a rags to riches feel good story for many people, despite the convoluted part about who owned what when and whether there was any mischief afoot. Real estate developers and politicians are notoriously corrupt, but not all of them. And before everyone cheers on a wealthy person for self-financing, understand that IF she gets elected, she will have lobbyists pouring money into her campaign or next re-election campaign and she will surely repay herself the $1MM. If she loses, then she’s out the money, for now.
My first thoughts also Christopher. Lots of people have made money by buying and holding onto real estate.
Horatio – Hi. I’m the IBJ managing editor. We ran a profile of Christina Hale the week before the profile of Victoria Spartz. We ran them in the same spot on the front page and did the same look at their votes on key issues. Here’s the link to the Hale profile: https://www.ibj.com/articles/efforts-to-lift-up-women-help-define-hale
Anthony – I don’t know where I got Horatio!! My sincere apologies. Thanks for reading IBJ!
Hi Christopher. Thanks for your comments. I’m the managing editor of IBJ. During the primary, other media organizations raised questions about how Victoria Spartz could have donated so much money to her own campaign. When she told us recently that the money came from selling real estate, we thought it was important to provide clarity to that issue. Our goal was to provide information without commentary, similar to what we might have done if a candidate was an entrepreneur that has bought and sold a number of companies. Thanks for reading and commenting!
Wow. Let’s vilify a person and family for taking risks and being smart about real estate to better their own lives. Such a concept. I’ll bet under the current state of this crazy world it would be better for Christina Hale to have built her wealth selling the blood of baby seals since she is a liberal politician and they can do no wrong. C’mon IBJ, you’re better than that. This article reeks of the crap that the IndyStar gulag
Wow. Let’s vilify a person and family for taking risks and being smart about real estate to better their own lives. Such a concept. I’ll bet under the current state of this crazy world it would be better for Christina Hale to have built her wealth selling the blood of baby seals since she is a liberal politician and they can do no wrong. C’mon IBJ, you’re better than that. This article reeks of the crap that the IndyStar gulag churns out daily.
Great comment, Michael Q; so true on all accounts. Thanks.
I don’t understand the criticism of the IBJ’s article. I thought that was what we were paying for. I suspect most of us are able to deal with “too much information “.
I’m just curious about her Ukraine family background during the German occupation during WW2
Me too!
Just a small little $1.5M starter loan from Mommy and Daddy. LOL.
I have more of a question than a comment. I’m just curious why a person would contribute a million dollars of their own money to a congressional campaign? Is it paid back at some point with campaign donations? Is being a congresswoman that lucrative that it’s worth the investment to win? You could say you really want to represent the people, but unless your ultra wealthy your not going to throw your money away to possibly win unless it pays off down the road.
I think this article helps explain most of the mystery, but not completely.
Federal Law still limits campaign contributions to $2,800 per election, per candidate. This limit includes spouses of the candidate. Jointly held accounts are considered 50/50 (ie $5,600 would be $2,800 from Jason). So, I think, how did they get the money from a Jason Spartz held asset/account into Victoria’s for the campaign is for her to use the Spartz’s Farm Farming Line-of-Credit (LOC) held in her name per campaign disclosure information. Jason would then make debt payments on the LOC for her benefit which can be done without FEC disclosures. It is possible that this is where most of the money comes from, and how it flows into the campaign. But also other individuals could also be making contributions to her campaign by doing the same, i.e. LOC debt payoffs. We wouldn’t know for sure, nor are there strong FEC disclosure law to require her from showing who is making her LOC debt relief payments.
I agree with JEFF A.’s comment, why commit so much of your own fortune to a campaign w/o expectation of a payoff later from exploiting the political position of power for personal gain. Why not use some of that money to buy another home outside of the trailer park?
After you have all the money you will ever need, what’s left? Power over others. Trump is a perfect example. She won’t win, so let her flush her money down the toilet.
You guys must be doing something right because it’s being vilified as a hit job and a puff piece. Nice reporting and tracking the real estate deals.
I would be interested to know how much -if any – money the bank lost because of the foreclosure on the Spartz property. Obviously, the Spartz family had other resources they could have used to make that payment, but they chose not to.
And just what is the purpose of this? Seems excessive to me.