Bay Ridge Cabal Bankrupting Party: Disclosure Reports Detail Bank Account Empty in Wake of Severe Mismanagement
As a result, it seems the party is begging district leaders and other willing participants for a bailout to fill one of their accounts, which the party cleaned out this past year on frivolous expenditures.
The other account–once chock-full of Bloomberg money from the Mayor’s earlier purchase of a Wilson Pakula vote from the GOP–is dwindling and will likely dwindle even more when the receipts from the Brooklyn GOP’s much hyped holiday dinner come in.
This is hardly the first time I’ve discussed the party’s plain lack of judgment and stupidity regarding financial matters.
As you know, according to the by-laws of the Kings County Republican Party, Article II, Section 7, the Chairman, with little or no accountability to anyone except his second-in-command (and rubber-stamper the Executive Committee Chair), has the sole discretionary power to distribute and dispense the funds of our party.
Earlier this year, I reported to you that the financial disclosures of the Kings County Republican Party demonstrated that Chairman Craig “The Duke” Eaton has treated County funds as his own personal piggy bank.
Apparently–and frankly, unsurprisingly–this ridicuous behavior has continued after The Duke’s derided reelection as the GOP Chairman of Failure.
While my colleague Francisco D’Anconia has alleged that Mr. Eaton is no longer relevant in GOP politics (and I wholeheartedly agree), he still unfortunately has the ability to shame our party by his ineffective and substantially weak abilities as a financier.
Let’s look at what the numbers say about the “great” Duke of Bay Ridge.
The Kings County Republicans maintain two accounts for which they file disclosures.
At the start of this year, one of these primary accounts started with an opening balance of $22,684.23. The following spreadsheet I put together demonstrates the erratic mismanagement of funds over the course of the year. At one point, the party was actually carrying a negative balance!
Here we go:
|January 2009 Opening Balance:||$22,684.23|
|July 2009 Opening Balance:||$15,794.98|
|32 Day Pre-General Opening Balance:||$4,375.00|
(This is a NEGATIVE BALANCE! of $622.12, my friends!)
|11 Day Pre-General Opening Balance:||($622.12)|
|27 Day Post-General Opening Balance:||$4.09|
What a fiscal roller coaster ride!
Tell me, is this where the “greatness” I’ve noticed one commentator confer to Craig “The Duke” Eaton and Company comes from? Is it his accounting savvy and judicious allocation of resources that earns him such pride among his cronies and acolytes?
I hope not.
And so, this all begs the question: just what the heck is Craig Eaton doing with our party’s treasury? How much of this money was doled our for petty purposes and how much was actually spent on the numerous races the party faced this year?
I read something recently that made me laugh on Urban Elephants. The Editors of that blog, who attended the hack-fest that was the “Bay Ridge” GOP’s Holiday Party, said this: “Congrats to Chairman Eaton on a great event, which is sure to propel the Chairman’s efforts to grow the GOP in Brooklyn this year and beyond…”
They could have added: Just kidding! That party’s livin’ on a prayer!
That would have been more appropriate.
Besides Urban Elephants’ farcical commendation to Eaton on his efforts to grow the GOP (which this blog and the facts have demonstrated he has not done–I thought you guys at Urban Elephants were brighter than that?), I wonder what the Webmeisters of the UE Institute think about that fact that a major holiday fest was hosted on the dime of the party with no efforts at either charity or receiving donations of which we are aware, with the full knowledge that the party has not even $800 in one of its two primary accounts.
That’s a decrease of over $21,000 dollars from the year, very little of which was spent on their own candidates!
Where are your priorities, Mr. Eaton?
And here’s the real kicker… Remember the $50,000 Bloomberg gave to the Brooklyn GOP to buy a Wilson Pakula?
Well, if you look at the other Kings County Republican Party bank account after this ridiculous Holiday Party, the Shore Road Shills have likely already spent over $10,000 or more of that just on the festivities alone. With end of year debts and all, who knows how much of that is left? We won’t know for sure until next year…
What is clear is that, in a year marked by the Great Recession, the party has wasted valuable resources on frivolity rather than helping to boost their candidates, NONE OF WHO WON A SINGLE ELECTION...
Who in their right mind would ever think this party is going in the right direction when its priorities and spending habits are all wrong!
What we need is a dedicated financial plan–nothing complex or requiring an advanced degree–just a system that ensures that the party is actually serious about supporting its candidates. Candidates will never look to the party (and often don’t) if the party is running in and out of insolvency over the course of the year. And the party rarely volunteers to give money unless it has an agenda.
As such, by New Years, I will be releasing a post setting rules and guidelines for the Brooklyn GOP’s spending. This party does not know how to maintain itself and keep itself in good fiscal standing throughout the year. Much of this is because those in the party leadership consider certain expenses to be necessities when, in fact, they are objects of choice rather than need.
This must stop.
Also, I will be looking to see just how much the party has given to candidates over the years and what expenses they have made that amount to sheer frivolity.
Let us be clear: the most important goal of a political party is getting candidates elected and keeping them in office. This party has proven time and time again that it cannot do either.
But, then again, when you give immature children a credit card, what do you expect? That’s why it’s time to teach these spendthrifts how to run an organization.
But my expectations are low. If Atlas Shrugs has proven anything about the Brooklyn GOP leadership, it’s that you can lead a horse to water, but it’ll choke on its own vomit before it takes a sip.