Hanabusa Rejects 'Loan Shark' Allegation03/22/2012
Rep. Colleen Hanabusa's re-election campaign said that it's "insulted" by a "misleading" report that says Hanabusa profited from campaign donations by charging high interest rates on personal loans to her 2006 Congressional campaign.
A Citizens for Responsibility and Ethics in Washington (CREW) report released on Thursday contends that Hanabusa — then a Hawaii state senator — loaned her campaign committee $125,000 at a high enough interest rate that she made $31,000 in interest off of the campaign donations she used to pay herself back.
“With the interest rates Rep. Hanabusa is charging for loaning her own campaign money, she could be confused for a loanshark,” said CREW Executive Director Melanie Sloan in a statement. “Most Americans open a savings account when they want to earn a little interest on their money. Instead, Rep. Hanabusa is making a killing by investing in her own campaign.”