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70.5% of Unity08 2007 Funds came as Big Loans from 5 Wealthy People. The Terms of these Loans? Undisclosed.

In Unity08’s financial reports to the IRS for 2007 (split into a report for the 1st half of 2007 and another report for the 2nd half of 2007), the sum total of all contributions for 2007 is $1,550,226.

There are many important pieces of information to sift through in these two reports. But the figure that jumps out most immediately is that a majority amount of all contributions to Unity08 in the year 2007 came from just five people:

1. Robert Bingham, corporate executive and investor of his own considerable funds.
Total contribution to Unity08 in 2007: $817,452.00.
Amount of contribution in form of loans: $812,452.000.
Terms of loans: undisclosed.

Curiously, $255,000 of Bingham’s monetary contributions occurred before news emerged that Douglas Bailey was ousted as CEO of Unity08 and Robert Bingham was to be the new CEO of Unity08 in public, on June 4 of 2007 on KPBS.

2. George Vradenburg, Past VP for Global and Strategy Policy at AOL, current President of the Vradenburg Foundation, current Member Council on Foreign Relations.
Total contribution to Unity08 in 2007: $105,000.
Amount of contribution in form of loans: $100,000.
Terms of loans: undisclosed.

3. Martin “Marty” Capdevilla, founder and president of Frontier Trading Inc.
Total contribution to Unity08 in 2007: $100,000.
Amount of contribution in form of loans: $100,000.
Terms of loans: undisclosed.

4. Roger Craver, Chairman of CMS, a direct marketing corporation.
Total contribution to Unity08 in 2007: $50,000.
Amount of contribution in form of loans: $50,000.
Terms of loans: undisclosed.

5. Douglas L. Bailey, Republican political consultant.
Total contribution to Unity08 in 2007: $30,714.
Amount of contribution in form of loans: $30,714.
Terms of loans: undisclosed.

For a number of months in 2007, Unity08 showed a big money bar on its Unity08.com home page with the total of well over a million dollars as an indicator of its success. But 70.5% of Unity08’s contributions in the year 2007 came from these five wealthy individuals in the form of loans. Why, 52.4% of Unity08’s contributions in the year 2007 came from just one mega-wealthy individual, an individual who took over the Unity08 corporation after making hundreds of thousands of dollars of these loans to it.

Robert Bingham describes himself as an “angel investor,” someone who sweeps in and provides funding to struggling efforts with the expectation of some return in the future. What kind of return did Bingham expect from his investment? What were the terms of the loans made by Bingham, Vradenburg, Capdevilla, Craver and Bailey? I don’t know. The terms of the loans are undisclosed.

In January of 2007, Douglas L. Bailey made an announcement. Bailey was then the CEO of Unity08, to be ousted in a few months by “angel investor” Bingham and his mega-loans. As Unity08 CEO, Bailey announced the Clean Money Pledge which he encouraged all citizens to follow:

I will only vote for a presidential candidate who has raised more than half of his/her funds through small contributions of $250 or less.

Bailey further (legal deposition by Bailey, see page 77) sent letters to all the presidential campaigns with a public flourish, demanding that they follow the Clean Money Pledge. Bailey promised to keep track of the presidential campaigns, making public congratulations to those campaigns which kept the Clean Money Pledge and making public condemnation of those campaigns which failed to satisfy it.

Unity08 never met the standard of its own Clean Money Pledge. It never came close.

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