Is Georgian politician Stacey Abrams an outsider, as she claims, or an insider? On this week’s episode of the Drill Down podcast, Peter Schweizer and Eric Eggers are joined by GAI Fellow and former Congressman from Utah, Jason Chaffetz to discuss breaking research from GAI on how Abrams leveraged her privileged access in the Georgia State Legislature into lucrative profits for her business, NOWaccount, while downplaying her role in the company.
In 2018, Abrams was burdened with over $130,000 in debt—but now, she’s a multimillionaire. How does that happen?
It is nothing new to learn that politicians often make an awful lot of money during their time in public office, but sometimes a new scheme comes along that really raises eyebrows.
While Abrams was serving in the Georgia legislature, a state agency tailored a loan program to fit the strategy of NOWaccount, a payment company she co-founded in 2010 (a fact that is hidden from the company website). This left Abrams’s firm as the only one in the state able to rake take advantage of the program.
The sweetest part of the deal for Now Account, however, is that taxpayers, not the firm or its investors, would pay for defaulted loans.
That’s insider politics, for you. Like most political “outsiders,” they are as greased in as anyone else in the government—and Stacey Abrams is no exception.