Earlier today I noted that House Minority Leader John Boehner was bemoaning the fact that his caucus is having a terrible time trying to raise money for the 2008 elections. Looking at the way he has been spending money, though, one might begin to understand a part of the reason why people have been reluctant to support House Republicans. Mike Soraghan has the story for The Hill.

House Minority Leader John Boehner (R-Ohio) spent more than $110,000 in legal fees this year to deal with a Securities Exchange Commission investigation of possible insider trading at student lender Sallie Mae.

Four staffers interviewed by SEC investigators were later issued clearance letters indicating no action would be taken against them, but the investigation is ongoing and the link to Boehner could highlight his political ties to the now-scandal-tarred student loan industry.

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The SEC is investigating whether Sallie Mae Chairman Al Lord had inside information about President Bush's budget proposal, which when it was released in February proposed cuts in subsidies for student loan companies.

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On Feb. 26, Boehner's office was notified by the House Counsel's office that an SEC investigation of the transaction would include them, according to a source familiar with the situation. The SEC sought e-mails, notes, calendars and other records concerning Bush's budget plans for student loan subsidies.

As Soraghan notes, Boehner has been very close -- very close -- to the student lending industry over the years. Sallie Mae alone contributed enough money to Boehner's campaigns to make it his 13th largest contributor. Lord personally donated close to $10,000 to Boehner's leadership PAC at a time when Boehner was chairman of the House Education and the Workforce Committee, which oversees the student lending industry. And there's more, as I noted more than a year ago.

Almost 80% of the money given to House education committee members by advocates for the student loan industry and for-profit colleges went to Republicans in the 2003-04 campaign cycle, according to an analysis by the Chronicle of Higher Education. More than half of the money went to two Republicans: then-Chairman John A. Boehner (R-Ohio) and Howard P. "Buck" McKeon (R-Santa Clarita), chairman of the higher-education subcommittee.

With an appalling record of supporting the for-profit student loan industry over students themselves, it's no wonder that younger voters have been flocking to the Democrats, whom they backed in House elections last fall by a 60 percent to 38 percent margin. And with the SEC sniffing around Boehner's actions -- and Boehner is not the only Republican these days to come under scrutiny for potential improprieties -- and Boehner spending big bucks to fight back such an investigation, it's little wonder why folks aren't lining up to donate to try to help make him Speaker in the 111th Congress.