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Tue January 31, 2012
Governor Snyder pays himself back
An end-of-the-year campaign finance statement shows Governor Rick Snyder took more than $800,000 from his campaign account last year. He used the money to partially repay himself for cash he lent the campaign while running for office.
Governor Snyder worked for just one dollar last year. But he did take $825,000 from his campaign account to partially pay himself back for $6 million in loans from his personal fortune to his campaign. Seven payments last year were a start toward reimbursing the retired tech executive and venture capitalist.
The numbers are unusually large, but it is a common practice for politicians to lend their campaigns money and then re-pay themselves after the election.
The Snyder campaign money came primarily from individual contributions of up to $3,400. The governor does not accept PAC donations.
At the December 31st book-closing, the Rick Snyder for Michigan Fund had $534,000.
The governor has indicated he intends to seek reelection in 2014.