Donn Janes - Comment on Candidate $250K Loan

Statement

I would like to comment on the alleged allegations regarding Fincher's disclosure of the $250K loan to his campaign. I have to say that sufficient evidence exists to lead me to believe that the Fincher campaign is either incompetent or is guilty of failure to properly disclose the loan. If the $250K was actually a personal loan obtained by candidate Stephen Fincher, then his campaign need only file a single page document, a Schedule C-1, detailing the terms and conditions of the loan. The loan must also meet the following requirements per the 2008 Congressional Candidate Guide published by the FEC:

A candidate or his or her committee may obtain a loan, including a line of credit, from a bank, provided that the loan:

Bears the bank's usual and customary interest rate for the category of loan involved;
Is evidenced by a written instrument;
Is subject to a due date or amortization schedule; and
Is made on a basis which assures repayment

If a loan fails to meet any of these conditions, then a prohibited contribution from the lending institution results.

If Stephen Fincher had the $250K sitting around in cash or liquid assets and simply loaned this amount to his campaign, then the paperwork he filed with the FEC is correct; however, this would mean that the required financial disclosure he filed with the U.S. House of Representatives was not correct. He would have failed to list the asset(s) with them and is subject to a penalty, whether that penalty is a fine or possibly more severe. In any case, this matter can be cleared up fairly simply if no laws have been broken.

Since Mr. Fincher's campaign has not chosen to clear this matter up within a reasonable time frame I have asked the U.S. Attorney to take a look into this matter. I met with
Mr. Edward Stanton III on Monday and informed him of my concerns. I asked that he and his staff look into this matter as it falls under their direct jurisdiction.

I would like to point out the Stephen Fincher himself stated early in this race that if the people in the 8th District want to hold him accountable for his wrong doing that they need only show up on his porch with a rope. Although I don't see this as a hanging offense, I do find it quite offensive that he chooses not to clear this matter up.

Mr. Fincher also has chosen not to participate in many of the proposed and scheduled debates, stating that this accusation is false. I think that it is reasonable to conclude that there is indeed at least an error in one or more of Mr. Fincher's disclosures. It is
Mr. Fincher's responsibility to clear this matter up, as it was his campaign that made the error in the disclosures.

Once this matter has been resolved, the people of the 8th District would be well served for the candidates to get back on the issues that are important. Mr. Fincher should correct his paper work if he has done nothing wrong and stop using this as an excuse to not attend forums and debates. The debates and forums are not for his benefit but for the benefit of the voters.

-- Donn

Rachael Proctor

Communications Director

Donn Janes for Congress Campaign

901-827-0120

Donn Janes is a candidate for the United States House of Representatives for Tennessee's 8th Congressional District. A Navy veteran and businessman, Janes is an outspoken critic of how both the Republican and Democrat Parties have continued to ignore any calls for fiscal responsibility, causing the United States to plunge deeper into debt.

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