Sen. Albert Gore Jr. apparently borrowed almost $1.5 million from banks right around Super Tuesday by pledging the proceeds of future fund-raisers and federal matching funds, a Nashville newspaper is reporting Thursday.
The Gore campaign previously has acknowledged only that it had established a $1 million line of credit to be used as necessary for television advertising on Super Tuesday.Gore borrowed $750,000 from Sovran Bank-D.C. National, a Washington-based bank that handles his campaign accounts, The Tennessean reported. The remainder of the loans came from a collection of small banks in Tennessee, the Democrat's home state, the newspaper said.
Each of the banks has strong Democratic Party and Gore ties, the paper said. Officials at each of the banks refused to comment on whether Gore had received a loan.
Gore's staff has refused to give any details of campaign loans.
Gore pledged future federal matching funds against the Sovran loan, a standard presidential campaign procedure, The Tennessean reported, quoting sources familiar with the transaction.
At the Tennessee banks, the candidate pledged the proceeds of future fund-raising events, and in at least some cases, guaranteed 10 percent of the note on his personal signature, the report said.
"The Gore campaign has made complete disclosure of our finances every four weeks as required by the Federal Election Commission," campaign manager Fred Martin said Wednesday.
"For me to disclose the details of our finances before the FEC reporting date would be to give key strategic information to the other candidates a full month before they are entitled to have it and that would be a disservice to my campaign," he said.
The next FEC reporting date is April 20. The loans were taken out after Feb. 29 so they did not have to be disclosed March 20.
The due date for the Gore loans is July 15, three days before the Democratic National Convention begins in Atlanta.