August 02, 2002

The Republican Party Badly Needs a Better Class of Candidates

The Republican Party badly needs a better class of candidates. One example: California gubernatorial candidate Bill Simon:

Simon Doesn't Remember $1.2-Million Loss

Simon, who founded William E. Simon & Sons in 1988 with his brother Peter and their father, the former U.S. Treasury secretary, is a co-chairman of the committee that approves the firm's investments. But he testified that he did not recall attending any committee meeting on Pacific Coin. Simon, whose average annual income is $3.3 million, also said he recalled virtually nothing about Coinable Simon LLC, the company set up by the Simon group to invest in Pacific Coin. Yet on the federal income tax returns that Simon signed for 1999 and 2000, he listed his $1.2-million loss in Coinable Simon as one of his largest tax deductions.

Even when he was shown a 10-page memo on the pay phone deal covered with his own handwriting in the margins (including "wow!" "please explain" and "how about we make some money first"), Simon testified that he could not recall any conversations about the memo's contents. This week, the jury found that the Simon group hid from Hindelang that it planned to borrow large sums of money to expand Pacific Coin against his wishes, and then to take it public in a stock offering. The jury also concluded that the Simon firm hid its plan to charge $1.5 million in investment banking fees...

Posted by DeLong at August 2, 2002 08:12 AM | TrackBack


I prefer to worry about electing good democrats.

Posted by: Anne on August 2, 2002 10:41 AM

Here in NY Andrew Cuomo is trying hard to reclaim the governorship for his family. He recently withdrew as a candidate from the State Democratic Party convention when it became clear he was going to lose, saying the convention didn't represent "the people" and that he was going to get on the primary ballot by collecting signatures.

He then held a big counter-convention rally to kick off his signature-getting drive. The local press greatly enjoyed reporting that as he and his wife, Kerry Kennedy, stood on stage loudspeakers blared his chosen theme song, "Sympathy for the Devil" ... "I shouted out 'Who killed the Kennedys?', when after all it was you and me..."

Both parties need a better class of candidates.

Politics is going to have to start paying more.

Posted by: Jim Glass on August 2, 2002 03:22 PM

"The Republican Party Badly Needs a Better Class of Candidates"

Is a masterpiece of poor timing in a week in which Trafficante is sentenced to prison, Torricelli gets a slap on the wrist for doing pretty much the same thing on a smaller scale as the Ohio congressman, and Cynthia McKinney turns out to have received $13,500 on September 11th from a bunch of guys with Arabic names.

Posted by: Patrick R. Sullivan on August 2, 2002 05:56 PM

'Cynthia McKinney turns out to have received $13,500 on September 11th from a bunch of guys with Arabic names.'

Right, because having arabic names = terrorism.

Posted by: Jason McCullough on August 4, 2002 01:34 PM

Trafficante is sentenced to prison<<

Traficant (as it's spelled) is a DINO. He's more Republican than quite a few elected Republicans.

Posted by: jesse on August 4, 2002 02:17 PM

Dems have a handful of yahoos. Repubs have a handful of sane people. I guess that's balance.

Posted by: Avedon on August 4, 2002 03:19 PM
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