McGavick loaning his Senate campaign $2 million (Cantwell opponent)

[Judi Lynn]

Saturday, August 12, 2006 - Page updated at 12:00 AM

McGavick loaning his Senate campaign $2 million
By Alicia Mundy
Seattle Times Washington bureau

Republican Mike McGavick reached into his pockets Friday and dug out $2 million for his U.S. Senate campaign.

The personal loan comes a month before the September primary and amid a continuing gap in campaign fundraising with his chief opponent, Democratic Sen. Maria Cantwell.

The most recent fundraising reports show that McGavick had raised about $4.5 million by June 30 and had $1 million in the bank. Cantwell had raised about $11 million and reported $6.4 million on hand.

"We know that the incumbent senator and her allies are spending and will spend nearly unlimited amounts to win this election," said McGavick in a statement announcing his loan.

Democrats had predicted McGavick eventually would donate to his own campaign.
(snip/...)

http://seattletimes.nwsource.com/html/politics/2003193482_mcgavick12m.html

[Donnachaidh]

1. what - no Katherine Harris vomitous closeup moment

on Fox? No promises to put everything he has on the line?

I'm disappointed.

[bahrbearian]

2. Didn't Cantwell fund her" 1st Campaign" to the tune of 4million?

[TechBear_Seattle]

4. The scandal in Cantwell's first campaign was...

That she had self-funded through the sale of personal stock holdings and claimed that she would never, ever take special interest money. Then, before the election, her campaign was so far in debt that she was pimping herself to the highest bidder faster than an Aurora Avenue prostitute trying desperately to get cash for her next heroin fix (a habit -- pardon the expression -- that has remained with her throughout the last six years.)

When McGavick left Safeco Insurance, he was given an extremely generous "severance package" by his employer. That "severance" is now the target of a shareholder lawsuit claiming that it was really a highly illegal campaign contribution. This generous loan is newsworthy in light of that lawsuit, especially if it turns out that, without that severance package, McGavick would have been unable to make this loan in the first place.

[bahrbearian]

5. Thanks for the info

I wish Cantwell had a Worthy Dem opponent.

[133724]

6. I thought the plaintiffs put a freeze on spending that money....n/t

[TechBear_Seattle]

7. I'm not aware of any such freeze being in place

But that could just be my ignorance. :shrug:

[133724]

8. My Mistake; however....

The state Democratic Party asked the Federal Elections Commission to investigate McGavick's compensation in April, arguing the multimillion-dollar package could be an illegal campaign subsidy.


http://seattlepi.nwsource.com/local/6420ap_wa_mcgavick_lawsuit.html

I thought the shareholders law suit had frozen McGaivucks funds. but I guess not...

[TechBear_Seattle]

3. Didn't he just get a multi-million dollar "severance package" from Safeco?

I know that he and Safeco Insurance (his former employer) are being sued because that severance package looks an awful lot like an illegal campaign contribution. If it weren't for this "severance", would McGavick be able to afford such a loan to himself?