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Tom Wolf uses bank loan to help bankroll gubernatorial campaign

Written by The Associated Press | Apr 4, 2014 10:38 AM
TomWolf.jpg

(Harrisburg) -- Democratic gubernatorial candidate Tom Wolf says some of the $10 million that he gave to his campaign was from a bank loan. 

Wolf made the acknowledgment in a Philadelphia Inquirer report, saying he had lacked the entire $10 million after investing his available cash to save his building materials company from shutting down in 2009. 

The Inquirer also reported the Pennsylvania State Employees Retirement System is the largest investor in the Weston Presidio V buyout fund that has invested $41 million in Wolf's company starting in 2006. 

Weston Presidio says the retirement system invested $50 million in the $1 billion fund. It estimates its investment in Wolf's company is now worth $22 million, after saying the company had no resale value in 2009.

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Comments: 3

  • Marie Cuevas img 2014-04-08 09:59

    Some of the good news about the recession is that many Americans want to tighten their belts and get rid of debt. Many are adjusting their budgets so that a little fast cash can get applied toward debt, especially toward one of the most common and expensive sources of debt. Fewer people are using credit cards these days, and smaller balances are being carried. Not only that, but there are also fewer delinquencies. It seems that people are able to get debt relief by their own bootstraps.

  • Brian Smith img 2014-08-29 17:33

    I don’t turn for taking loan to bank because they always cheat people. That is why I prefer to turn to payday loan companies. I found one good online">http://personalmoneyservice.com/">online loan company. It gives me opportunity to pay things which I need and don’t take expensive loans with high rates.

  • Brian Smith img 2014-08-29 17:39

    I don’t turn for taking loan to bank because they always cheat people. That is why I prefer to turn to payday loan companies. I found one good online">http://personalmoneyservice.com/">online loan company. It gives me opportunity to pay things which I need and don’t take expensive loans with high rates.

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