Word: loan
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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...
...soft money given to the R.N.C. Former party chairman Haley Barbour, who engineered the loan guarantee, has insisted that the G.O.P.'s white knight is all-American. Last week, however, R.N.C. spokeswoman Mary Crawford backed off that assertion. While the party has "nothing in our records" to indicate that Young Brothers Development--USA is foreign-owned, she said, R.N.C. lawyers will investigate the issue, and money will be returned if it was generated overseas. She hastened to draw whatever party distinctions were left: "We have never had an orchestrated program to solicit funds from foreigners...
Disclosure of Young's role in the 1994 loan guarantee has turned the political tables in Washington for the first time since the election. Democrats on the Senate and House committees investigating 1996 campaign irregularities seized the moment to demand subpoenas of Young, his employees and company records. "There are possibilities here of...illegal foreign contributions," said Senator Carl Levin of Michigan...
...Young's associates came forward last week to clarify how the loan guarantee evolved. An overture for the guarantee came in mid-1994 at a dinner with Barbour as host for Young at Sam & Harry's, a Washington haunt popular with politicians. Barbour said the G.O.P. think tank would use the loan to pay back its start-up money to the R.N.C., which was then gearing up for the midterm election. Indeed, the think tank transferred $1.6 million to the R.N.C. three weeks before the triumphant G.O.P. takeover of Congress. Young received a taste of the victory in a meeting...
...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...