Keep the money
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Meanwhile, in Illinois (don't...just don't).
Former Cook County Sheriff Michael Sheahan is the latest Illinois politician to cash out his campaign fund by pocketing the balance.
Sheahan, who also once was 19th Ward alderman, paid himself $392,606 in January out of his Citizens for Michael F. Sheahan campaign committee before closing its books nearly 15 years after he last held public office.
It’s a dubious practice that’s completely legal under Illinois law, though it shouldn’t be.
It just seems obviously unethical to me for elected officials to use the power of their office to solicit campaign funds that they then use to line their own pockets, even if they wait until retirement to collect. Former President Barack Obama once called the practice “legalized bribery.”
But the Illinois Legislature only half agreed with me. Legislators voted in 1998 to ban the practice — but only for all future politicians in the state, exempting themselves along with anyone else who already had a campaign fund.
Since then, government officials and former officials have been allowed to cash out an amount equal to whatever money they held in their political accounts on June 30, 1998. The only requirement is that they must pay income taxes on the money.
For decades before that, politicians in Illinois had regarded their campaign funds as a personal nest egg, a protection against the day when voters turned them out, as if their generous government pensions weren’t enough.
Sheahan is collecting somewhere upwards of $225,000 a year in county and city pensions, more than he ever made as sheriff.
Now 77, he was sheriff from 1990 to 2006 and 19th Ward alderman for nearly 12 years before that.
When he left office in 2006, the Chicago Democrat still had $924,749 in his campaign fund. By law, he would have been allowed to keep $561,332 for himself because that was how much he had in the account on June 30, 1998.
Sheahan drew down the balance gradually over the past 15 years, mainly by making charitable and political contributions.
Burt Odelson, Sheahan’s longtime election lawyer and friend, cited the former sheriff’s charitable history in defense of his decision to cash out.
Odelson said Sheahan previously donated “hundreds of thousands” in campaign money to such causes as Catholic Charities, Misericordia, Special Olympics and law enforcement personnel in need.
“He is the most honorable elected official I’ve ever represented and a good guy,” Odelson said. “I personally have told him he should have cashed this out a long time ago.”
Odelson said Sheahan, who declined to speak with me, “paid well over $100,000” in taxes on his campaign cashout.
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Well it’s been against the law for nearly 25 years now so how many pre 1998 accounts can be out there?
It does beg the question, how often is/was there a surplus? We always hear about the debt.
The real story here is the size of his pension. Eye on the ball folks.
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When you shake someone's deep sense of self-worth, leaving a scar in their ego, they will persistently try to diminish you through petty arguments & obsessive captious criticism of your actions, just to soothe the wound.
- Nassim Nicholas Taleb
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Success is measured by your discipline and inner peace. – Mike Ditka
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@catseye3 said in Keep the money:
To what should the surplus be applied?
Perhaps to their state, local county, or political district political party organization. That's what many do here in Minnesoooooota. It helps support future campaigns from your party.
