13 November, 2012

Colbert shuts down super PAC - Kevin Robillard - POLITICO.com

Colbert shuts down super PAC - Kevin Robillard - POLITICO.com: Later in the show, Colbert’s lawyer, former FEC chairman Trevor Potter, told Colbert he could get out of the super PAC game and cut himself a check for the remaining $800,000 in his super PAC. But, Potter said, the transfer would show up on an FEC report.

“But the whole point of a super PAC is to have secret money and use it any way you want, Trevor,” Colbert said. “Is there any way — and I know this is crazy, these might be the mad ramblings of a syphilitic brain. But hear me out, is there some way I can give the money to myself and therefore hide it forever from all eyes and use it anyway I wish?”

“Actually, you can,” Potter said. He explained to Colbert that he could secretly steal the remaining $800,000 in his super PAC by creating an anonymous 501(c)4 and using an IRS loophole.