FACT CHECK: Josh Mandel Blew Off Work To Raise $$$ From Pay Day Lenders

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FACT CHECK: Josh Mandel Blew Off Work To Raise $$$ From Pay Day Lenders

JOSH CLAIMS: I’m not beholden to the payday lending industry – I’m not beholden to any interest.

THE TRUTH: Josh Mandel’s raised at least $170,000 this cycle from payday lenders after voting to allow them to charge outrageous interest rates.

1. Josh Mandel blew off work in March 2012 to fly to the Bahamas where he raised $67,000 from payday lenders. [Cleveland Plain Dealer, 3/13/12; Cleveland Plain Dealer, 6/7/12]

2. Josh Mandel has raised at least $170,000 from payday lenders just this cycle. [Dayton Daily News, 6/11/12]

3. In 2010 Josh Mandel voted against a bipartisan bill that would close loopholes allowing payday lenders to offer short-term, high interest loans up to 391%. [Cleveland Plain Dealer, 3/13/12]

Friday, March 9th:  Josh Mandel Flew To The Bahamas For A Fundraiser With Payday Lenders.  In March 2012, The Cleveland Plain Dealer reported “Ohio Treasurer Josh Mandel, already criticized by Democrats for missing official state meetings, flew to the Bahamas last Friday to give a speech to the payday lending industry, The Plain Dealer has confirmed. Mandel held a fund-raiser for his U.S. Senate election campaign while at the Bahamas resort, a spokesman acknowledged when the newspaper asked.”  [Cleveland Plain Dealer, 3/13/12]

Mandel Raised $67,000 From Payday Lenders And Their PAC’s During A Fund-Raising Event In The Bahamas.  In June 2012, The Cleveland Plain Dealer reported “Never mind the April headlines that said incumbent Democratic Sen. Sherrod Brown outraised his Republican challenger, Josh Mandel, by about $400,000 in the first three months of 2012. Those numbers — Brown’s nearly $2.4 million to Mandel’s $2 million — are accurate when looking at each candidate’s campaign account. But it turns out they overlook additional eye-popping fund-raising accounts controlled in part by the candidates. These accounts tapped the ability of Mandel and Brown to attract big donors, then split the proceeds with their respective political parties and affiliates.”  The Plain Dealer continued, “This separate campaign committee, it turns out, was also the conduit for donations from payday lenders who attended a Mandel fund-raising event in the Bahamas in early March.  Mandel’s campaign in March did not release the take from that event. But Federal Election Commission filings from the Mandel Senate Victory Committee now show that this single event raised at least $67,000 from payday lenders and their PACs.” [Cleveland Plain Dealer, 6/7/12]

The Payday Lending Industry Has Given $170,000 To The Josh Mandel Campaign.  In June 2012, The Dayton Daily News wrote “The payday lending industry has given $170,000 this cycle to support Republican Senate hopeful Ohio Treasurer Josh Mandel who is running against Democratic Sen. Sherrod Brown, D-Ohio. Brown chairs a subcommittee with some oversight of the industry.”  [Dayton Daily News, 6/11/12]

In 2010 Mandel Voted Against Bipartisan Bill To Close Loopholes That Allowed Payday Lenders To Offer Short-Term, High Interest Loans.  In June 2012, The Dayton Daily News wrote “Mandel voted against a 2010 bipartisan proposal to close loopholes that allow lenders to offer short-term, high-interest loans through other types of lending licenses. Payday loan industry critics said Mandel also helped stall the proposal in the House Financial Institutions, Real Estate and Securities Committee for months.”  [Dayton Daily News, 6/11/12]

Payday Lending Industry “Blasted” For Charging Interest Rates Of 391 Percent.  In March 2012, the Cleveland Plain Dealer reported “But by flying to the Bahamas to raise money from payday lenders, Mandel also faces the likelihood of being accused of cozying up to an industry blasted not long ago for charging interest rates as high as 391 percent, thanks to the magic of compounding, rollovers and fees.” [Cleveland Plain Dealer, 3/14/12]