Election Panel OKs Gore’s Bank Loans
Sen. Albert Gore Jr. (D-Tenn.) did not receive favored treatment from banks that lent him $1.6 million for his unsuccessful campaign for the Democratic presidential nomination, the Federal Election Commission reported Thursday.
Most of the loans were taken out around March, 1988, when a large number of primaries were held in the South. The Tennessee senator had pinned much of his hopes for winning the nomination on those primaries.
Election commission auditors initially questioned whether some of the banks had received enough collateral and assurances of repayment. Gore’s campaign argued that the loans had been repaid in full, which should serve as proof of the soundness of the decision to lend the money.