Former state House co-speaker Richard Morgan is not the only candidate to show an above-market interest rate for loans he made to his campaign.
Election reports show that former state Rep. Wayne Goodwin, a Richmond County Democrat who unsuccessfully ran for labor commissioner in 2004, loaned his campaign roughly $45,000 at a 10 percent interest rate, reports Dan Kane. Goodwin's wife, Democratic Rep. Melanie Goodwin, also loaned roughly $22,000 to the campaign at the same rate.
But unlike Morgan, Wayne Goodwin said he and his wife never intended to collect the interest on the loans, which remain outstanding.
"I will not be taking any interest," Goodwin said. "That was just filling out a blank (on the campaign report)."
Subsequent election reports show that Goodwin has made partial reimbursements to himself for the loan of $2,750, all of which were deducted from the principal. He expects that he and his wife will likely not be reimbursed for the full amount of their loans.
"I would think most people who make loans to their campaigns probably never pay it back," said Goodwin, now an assistant insurance commissioner for the state. "They write it off, and I think that's ultimately what will happen with me."
Read more after the jump.