GOP Senate candidate McGavick sued over Safeco package

[flamingyouth]

Republican U.S. Senate candidate Mike McGavick's lucrative retirement package from Safeco emerged again as a campaign issue Tuesday when a shareholder lawsuit accused McGavick and Safeco's board of illegally paying him $28.4 million after he resigned as chief executive.

Knoll Lowney, a lawyer active in liberal causes, filed the suit on behalf of a great, great-granddaughter of a Safeco founder and denied it was motivated by McGavick's campaign to unseat Democratic Sen. Maria Cantwell.

Lowney said McGavick and Safeco executived an agreement last December, after he became a Senate candidate, requiring him to provide transition services for the first two months of 2006, that amounted to "an illegal giveaway of Safeco assets."

The state Democratic Party previously filed a complaint with the Federal Election Commission alleging that McGavick's compensation package, coming after he became a candidate, constituted an illegal corporate campaign contribution. The FEC hasn't acted on that complaint yet.

http://blog.seattlepi.nwsource.com/seattlepolitics/archives/105484.asp

[Fenris]

1. $28.4 million dollars sounds reasonable.

:eyes:

[Journeyman]

2. So he was paid $28.4 million for two months' work. . .

That's about right for "transition services." I know I'd like to make that much for those sorts of services (especially since I've no idea what they might be). Besides, who knows how much overtime they required him to work those two months?

[RobertSeattle]

3. Stick a Fork In Yourself Mike - YOU ARE DONE!

[ShockediSay]

4. and they say WE're the elite effete ? ... n/t