One of the assets listed in the January 27, 2016 Financial Disclosure Report filed by Minnesota Second Congressional District Candidate Jason Lewis--a Galt.io, LLC Convertible Debt Note (described as "Loan to Galt.io, LLC due in stock or P & I in 2016 if firm solvent" in the January report) was later reported as "$25,000 unsecured loan to start-up company Galt.io, LLC due in 2016. Note defaulted; written off" in a later May 29, 2016 Financial Disclosure Report, required for the August 9 primary.
Here's a screengrab of the line item from page 2 of the January filing:
Here's a screengrab of the line item from page 2 of the May filing:
The disclosure report someone lends credence to primary rival Matt Erickson's assessment of the project, via the DCCC's June 1 blog post, Welcome To Minnesota’s Messiest Primary (emphasis added):
Here’s what Erickson had to say about Lewis, Miller and Howe: “I am not handpicked by the Washington establishment. I am not a failed disc jockey snake oil salesman who swindled people through his failed Galt.io. I am not a career politician looking to enhance my resume.”
Since the note has been written off, it looks like Lewis conned himself out of $25,000. However, since he sold his Miami Beach condo (valued between $100,000 and $500,000 in the January filing) for $250,000.00 (see page 4 of the May filing), Bluestem is happy to report that it's unlikely Lewis is looking under his sofa cushions for change.
In 2014, Kristin Tillotson reported in the Star Tribune article, Radio host Jason Lewis quits to focus on libertarian website:
Twin Cities talk-show host Jason Lewis made a sudden exit from radio Thursday night, quitting in the middle of his syndicated show, heard locally on Clear Channel's KTLK (1130 AM).
Reached Friday morning, the conservative commentator said he decided to end "The Jason Lewis Show" to devote his full attention to his fledgling libertarian website, Galt.io. but also to put his money where his mouth is on taxation and highly regulated businesses.
"There's a tipping point for everyone and for the economy as well," he said. "I'm going to try to make certain [Minnesota Gov.] Mark Dayton gets as little of my money as possible going forward. My ending may have been a bit dramatic, but it's a suitable one, because it's happening all over. If people who take capital risks keep getting demonized, they will stop playing the game."
Lewis said he told Clear Channel that he planned to retire Aug. 1, but wanted to keep it quiet because "a month of farewell shows makes for very boring radio. But I also wanted to make a statement."
Lewis made a 15-minute video that the site calls a "parody of what it is like working in a highly regulated industry and some of the events that led to his decision" to end his show.
Named for John Galt, the protagonist of libertarian hero Ayn Rand's 1957 novel "Atlas Shrugged," will be a "marketplace for causes," said Lewis, who plans to contribute commentary as well. "We want to reward activism, but have fun as well, offering rewards for points."
The site's members are part of a virtual economy that uses "Galtcoins," earned through dividends, voting and updates, to invest in such causes as supporting the Keystone XL pipeline or contributing to a political candidate's campaign.
The site was launched after an independent crowdfunding campaign last November that raised nearly $800,000, largely on the strength of on-air promotions by Lewis, whose show was carried by more than 50 stations nationwide. According to the site's co-founder and president, tech start-up consultant Alex Huff, most contributions were in the $25 range, with fewer than 10 topping $1,000.
The 7,000-member site had been invitation-only, Lewis said, but the goal is to expand membership and increase capital.
"We'll be vetting everyone; we don't want [prominent liberal donor] George Soros as a member," he said. "No doubt those sorts will get in, but members will police the site." . . .
The member-only site remains online, though it's unclear whether it's actively used by members.
However, Erickson might have little ground to condemn Lewis's scheme, given the silliness of his own congressional campaign. In MN 2nd District Republicans post lackluster fundraising figures, St. Paul Pioneer Press political reporter David Montgomery reports:
All of the Republican candidates for Congress in Minnesota’s 2nd District struggled to raise money the past few months.
John Howe, Jason Lewis and Darlene Miller are fighting for the Republican nomination in the Aug. 9 primary. But their campaign finance reports released Friday suggested the primary battle might be a low-spending affair: None raised more than $200,000 in the past three months, and all of them combined fall far short of the $450,000 raised by Democratic nominee Angie Craig over the same period. Craig also personally contributed another $200,000. . .
Perhaps the strangest fundraising report came from a little-known candidate, Matt Erickson. Erickson reported raising and spending about $54,000 — but almost none of that money appears to be real. Instead, all that fundraising was in the form of “in-kind” donations, each ostensibly worth $2,700, for purposes of “land usage,” “physical labor” and even “spiritual advice.” Setting all that aside, Erickson reported having negative $208.83 in the bank at the end of the quarter.
Photos: Jason Lewis (top); Clown car, because the GOP primary is one (bottom).
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