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Title: Post-Campaign Super-PAC Cash Still Flowing to Consultants (Gary Franchi & "RevPac")
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URL Source: http://www.bloomberg.com/news/2012- ... ll-flowing-to-consultants.html
Published: Dec 7, 2012
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Post Date: 2012-12-07 08:18:46 by Artisan
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Views: 65
Comments: 1
EXCERPTS FROM ARTICLE: Post-Campaign Super-PAC Cash Still Flowing to Consultants http://www.bloomberg.com/news/2012-12-04/post-campaign-super-pac-cash-still-flowing-to-consultants.html One example: Revolution PAC raised $1.2 million by pitching itself as a booster for Texas Representative Ron Paul’s run for president. Under the direction of Gary Franchi, the group spent $1 million, 83 percent of its cash, on administrative expenses, including about $153,000 for himself and his companies. A $1,766 monthly fee for “office rent” went to a Franchi company whose address is a mailbox at a Northbrook, Illinois, UPS Store. Franchi said in an interview there is a physical location for the companies, declining to give its address “for privacy reasons.” ..... Overhead Only The groups are defined by the FEC as “independent expenditure” committees, yet 167 of them spent everything they raised on overhead and nothing on ads or mailings advocating for candidates, the data show. ... The presidential candidacy of Paul inspired the formation of several super-PACs, and some of them invested little in politics while spending large sums on overhead. Revolution PAC raised more than $1.2 million and spent just $172,000 on independent expenditures to help him. Steering the group’s $1 million in administrative spending was Franchi, Revolution’s founder. Franchi paid himself $38,000 in management fees and fundraising commissions. The super-PAC gave more than $60,000 to One Touch Media and about $53,000 to Restore the Republic --also owned by Franchi, according to Illinois corporate filings. Revolution PAC was $63,375 in debt as of the end of September. In August, Washington-based campaign finance attorney Dan Backer took over the group’s FEC paperwork. Franchi Out Backer said in an interview that Franchi is no longer involved. “Like many grassroots people, Gary was very enthusiastic about the cause but didn’t have the background to run a business or large organization,” Backer said. “With super-PACs, a lot of people were getting paid what is probably not the optimal rate. We’re looking at how we can become more effective in that area,” he added. Franchi said he was “actually impressed” with what his super-PAC accomplished. He left the group to focus on his other companies, which provide social media services, he said. Poster Comment:
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Franchi responds to Bloomberg report http://youtu.be/StyENMeBbtw <12/7 Franchi with Ernest Hancock of FreedomsPhoenix http://www.freedomsphoenix.com/Media/124028-2012-12-06-12-07-12- george-donnelly-gary-franchi-will-grigg-video.htm "Even to the death fight for truth, and the LORD your God will battle for you". Sirach 4:28
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