All or most of a $267,000 loan obtained by Supreme Court Justice Clarence Thomas to buy a high-end motorcoach appears to have been forgiven.
FILE - Associate Justice Clarence Thomas joins other members of the Supreme Court as they pose for a new group portrait, at the Supreme Court building in Washington, Oct. 7, 2022. to buy a high-end motorcoach appears to have been forgiven, raising tax and ethics questions, according to a new report by Senate Democrats.
The loan's existence was first reported during the summer by the New York Times. Committee Democrats undertook their inquiry following the Times' story.over his undisclosed travel and other ties with wealthy conservative supporters. The court, the only part of the federal judiciary with a formal code of conduct, is debating whether to adopt an ethics code and, in recent months, three justices have voiced their support for such a move.
At the time of the loan, Thomas said in a handwritten note on his Supreme Court letterhead that agreements to pay interest of 7.5% a year and repay the money in five years, the report says. In 2004, the time to repay the loan was extended until 2014. Welters forgave the balance of the loan to Thomas in recognition of the payments made by Thomas which Welters characterized as interest-only payments that exceeded the amount of the original loan," the report says. Nine years of interest-only payments would total roughly $180,000, considerably less than the loan amount. Welters did not explain the discrepancy.
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