"From Rags to Riches: The Unconventional Funding Strategy of a Senate Candidate"
Matt Dolan, a multimillionaire U.S. Senate candidate, financed his campaign through a line of credit with Morgan Stanley, paying a remarkably low interest rate of .832%. Dolan used the line of credit to make personal contributions to his campaign and loaned the campaign additional funds. This financial arrangement is uncommon among wealthy politicians, with only one other senator disclosing a bank loan for campaign financing. Dolan's loan follows a tax avoidance strategy known as "buy, borrow, die," allowing him to limit tax liabilities by borrowing against appreciating assets rather than selling them. While bank loans for political campaigns are rare, they are more likely for wealthy candidates with pre-existing relationships with the bank.