Subject: PAC
From: <[email-masked]>
To: "Steve Ricchetti" <[email-masked]>, "Hunter Biden" <[email-masked]>
Cc: "Dennis Toner" <[email-masked]>, "Alex Snyder-Mackler" <[email-masked]>
Date: Sat, 2 Jan 2016 18:53:12 +0000 (UTC)

Steve/Hunter

Understand you wil= see the VP on Monday to talk about Universities of Penn and Delaware. Sor=y cannot be there.

Been thinking about PAC and Foundation. If the P=C is going to be a success and raise real money, the key will not be the $=000 contributors who will make it work - the contributors who will make it=work are those who can bundle a bunch of $5000 checks.

1. Without n=ming names, it is clear to me that those bundlers will be the key targets =or the foundation.

2. The main help the VP can give to a candidate =r committee is by being a draw at their event.

3. Most Travel costs=will be carried by committee(s)

4. It s important that we get a smo=th start on foundation on March 1. Early success is the best incentive for=others to contribute.

5. The foundation will be key to the rest of =he VP"s life.

For these reasons, think it would be a mistake to sta=t a PAC this year.

Obviously I will go forward whatever the decisio= is.

I believe it is legal (Alex) for me to talk to VP as long as w= do not discuss possible contributors or amounts of money. If I am right a=out that, I will be happy to discuss my thoughts on the subject with him.<=r>
Happy New Year

Ted

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