Michael Steele Has Turned the RNC into Enron Arthur Anderson AIG

It's as if funny accounting is second nature for these guys:

The Republican National Committee at the end of last year struck a deal with the Michigan Republican Party that if the state party could raise what turned out to be a half a million dollars for the RNC from its donors, the committee would immediately give the money back, in a scheme apparently devised to increase the RNC's 2009 fundraising numbers.

"It was a known secret that a deal had been struck on the topic," a former RNC official confirmed to The Daily Caller.

"I think the benefit to them was them getting guaranteed money," the source said of the Michigan GOP, "and the benefit to the RNC was getting higher fundraising numbers."

While making Michael Steele look successful seems to have been the primary concern (Got Enron?), this also appears to have been a way to circumvent campaign finance law:

Chairman Michael Steele has boasted bringing in over $90 million dollars since his term as chairman began in 2009. Michigan state law allows individuals to donate an unlimited amount to political parties, though contributors who give to the party are subjected to federal campaign laws that restrict spending on federal races to $10,000 per year, per individual....

No state came close to reaching the half a million dollars disbursed back to the Michigan GOP over the following two months. Michigan received by far the most disbursed money of all states over January and February, followed by Delaware, $129,800 (including in-kind equipment); Oregon, $75,000; Colorado, $66,500; Massachusetts, $42,000; and Mississippi, $15,000.

The large amounts to Michigan are especially interesting, since there are no high profile races there, whereas Massachusetts received very little money during a year with a Senate race. It's probably just a coinky-dink.

Meanwhile, the national party claims they have no debt. I'm sure that's legit too.