More on the Black money

Submitted by bkrueger on July 11, 2007 - 9:47am.
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A lobbyist loaned former House Speaker Jim Black $500,000 in the summer of 2000 in order to seal a real estate deal, his lawyers said in federal court this morning.

They said Black was in talks with investors who wanted to buy a Charlotte building where he had his optometry clinic, reports Ryan Teague Beckwith.

The investors wanted to know that Black had the money to make renovations. Rather than get a loan, Black got the money from an unnamed lobbyist.

The loan was informal and not secured by any written agreement, Black's lawyer said in court.

Once Black had the money, he decided to lend it to his campaign in order to make it look more financially healthy and spur donations from others.

When the real estate deal fell through, Black's campaign repaid Black and he repaid the lobbyist, about a month after he received the money, his lawyers said.

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Re: More on the Black money

Submitted by ryanteaguebeckwith on July 11, 2007 - 6:21pm.

There is no law against lending someone $500,000 based on a handshake. However, I wouldn't recommend it.

-- RTB

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Re: More on the Black money

Submitted by Proctor on July 11, 2007 - 10:07am.

So this was indeed a personal loan and not a campaign loan or contribution? Is it against the law for an individual to receive such a personal loan as this, regardless of one's involvement in public service or private business?

David McKnight--Durham

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