Michele Bachmann's Ponzi-Scheming Donor
One reason why Michele Bachmann might not want to stay in the presidential race until May.
Michele Bachmann (remember her?) is flailing desperately in her bid to become the first sitting member of the House to win a presidential election since James A. Garfield. There's a pretty big incentive for her to stay in the race at least through the holidays: She has a book coming out in November. But there's also a pretty strong disincentive for her to stay in the race much longer than that—in
February May her biggest career donor goes on trial in federal court for fraud, and there's the potential for some pretty incriminating details to trickle out.
Over at The New Republic, Mariah Blake has an excellent piece on a Bachmann story that hasn't gotten quite the attention it deserves. Partly that's because it's tougher to explain in one snappy phrase (i.e. "pray away the gay!"), and partly because it speaks to systematic problems that aren't unique to the congresswoman. Following up on reporting by Karl Bremer at Ripple in Stillwater, Blake explains how Frank Vennes and his partner, convicted Ponzi schemer Tom Petters, made millions on phony investments and then poured hundreds of thousands of dollars into political campaigns in the 2000s. Vennes' donations seemed to have a clear motive: receiving a presidential pardon for a prior felony conviction.
Many Minnesota politicians, Democrats and Republicans, received a lot of money from Ponzi schemers Tom Petters and Frank Vennes. But Bachmann was one of the few to take tangible actions in response. During her first Congressional campaign in 2006, Vennes and his associates donated $50,000 to Bachmann's campaign and PAC. Bachmann, in turn, lobbied the White House to reconsider Vennes' pardon application. Vennes and his wife then donated another $11,200. Blake writes: