Tom Wolf, the Democratic candidate for governor who apparently wants to move Pennsylvania to a kitchen cabinet-based economy, released details yesterday on a loan he received for his campaign: A cool $4.45 million personal bank loan to help finance his campaign, the Inquirer’s Thomas Fitzgerald reports.
Because it’s a personal bank loan — and, yes, the idea of someone getting a $4.45 million personal bank loan makes me feel bad about my own financial situation — the money cannot be repaid from the campaign, Wolf said in a statement. He’ll have to repay it himself. Time to sell more kitchen cabinets, I guess?
The loan prompted criticism from fellow Dem candidate Allyson Schwartz, who talked with the Inquirer editorial board Thursday:
"What's his relationship with that bank? Who is he indebted to?" Schwartz, a Democrat from Montgomery County, asked during the meeting. "It may be fine. I just want it to be transparent."
Wolf got the loan using stock in the Wolf Organization as collateral. The Inquirer reports the Wolfs (Wolves?) will have to pay back the loan in 11 installments of $150,000 each.