Word: loan
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Dates: during 1990-1999
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Young Brothers Development--USA is the company TIME previously identified as the G.O.P.'s secret China connection. The firm has rescued Republicans in the past two elections with a $2.2 million loan guarantee, $500,000 of which the firm eventually swallowed. Though the funds originated with the company's Hong Kong parent, that transaction appears to have been embarrassing but legal, since it was funneled through an R.N.C. think tank, the National Policy Forum, rather than the party...
...then Signet called in the loan. At first Barbour refused to pay the $1 million balance due. When the Youngs' lawyers threatened a lawsuit, the forum paid up $500,000, but that still left an angry Young with a $500,000 loss--sparing the R.N.C. from having to dip into campaign finds to pay off the rest of the debt...
That was the worst of a lot of bad options. The Gingriches could have taken out a bank loan, but there aren't any banks unaffected by legislation before Congress. The couple could have borrowed against another book advance, but then the book contract might look like a bribe. A legal defense fund, paid for by private citizens, was ruled out for an obvious reason: Why remind the public again that the rich protect the powerful...
...Republicans her refusal was a signal to go ballistic. Taking time from finalizing his loan with Bob Dole, House Speaker Newt Gingrich said Reno should explain under oath why she opposed a special counsel. Senate Judiciary Committee chairman Orrin Hatch, a sometime Reno supporter, was less bloodthirsty but no less unhappy. "There's overwhelming evidence that there may--that's all you've got to do, show that there may--have been criminal activity," he says. "You can't hide behind career prosecutors...
WASHINGTON, D.C.: Newt Gingrich took just about everyone by surprise announcing on the House floor today that Bob Dole will loan him the $300,00 he needs to pay his ethics fine. Virtually every member of the House was surprised by the move, reports TIME's Jay Carney. Once they recovered, Democrats were quick to cry foul, charging that the loan was ethically questionable, coming as it did from someone who has just joined a high-powered Washington lobbying firm. Minority whip David Bonior claimed that Dole had passed Gingrich a "sweetheart deal" paid for by the tobacco lobby. "Dole...