Watergate Hearings: Senate Select Committee on Presidential Campaign Activities, June 6, 1973 Testimony of Hugh Sloan
Watergate Hearings: Senate Select Committee on Presidential Campaign Activities, June 6, 1973 Testimony of Hugh Sloan
Watergate Hearings: Senate Select Committee on Presidential Campaign Activities, June 6, 1973 Testimony of Hugh Sloan
Watergate Hearings: Senate Select Committee on Presidential Campaign Activities, June 6, 1973 Testimony of Hugh Sloan
Herman Talmadge (D Georgia). I do not believe we have heard from you an expression in detail of circumstances surrounding this $350,000 deposit of May 25, 1972. Will you tell us about that? Hugh Sloan. Yes, sir, as I believe I indicated before, Secretary Stans had told me prior to April 7th that in terms of the new law this cash on hand was validly held in any repository which included a safe. But he did say he wanted this money, the money that was to be carried forward as cash on hand under the new law, to be deposited to the end of the first reporting period so that all post-April 7th funds would have gone through a bank account to facilitate any auditing that might come up by the General Accounting Office. He wanted to be sure that it was in that first report, in by virtue of having been in a bank account. So on probably, maybe the same day, May 25th, or maybe a day or two before, I don t recall whether I reminded him that we had this deadline or whether he called me in and asked what is the cash balance? He said $350,000 of this is to be deposited to the Media Committee To Re-Elect the President. On that day I put the money in briefcase. This was the first occasion where I had had to deposit cash in a bank other than the bank that was in our own building. The reason for this was that this was the only committee that had enough margin left to receive that amount of money under the $3 million limit of the old law. In other words, all the post-April 7th committees had to be established first under the old law, all the transfers made into them before they could become effective in the period of the new law. So during that day or two, while they were receiving the carryover funds from predecessor committees
Watergate Hearings: Senate Select Committee on Presidential Campaign Activities, June 6, 1973 Testimony of Hugh Sloan
Herman Talmadge (D Georgia). Would you yield at that point? The reason for that, I presume, was that you did not have to disclose the source of that money because you had an existing committee to deposit it to? Hugh Sloan. That is right. In other words, we were liquidating the assets of the pre-April 7th committees into what would be the post-April 7th committee and we had to restructure because there were new requirements in terms of chartering and registering. Herman Talmadge (D Georgia). You deposited it in that account because you didn t have to disclose the source of it, is that correct? Hugh Sloan. None of this money that was transferred would have to be disclosed, it would just have to be listed as cash on hand as of April 7th. Because of my concern and the fact I had to walk across essentially across Lafayette Park, and this was a lot of money I was concerned about security so I requested Mr. Liddy, who I ran into, I asked if he was busy, would he accompany me. I took Mr. Liddy with me. We made the deposit, we had lunch, we returned. Herman Talmadge (D Georgia). He was the only one who went with you? Hugh Sloan. Yes, sir. Herman Talmadge (D Georgia). That was in cash, $100 bills? Hugh Sloan. Probably, I am not sure all of them were. Herman Talmadge (D Georgia). Do you have any knowledge of the origin of the cash or any other cash funds on hand? Hugh Sloan. I think if I saw a list, I could probably establish, but would have a very difficult time trying to remember contributors at this point.
Watergate Hearings: Senate Select Committee on Presidential Campaign Activities, June 6, 1973 Testimony of Hugh Sloan
Herman Talmadge (D Georgia). And did you speak to Mr. Mitchell concerning the break in and funds that you gave Mr. Liddy? Hugh Sloan. I only talked to Mr. Mitchell on one occasion, Senator. And it was a very brief meeting because the FBI was waiting in my office to talk to me. I essentially went in to get some guidance on this point as to really what was going on. And it was on this occasion that he simply told me "when the going gets tough, the tough get going which wasn t particularly helpful. Herman Talmadge (D Georgia). How did you interpret that remark? Hugh Sloan. I really wasn't sure, Senator, but it really wasn't very helpful guidance. Herman Talmadge (D Georgia). You did not take it was an invitation for you to leave, did you? Hugh Sloan. Yes, sir. I left after that. Herman Talmadge (D Georgia). Thank you, Mr. Chairman. I have no further questions. Sam Ervin (D North Carolina). In view of the fact that it is almost time the regular recess time, I think anybody else who wants to question could not possibly complete questioning before the recess. Unless there is an objection from the committee, the committee will stand in recess until 2 o'clock.