We've got our 2009 Republican ticket, right? Let's see, it's Bob McDonnell for Governor, Bill Bolling for Lt Governor and Ken Cuccinelli for Attorney General. Well, not so fast. I am hearing that Western District US Attorney John Brownlee is seriously considering a run for Attorney General. And I couldn't be happier to hear it.
Competition within the party for our statewide offices is a good thing. Not the nasty name calling and personal attacks like we've seen of late. I mean a good, healthy race. I hate the idea of locking into a ticket over a year away from the Convention. Lets have a race and a discussion of issues. It would seem the most likely place for that to happen is with the AG spot. And John Brownlee may be close to announcing his run.
Wednesday, April 16, 2008
Roanoke City YP Forum Recap
As I mentioned on this Blog earlier, 3 area Young Professional groups hosted a Forum for Roanoke City Council candidates last night. As the President of a participating group (The Roanoke Jaycees) and an organizer, I was very pleased with the event and want to congratulate all that were involved. Now for the recap.
To me, there are really 5 serious contenders for Council (3 Spots open) and 2 for Mayor. Brian Wishneff was absent so I will focus on the 6 candidates in attendance.
To my surprise, I actually found Mayoral candidate David Bowers to be a likable guy. You may remember a post I wrote several weeks ago denouncing some in the Republican party who wanted to endorse Mr. Bowers. I still don't think that is a good idea, but I was surprised that I actually liked some of what Bowers had to say. He seemed to have a handle on the issues. That being said, I still have serious disagreements with him on many issues and cannot think of him as the change candidate in this race--simply because has already served as Mayor for 8 years.
Mayor Nelson Harris also demonstrated an understanding of the challenges facing our City and seemed in touch with the young folks in the crowd.
Looking at the Council candidates, I thought Court Rosen stood out from the rest. He spoke intelligently about the issues and, I think, was on the same page with most of the Young Professionals in the audience. This was his crowd and he did well. I was also impressed with Anita Price. She doesn't come across as a politician, which may be a good thing, but again, she presented her ideas well and has the background to deal with what I see as the biggest challenge facing Roanoke--the schools.
Sherman Lea didn't make an impression really. As a sitting Council member, he knows the issues, but I didn't feel the same connection to the audience that the others had.
I consider Valerie Garner a contender since she has aligned herself with Bowers, who has a chance to win. Garner was pleasant enough, but did not come across as someone who will fight for issues of concern to the younger demographic. She seemed more "old guard". She actually answered my question about downtown living (should we have more affordable options like apartments and what can the City do to encourage it). She supports the concept but would have opposed incentives for the Hancock building--the developers were going to turn this historic building into lower margin apartments if they received City incentives. Without them, it's another high end condo development. I believe this is an important project that deserves incentives.
All 9 candidates were given a chance to talk about the Virginia Museum of Transportation--a close partner of the Jaycees. To my delight, all voiced support for helping the Museum.
To me, there are really 5 serious contenders for Council (3 Spots open) and 2 for Mayor. Brian Wishneff was absent so I will focus on the 6 candidates in attendance.
To my surprise, I actually found Mayoral candidate David Bowers to be a likable guy. You may remember a post I wrote several weeks ago denouncing some in the Republican party who wanted to endorse Mr. Bowers. I still don't think that is a good idea, but I was surprised that I actually liked some of what Bowers had to say. He seemed to have a handle on the issues. That being said, I still have serious disagreements with him on many issues and cannot think of him as the change candidate in this race--simply because has already served as Mayor for 8 years.
Mayor Nelson Harris also demonstrated an understanding of the challenges facing our City and seemed in touch with the young folks in the crowd.
Looking at the Council candidates, I thought Court Rosen stood out from the rest. He spoke intelligently about the issues and, I think, was on the same page with most of the Young Professionals in the audience. This was his crowd and he did well. I was also impressed with Anita Price. She doesn't come across as a politician, which may be a good thing, but again, she presented her ideas well and has the background to deal with what I see as the biggest challenge facing Roanoke--the schools.
Sherman Lea didn't make an impression really. As a sitting Council member, he knows the issues, but I didn't feel the same connection to the audience that the others had.
I consider Valerie Garner a contender since she has aligned herself with Bowers, who has a chance to win. Garner was pleasant enough, but did not come across as someone who will fight for issues of concern to the younger demographic. She seemed more "old guard". She actually answered my question about downtown living (should we have more affordable options like apartments and what can the City do to encourage it). She supports the concept but would have opposed incentives for the Hancock building--the developers were going to turn this historic building into lower margin apartments if they received City incentives. Without them, it's another high end condo development. I believe this is an important project that deserves incentives.
All 9 candidates were given a chance to talk about the Virginia Museum of Transportation--a close partner of the Jaycees. To my delight, all voiced support for helping the Museum.
Tuesday, April 15, 2008
Phone Booth Republicans – ROUND 2
I had a feeling yesterday’s post would stir something up. And boy was I right. STD and SWAC Girl both lashed out at me. Check it out: http://swacgirl.blogspot.com/ and http://www.spankthatdonkey.com/.
I knew the blogosphere was a rough and tumble place. The nastiest remarks ever made about me as an elected official were made in the blog world, by fellow Republicans in last year’s primary. And yet, I am still surprised that many of the comments and criticisms on this blog are directed at me personally and not at my ideas. Chris Green, I mean STD, is one of the worst offenders. He tends to focus more on who I am and less on what I say. At least I have the courage to post as myself and not some made up screen name. Then again, that personal touch has given many the opportunity to attack me.
So it seems SWAC and STD completely missed the point of my post. Some how they have determined that I was slamming party volunteers. Get real. Of course I wasn’t. It’s the grassroots party members who are suffering through this mess. I was slamming some in the Augusta County GOP leadership for their lack there of.
NEWS FLASH: Emmett Hanger won the Primary
NEWS FLASH: Emmett Hanger brought more people out and won the Chairmanship at the Mass Meeting
Oh, I know, those people aren’t “real” Republicans. Hogwash. In fact, they are the Republican majority—that’s why they won. But the vocal minority (STD, SWAC, etc) cannot accept defeat. They continue to feed the flames of discontent. Instead of accepting the outcome and committing themselves to healing the wounds within the party, they keep on picking at the scab.
Some have said Senator Hanger declared war on the grassroots. I don’t know if that’s true. After my primary loss last year, I personally decided to work with the party faithful, not against them.
What happened in Augusta is a black eye for us all. Hopefully RPV will intervene and oversee a new mass meeting. Maybe then the results can be accepted and this can be put behind us.
I knew the blogosphere was a rough and tumble place. The nastiest remarks ever made about me as an elected official were made in the blog world, by fellow Republicans in last year’s primary. And yet, I am still surprised that many of the comments and criticisms on this blog are directed at me personally and not at my ideas. Chris Green, I mean STD, is one of the worst offenders. He tends to focus more on who I am and less on what I say. At least I have the courage to post as myself and not some made up screen name. Then again, that personal touch has given many the opportunity to attack me.
So it seems SWAC and STD completely missed the point of my post. Some how they have determined that I was slamming party volunteers. Get real. Of course I wasn’t. It’s the grassroots party members who are suffering through this mess. I was slamming some in the Augusta County GOP leadership for their lack there of.
NEWS FLASH: Emmett Hanger won the Primary
NEWS FLASH: Emmett Hanger brought more people out and won the Chairmanship at the Mass Meeting
Oh, I know, those people aren’t “real” Republicans. Hogwash. In fact, they are the Republican majority—that’s why they won. But the vocal minority (STD, SWAC, etc) cannot accept defeat. They continue to feed the flames of discontent. Instead of accepting the outcome and committing themselves to healing the wounds within the party, they keep on picking at the scab.
Some have said Senator Hanger declared war on the grassroots. I don’t know if that’s true. After my primary loss last year, I personally decided to work with the party faithful, not against them.
What happened in Augusta is a black eye for us all. Hopefully RPV will intervene and oversee a new mass meeting. Maybe then the results can be accepted and this can be put behind us.
Monday, April 14, 2008
Phone Booth Republicans
How many Republicans can you fit in a phone booth? OK, I know, we don’t really have phone booths anymore, what with cell phones and all. But give it a thought. Just a handful, right? Well, a handful of Republicans is what some in Augusta County seem to want. A handful in power that is. If you haven’t heard what happened at the Augusta County Mass Meeting last week, read this article: http://www.newsleader.com/apps/pbcs.dll/article?AID=2008804110324
Kurt Michael (who lead the revolt against Senator Emmett Hanger) was running for re-election as Chairman. He was originally opposed by 5 others, but 4 dropped out leaving Larry Roller as the only opposition. Roller beat Micheal 141-103. That’s right. After the failed coup of Hanger, Michael and his allies lost the Chairmanship. You’d think they would get the message. But if it were only that simple.
It seems that the Temporary Chair of the meeting made several mistakes, one of which was failing to adjourn the meeting. After Roller and his supporters left, Michael declared the first meeting invalid, conducted a second meeting and “won” the Chairmanship on a 57-2 vote.
Anyone who has been involved in politics for a while knows that these mass meetings are never perfect. They are run by volunteers. Not professionals. As a party leader, Kurt Michael (and others) knew that mistakes were being made. Instead of acting the statesmen and offering to help, they waited until they could take advantage of the parliamentary technicality and defy the will of the majority. Some leader, huh?
So you ask, is this the way to build a party? Is this the way to heal old wounds? We all know the answer. But I’ve come to realize something. Michael and crowd don’t care. They never have. And they don’t really care about ideology. What they care about is power. And they will do anything, including the destruction of their own party, to get it and keep it. Sadly, the same power grab is happening in the Sixth District Committee, with Jim Crosby challenging current Chairman Fred Anderson for the top spot.
I attended Roanoke County’s Mass Meeting (my home County) on Saturday and things could not have been more different. Two people were vying for Chairman. Both were cordial and respectful of the other. Was the meeting perfect from a parliamentary standpoint? Of course not. But we worked through it and elected a Chairman.
Kurt Michael (who lead the revolt against Senator Emmett Hanger) was running for re-election as Chairman. He was originally opposed by 5 others, but 4 dropped out leaving Larry Roller as the only opposition. Roller beat Micheal 141-103. That’s right. After the failed coup of Hanger, Michael and his allies lost the Chairmanship. You’d think they would get the message. But if it were only that simple.
It seems that the Temporary Chair of the meeting made several mistakes, one of which was failing to adjourn the meeting. After Roller and his supporters left, Michael declared the first meeting invalid, conducted a second meeting and “won” the Chairmanship on a 57-2 vote.
Anyone who has been involved in politics for a while knows that these mass meetings are never perfect. They are run by volunteers. Not professionals. As a party leader, Kurt Michael (and others) knew that mistakes were being made. Instead of acting the statesmen and offering to help, they waited until they could take advantage of the parliamentary technicality and defy the will of the majority. Some leader, huh?
So you ask, is this the way to build a party? Is this the way to heal old wounds? We all know the answer. But I’ve come to realize something. Michael and crowd don’t care. They never have. And they don’t really care about ideology. What they care about is power. And they will do anything, including the destruction of their own party, to get it and keep it. Sadly, the same power grab is happening in the Sixth District Committee, with Jim Crosby challenging current Chairman Fred Anderson for the top spot.
I attended Roanoke County’s Mass Meeting (my home County) on Saturday and things could not have been more different. Two people were vying for Chairman. Both were cordial and respectful of the other. Was the meeting perfect from a parliamentary standpoint? Of course not. But we worked through it and elected a Chairman.
Thursday, April 10, 2008
Young Professional Groups to Host City Council Forum
Three area Young Professional groups will host a Forum for Roanoke City Council elections on Tuesday, April 15th at 202 Market Downtown. The reception starts at 5:30, the forum at 6:30. The Roanoke Jaycees, Valley Forward and NewVaConnects have worked together to organize and host this event. It's non-partisan, free and open to everyone. If you care about the future of our City, please make time to attend!
Wednesday, April 9, 2008
Why Run for Roanoke City Council?
I’ve always wondered why people want to run for Roanoke City Council. It seems to be more of a political sink hole than a stepping stone. And yet, every two years a multitude of candidates run.
On Monday, the Roanoke Times ran a profile piece on those seeking seats on Council and the four running for Mayor. I was struck by one thing. Several of the candidates (not all) either have some type of government job or work for a company dependent on government dollars. Sherman Lea works for the VA Department of Corrections. Anita Price works in public education. Brian Wishneff owns an economic development consulting company. Who hires economic development consultants? Roanoke City has certainly employed its share. Wishneff is also a part time professor at Virginia Tech. Again, tax dollars.
Recently appointed Council Member Alvin Nash (whom I know and like) is the President of the Blue Ridge Housing Development Corp, also dependent on government funding.
Those dependent on government funding for their living are clearly the most interested in serving on Roanoke City Council. This dual interest is what leads to the questions about conflicts of interests. It’s only natural and almost impossible to avoid, even if someone hasn’t done anything unethical or wrong. Just today, the Times ran an editorial questioning why Council chose Nash, citing the potential conflict of interest as the reason.
It is my hope that the future brings more candidates from the private sector to serve in local government. But again, they don’t have as much self interest in doing so.
On Monday, the Roanoke Times ran a profile piece on those seeking seats on Council and the four running for Mayor. I was struck by one thing. Several of the candidates (not all) either have some type of government job or work for a company dependent on government dollars. Sherman Lea works for the VA Department of Corrections. Anita Price works in public education. Brian Wishneff owns an economic development consulting company. Who hires economic development consultants? Roanoke City has certainly employed its share. Wishneff is also a part time professor at Virginia Tech. Again, tax dollars.
Recently appointed Council Member Alvin Nash (whom I know and like) is the President of the Blue Ridge Housing Development Corp, also dependent on government funding.
Those dependent on government funding for their living are clearly the most interested in serving on Roanoke City Council. This dual interest is what leads to the questions about conflicts of interests. It’s only natural and almost impossible to avoid, even if someone hasn’t done anything unethical or wrong. Just today, the Times ran an editorial questioning why Council chose Nash, citing the potential conflict of interest as the reason.
It is my hope that the future brings more candidates from the private sector to serve in local government. But again, they don’t have as much self interest in doing so.
Wednesday, April 2, 2008
Frederick and Hager Battle over GA Endorsements
I just got an email from RPV Chairman John Hager addressing an email that Jeff Frederick sent out listing General Assembly endorsements. Apparently, Frederick listed members of the GA that are actually supporting Hager. Hager specifically lists Senators Vogel, Stuart and Wager as mentioned by Frederick, but supporting him.
How does a mistake like this happen? It's hard to imagine a candidate for any office doing this on purpose, knowing you will be caught. Maybe it speaks more to the disorganization of the Frederick campaign?
Below is the Hager email. I don't have Frederick's. Maybe a reader could post it?
A number of you have called and expressed some shock and dismay at an email that Jeff Frederick sent out yesterday. In his email he listed endorsements of some members of the General Assembly.
There was only one problem - Jeff didn't bother to check with them first. Many of the people on the list are supporters of mine. In fact, at least two of them had already told him that they would not support him.
For the last few weeks, I have listened to accusations from Jeff Frederick about my leadership, the staff at RPV, the district leaders that support my reelection, and my allegiance to this party. Each of his accusations is laughable, and we dismissed them as his typical rant. But when he is willing to blatantly mislead Republicans in Virginia by claiming false endorsements, enough is enough.
Senators Vogel, Stuart, and Wagner are just a few of the individuals that my opponent misused their names. They have all confirmed that they are with me. They know how hard we have worked to elect Republicans. They know that the last thing we need at this critical time is on the job training.
The Republican Party had some problems that I addressed as soon as I became Chairman. We are now stronger than ever and ready to face the Democrats. We are financially secure. We have a successful communications strategy that emphasizes the unity of the Republican Party. I have negotiated that the Coordinated McCain RNC/RPV Victory Campaign for Virginia be run out of our offices, unlike previous years. We are identifying new Republican voters across the state and passing the information to District and Unit Chairs to increase the Republicans in our party.
For anyone to say that we have failed, is an insult to every hard working Republican in Virginia.
I look forward to continuing to work for you in the future.
Sincerely,
John Hager
How does a mistake like this happen? It's hard to imagine a candidate for any office doing this on purpose, knowing you will be caught. Maybe it speaks more to the disorganization of the Frederick campaign?
Below is the Hager email. I don't have Frederick's. Maybe a reader could post it?
A number of you have called and expressed some shock and dismay at an email that Jeff Frederick sent out yesterday. In his email he listed endorsements of some members of the General Assembly.
There was only one problem - Jeff didn't bother to check with them first. Many of the people on the list are supporters of mine. In fact, at least two of them had already told him that they would not support him.
For the last few weeks, I have listened to accusations from Jeff Frederick about my leadership, the staff at RPV, the district leaders that support my reelection, and my allegiance to this party. Each of his accusations is laughable, and we dismissed them as his typical rant. But when he is willing to blatantly mislead Republicans in Virginia by claiming false endorsements, enough is enough.
Senators Vogel, Stuart, and Wagner are just a few of the individuals that my opponent misused their names. They have all confirmed that they are with me. They know how hard we have worked to elect Republicans. They know that the last thing we need at this critical time is on the job training.
The Republican Party had some problems that I addressed as soon as I became Chairman. We are now stronger than ever and ready to face the Democrats. We are financially secure. We have a successful communications strategy that emphasizes the unity of the Republican Party. I have negotiated that the Coordinated McCain RNC/RPV Victory Campaign for Virginia be run out of our offices, unlike previous years. We are identifying new Republican voters across the state and passing the information to District and Unit Chairs to increase the Republicans in our party.
For anyone to say that we have failed, is an insult to every hard working Republican in Virginia.
I look forward to continuing to work for you in the future.
Sincerely,
John Hager
Earth Hour, Cats and Living in the Dark
No electricity at night. This may be the next step to save the planet. Can someone send this to Al Gore......
http://www.youtube.com/watch?v=jKSeeltdF0k
http://www.youtube.com/watch?v=jKSeeltdF0k
Tuesday, April 1, 2008
Rasoul UPDATE
According to the State Board of Elections, Sam Rasoul, Democratic hopeful in the 6th Congressional District, voted in the 2005 Republican Primary. In doing so, he skipped voting in the Democratic Primary the same day between Chap Peterson and Leslie Byrne. He also did NOT vote in the 2006 Democratic Primary between Miller and Webb.
This certainly doesn't prove that Rasoul has been and maybe still is a Republican, but it does bring into question his dedication to the Democratic Party. When will Rasoul address this issue?
This certainly doesn't prove that Rasoul has been and maybe still is a Republican, but it does bring into question his dedication to the Democratic Party. When will Rasoul address this issue?
Monday, March 31, 2008
Real Economic Stimulus
As the debate continues concerning how to spur the economy as we likely enter a recession, I have a suggestion. Stop filling the SPR.
What is the SPR you might ask and why should I care. The SPR stands for Strategic Petroleum Reserve. It was created in 1976 in response to the oil crisis of the early 70's. It primarily was put in place to address the threat to our imported oil in the event of war with the Soviet Union. I have learned that we now have nearly 700 million barrels of oil in salt domes in Texas and Louisiana. There is enough there to replace 80% of OPEC imports for over 5 months. The largest draw down on the reserve was 17 million barrels in 1991 during Desert Storm.
Currently DoE is still buying oil with 9 million barrels purchased in the last 6 months on the open market and added to the SPR. They bought 682,000 barrels in a recent week with prices over $100 per barrel.
One very useful and dramatic assistance to our economy would be to stop buying oil off the open market and allow that to be added to domestic supply thus taking pressure off prices. While the argument can certainly be made to actually be a net seller of SPR oil at least we can agree that enough is enough. Stop filing it!!
What is the SPR you might ask and why should I care. The SPR stands for Strategic Petroleum Reserve. It was created in 1976 in response to the oil crisis of the early 70's. It primarily was put in place to address the threat to our imported oil in the event of war with the Soviet Union. I have learned that we now have nearly 700 million barrels of oil in salt domes in Texas and Louisiana. There is enough there to replace 80% of OPEC imports for over 5 months. The largest draw down on the reserve was 17 million barrels in 1991 during Desert Storm.
Currently DoE is still buying oil with 9 million barrels purchased in the last 6 months on the open market and added to the SPR. They bought 682,000 barrels in a recent week with prices over $100 per barrel.
One very useful and dramatic assistance to our economy would be to stop buying oil off the open market and allow that to be added to domestic supply thus taking pressure off prices. While the argument can certainly be made to actually be a net seller of SPR oil at least we can agree that enough is enough. Stop filing it!!
Wednesday, March 26, 2008
Hager for Chairman
Today I got a slick mailing from Jeff Frederick--the Northern Virginia Delegate who is running for State GOP Chairman. Boy, this looks just like a campaign piece. And they are expensive! He must be raising some decent money.
I haven't really weighed in on this race or given it much thought, but here goes. We've had 3 Chairman in the last 2.5 years. I bet most Republicans haven't a clue who they were. I myself had to think a minute. No one can argue this is good for the party. I think it shows how weak the party has become. I've always liked John Hager and he seems to be doing a good job. He inherited a tough situation and deserves a full two year term to turn things around.
John has participated at all levels of this party. He came up from the local level. He was our Lt Governor. He's run several Statewide campaigns. He's good at raising money and he's been around long enough to know everyone. We need some stability in this party. Now is not the time to change horses again. And I don't think Frederick is the right horse regardless. Vote for Hager.
I haven't really weighed in on this race or given it much thought, but here goes. We've had 3 Chairman in the last 2.5 years. I bet most Republicans haven't a clue who they were. I myself had to think a minute. No one can argue this is good for the party. I think it shows how weak the party has become. I've always liked John Hager and he seems to be doing a good job. He inherited a tough situation and deserves a full two year term to turn things around.
John has participated at all levels of this party. He came up from the local level. He was our Lt Governor. He's run several Statewide campaigns. He's good at raising money and he's been around long enough to know everyone. We need some stability in this party. Now is not the time to change horses again. And I don't think Frederick is the right horse regardless. Vote for Hager.
Tuesday, March 25, 2008
Rasoul a Closet Republican?
There are some rumors floating around here in Roanoke that Sam Rasoul, who is running for the Democratic nomination to challenge Congressman Bob Goodlatte, is actually a Republican. Apparently Sam's thinking is that he is young and wants to make a name for himself and running as a Democrat is the most convenient way to make a splash.
Drew Richardson of Augusta County is also vying for the Democrat nomination. Conventional wisdom suggests that a candidate from the Roanoke area would have the advantage. But if a rumor like this picks up some momentum, Rasoul could have a much more difficult fight on his hands. No candidate in a nomination fight wants to have to defend his party allegiance. This race hasn't drawn much attention as of yet, but a contentious and divisive nomination fight would of course benefit Republican Bob Goodlatte.
Drew Richardson of Augusta County is also vying for the Democrat nomination. Conventional wisdom suggests that a candidate from the Roanoke area would have the advantage. But if a rumor like this picks up some momentum, Rasoul could have a much more difficult fight on his hands. No candidate in a nomination fight wants to have to defend his party allegiance. This race hasn't drawn much attention as of yet, but a contentious and divisive nomination fight would of course benefit Republican Bob Goodlatte.
Revenue or Profit?
There seems to be some confusion over whether Everquest Financial has $100 million in revenue or profit.
Here is the quote from the official Press Release I received from the Gilmore campaign:
"5. As a result of sound management, Everquest is thriving and has earned $100 million in revenue for its shareholders."
Taking a look at the Gilmore website, it looks like the campaign has changed the language:
"5. As a result of sound management, Everquest is thriving and has earned a $100 million profit for its shareholders."
There is a big difference between "revenue" and "profit". It looks like the Gilmore campaign doesn't know the difference. They should.
So, lets say Everquest "earned" a $100 million in profit. This leads to several questions. Where is the evidence to support this figure? Surely the campaign didn't just make it up. What was the time frame in which this money was made? What is the current financial position of the company? In the face of Bear Sterns' collapse and the meltdown of the subprime mortgage market, is Everquest still making money?
In the end, it still comes down to the fact that this deal stinks. Bear Sterns wanted to unload bad investments to those that would buy shares of Everquest in the IPO. Fortunately, the IPO was called off.
Gilmore should have come clean in the beginning and washed his hands of this. Instead, he chose to defend Everquest. I hope Jim is ready to keep defending himself....Mark Warner is going to have a field day.
Here is the quote from the official Press Release I received from the Gilmore campaign:
"5. As a result of sound management, Everquest is thriving and has earned $100 million in revenue for its shareholders."
Taking a look at the Gilmore website, it looks like the campaign has changed the language:
"5. As a result of sound management, Everquest is thriving and has earned a $100 million profit for its shareholders."
There is a big difference between "revenue" and "profit". It looks like the Gilmore campaign doesn't know the difference. They should.
So, lets say Everquest "earned" a $100 million in profit. This leads to several questions. Where is the evidence to support this figure? Surely the campaign didn't just make it up. What was the time frame in which this money was made? What is the current financial position of the company? In the face of Bear Sterns' collapse and the meltdown of the subprime mortgage market, is Everquest still making money?
In the end, it still comes down to the fact that this deal stinks. Bear Sterns wanted to unload bad investments to those that would buy shares of Everquest in the IPO. Fortunately, the IPO was called off.
Gilmore should have come clean in the beginning and washed his hands of this. Instead, he chose to defend Everquest. I hope Jim is ready to keep defending himself....Mark Warner is going to have a field day.
Monday, March 24, 2008
Gilmore and BS
First off, let me say that I have no personal grudge against Jim Gilmore. I happen to like his campaign manager Dick Leggitt. Dick ran the media in my 1995 race.
I do however have some significant concerns about Gilmore’s record and his viability as our Party’s nominee for the US Senate. A few of my readers have left some pretty spiteful comments after reading my post from last week. We are vetting a candidate and I am just participating in that process. And I see no reason to back off.
The press release issued by Gilmore to defend himself was pathetic.
1) Everquest was not a subsidiary of Bear Sterns - True. But it was 60% owned by Bear Sterns.
2) Everquest doesn’t market securities - Everquest was created to move bad investment CDOs off of Bear Sterns’ balance sheet and on to the new company, Everquest. Stock would then be sold in Everquest. When the investments went bad, it would be Everquest shareholders, not Bearn Sterns that would suffer the consequences.
3) Primary Everquest holdings were sound corporate loans – Not so. The holdings were sub prime mortgages that were a high risk of default going into 2008.
4) Everquest is not a hedge fund – True. Everquest was created to take on the risky debt of hedge funds controlled by Bear Sterns.
5) Everquest is thriving – It’s a not a publicly traded company so we have no way of knowing how well it’s doing.
Points 6-8 are political in nature and were responses made to a political reporter. They have nothing to do with this issue.
Barclay’s filed a civil suit against Everquest in December 2007. SEC investigations are sure to follow and heads will role.
Again, the question is why would Jim Gilmore be involved in something like this? I think it’s because this was an easy, non-time consuming job. We can assume he would receive a significant salary as Chairman, but he’s not running day to day operations.
And Jim has done this before. He took a job at a Richmond law firm when he was running for Governor in 1997, knowing he wouldn’t have to actually “work” for the firm.
I do however have some significant concerns about Gilmore’s record and his viability as our Party’s nominee for the US Senate. A few of my readers have left some pretty spiteful comments after reading my post from last week. We are vetting a candidate and I am just participating in that process. And I see no reason to back off.
The press release issued by Gilmore to defend himself was pathetic.
1) Everquest was not a subsidiary of Bear Sterns - True. But it was 60% owned by Bear Sterns.
2) Everquest doesn’t market securities - Everquest was created to move bad investment CDOs off of Bear Sterns’ balance sheet and on to the new company, Everquest. Stock would then be sold in Everquest. When the investments went bad, it would be Everquest shareholders, not Bearn Sterns that would suffer the consequences.
3) Primary Everquest holdings were sound corporate loans – Not so. The holdings were sub prime mortgages that were a high risk of default going into 2008.
4) Everquest is not a hedge fund – True. Everquest was created to take on the risky debt of hedge funds controlled by Bear Sterns.
5) Everquest is thriving – It’s a not a publicly traded company so we have no way of knowing how well it’s doing.
Points 6-8 are political in nature and were responses made to a political reporter. They have nothing to do with this issue.
Barclay’s filed a civil suit against Everquest in December 2007. SEC investigations are sure to follow and heads will role.
Again, the question is why would Jim Gilmore be involved in something like this? I think it’s because this was an easy, non-time consuming job. We can assume he would receive a significant salary as Chairman, but he’s not running day to day operations.
And Jim has done this before. He took a job at a Richmond law firm when he was running for Governor in 1997, knowing he wouldn’t have to actually “work” for the firm.
Sunday, March 23, 2008
Proud Dawg
My Mississippi State Bulldogs weren't able to get past the athleticism of #1 Seed Memphis today. I felt they would match up well and did. It was one upset in my bracket I was really cheering for. They played with heart and never quit. Tough loss but I am very proud of those dawgs.
My NLS group brackets are all blown after the first two rounds. I went for a few 12-5 and 10-7 upsets and while there were several of those they just weren't the ones I picked. Anyway it was fun just the same. I still feel my overall pick of North Carolina will prevail.
My NLS group brackets are all blown after the first two rounds. I went for a few 12-5 and 10-7 upsets and while there were several of those they just weren't the ones I picked. Anyway it was fun just the same. I still feel my overall pick of North Carolina will prevail.
Thursday, March 20, 2008
Gilmore and Bear Sterns
The AP recently carried a story tying US Senate Candidate and Former Governor Jim Gilmore to a failed Bear Sterns subsidiary. You’ll remember that Bearn Sterns was the multi-billion dollar investment bank that recently collapsed due to risky sub prime mortgage investments. According to the AP, Gilmore was the Chairman of a subsidiary called Everquest Financial. In doing some basic research, it became clear to me that Everquest was nothing more than a scam to move these risky investments off of Bear Sterns balance sheet and thus reduce their exposure. But, when their true intentions became clear, investors was forced to call off the Everquest IPO.
My first question is why on earth would Jim Gilmore, who as an attorney would have no financial market experience that I am aware of, be chairing something of this nature? I suppose even former Governors need to earn a paycheck. Clearly his leadership was a bit lacking. I read the statement by Gilmore campaign manager Dick Leggitt, defending Gilmore’s role in the subsidiary. Dick seems to know even less about the financial markets than his boss. The entire deal stinks and no amount of cologne will prevent people from smelling it on Gilmore. Is this who we want as our Republican candidate for the US Senate?
I have heard a lot of people say that Mark Warner will deliver Virginia to the Democrat Presidential nominee. As much as Warner would like to do this, I doubt he will be able to. With Gilmore’s negatives as high as they are, I feel certain that the Independent vote will flock to Warner and likely to the Democrat nominee for President. If Jim Gilmore is our nominee, he, not Mark Warner, will be able to claim the distinction of handing Virginia to Clinton or Obama and maybe even the Presidency itself. So after mismanaging our State finances and fracturing the Republican Party over the car tax, Gilmore is set to turn this red state blue. The Democrats may end up loving Gilmore after all.
http://www.wdbj7.com/Global/story.asp?s=8037562
My first question is why on earth would Jim Gilmore, who as an attorney would have no financial market experience that I am aware of, be chairing something of this nature? I suppose even former Governors need to earn a paycheck. Clearly his leadership was a bit lacking. I read the statement by Gilmore campaign manager Dick Leggitt, defending Gilmore’s role in the subsidiary. Dick seems to know even less about the financial markets than his boss. The entire deal stinks and no amount of cologne will prevent people from smelling it on Gilmore. Is this who we want as our Republican candidate for the US Senate?
I have heard a lot of people say that Mark Warner will deliver Virginia to the Democrat Presidential nominee. As much as Warner would like to do this, I doubt he will be able to. With Gilmore’s negatives as high as they are, I feel certain that the Independent vote will flock to Warner and likely to the Democrat nominee for President. If Jim Gilmore is our nominee, he, not Mark Warner, will be able to claim the distinction of handing Virginia to Clinton or Obama and maybe even the Presidency itself. So after mismanaging our State finances and fracturing the Republican Party over the car tax, Gilmore is set to turn this red state blue. The Democrats may end up loving Gilmore after all.
http://www.wdbj7.com/Global/story.asp?s=8037562
Thursday, March 13, 2008
The Botetourt Power Grab
The Botetourt based power grab that started with Senator Brandon Bell’s ouster in a party primary now continues with former County Chairman Jim Crosby looking to unseat Fred Anderson as 6th District Chairman.
This move isn’t about Fred. Just as the primary wasn’t about Brandon’s voting record—which explains why no one ever really talked about it. They just said Brandon wasn’t “conservative” enough. The Primary and this challenge to Fred are both about Jim Crosby and his cronies’ desire to consolidate and control power within the Party. Don’t be fooled with talk of rebuilding and growth. Jim might be able to say he cares about expanding and growing our Party—but he can’t do it with a straight face. These folks are in the business of purging the Party of those they don’t agree with. The smaller the Party gets, the more power individuals like Jim will wield.
So how does one go about discrediting and defeating a Party stalwart like Fred Anderson? It’s simple. You lie. The whisper campaign has already started that Fred Anderson isn’t a “true conservative”. If you can’t beat your opponent by talking about issues and facts, you just make stuff up. It’s politics at its worst and no one does it better than Jim Crosby.
Does anyone really believe that Fred Anderson is not a dedicated, conservative member of our party? I would laugh the whole thing off if I hadn’t seen this very strategy work in the past. I’ve known Fred for a long time and I know what kind of leader he is. Fred is not a divisive leader. He is a consensus builder. Fred Anderson is an honest man and is dedicated to the success of the Republican Party and our candidates. He is the kind of leader we need in the 6th District right now. I wish I could say the same about Jim Crosby.
This move isn’t about Fred. Just as the primary wasn’t about Brandon’s voting record—which explains why no one ever really talked about it. They just said Brandon wasn’t “conservative” enough. The Primary and this challenge to Fred are both about Jim Crosby and his cronies’ desire to consolidate and control power within the Party. Don’t be fooled with talk of rebuilding and growth. Jim might be able to say he cares about expanding and growing our Party—but he can’t do it with a straight face. These folks are in the business of purging the Party of those they don’t agree with. The smaller the Party gets, the more power individuals like Jim will wield.
So how does one go about discrediting and defeating a Party stalwart like Fred Anderson? It’s simple. You lie. The whisper campaign has already started that Fred Anderson isn’t a “true conservative”. If you can’t beat your opponent by talking about issues and facts, you just make stuff up. It’s politics at its worst and no one does it better than Jim Crosby.
Does anyone really believe that Fred Anderson is not a dedicated, conservative member of our party? I would laugh the whole thing off if I hadn’t seen this very strategy work in the past. I’ve known Fred for a long time and I know what kind of leader he is. Fred is not a divisive leader. He is a consensus builder. Fred Anderson is an honest man and is dedicated to the success of the Republican Party and our candidates. He is the kind of leader we need in the 6th District right now. I wish I could say the same about Jim Crosby.
Wednesday, March 12, 2008
Roanoke Times Reports Budget Deal
Budget impasse ends; assembly to adjourn Thursday
By Michael Sluss, The Roanoke Times
RICHMOND – General Assembly negotiators reached a handshake deal on a new state budget this afternoon after protracted talks that dragged the legislature into overtime.
The Senate and House of Delegates will convene Thursday to vote on the compromise and adjourn a session had been scheduled to end on Saturday.
Negotiators from the two chambers spent Tuesday and part of Wednesday haggling over finer points of a two-year, $77 billion spending plan. The compromise contains funding for two local items that had been on the chopping block in the latter stages of the negotiations – the drug treatment court in the judicial district that covers Roanoke, Roanoke County and Salem, and the Western Virginia Regional Jail in Roanoke County.
House negotiators initially balked at funding drug court programs, and Senate negotiators had wanted to delay the 2009 opening of the regional jail that will serve Roanoke, Franklin and Montgomery counties and the city of Salem.
By Michael Sluss, The Roanoke Times
RICHMOND – General Assembly negotiators reached a handshake deal on a new state budget this afternoon after protracted talks that dragged the legislature into overtime.
The Senate and House of Delegates will convene Thursday to vote on the compromise and adjourn a session had been scheduled to end on Saturday.
Negotiators from the two chambers spent Tuesday and part of Wednesday haggling over finer points of a two-year, $77 billion spending plan. The compromise contains funding for two local items that had been on the chopping block in the latter stages of the negotiations – the drug treatment court in the judicial district that covers Roanoke, Roanoke County and Salem, and the Western Virginia Regional Jail in Roanoke County.
House negotiators initially balked at funding drug court programs, and Senate negotiators had wanted to delay the 2009 opening of the regional jail that will serve Roanoke, Franklin and Montgomery counties and the city of Salem.
Monday, March 10, 2008
Another Year, Another Extended Session.
It’s that time of year again. Instead of coming home on time, the General Assembly is going into over time to get a budget passed. I remember those days well. Everyone is ready to get back home to their families and their normal lives. The last place you want to be is stuck in Richmond during a budget impasse. Not my fondest memories of being a legislator.
Extended Sessions are hard on legislators and unacceptable to the people of this State. Our citizens deserve better. They deserve an elected body that can work efficiently and get things done.
I believe it’s safe to say that our current budget process has some serious flaws. But we can fix it.
Our biennial budget is currently adpoted in even years. Odd year Sessions are used to amend the current budget and last 30 days with a 15 day extension. The original intent was for odd year Sessions to consider only carry over bills from the previous Session. Now bills can be introduced in either year.
Even year Sessions are 60 days to allow additional time to pass the budget. In this system, a Governor only really gets to introduce and fight for one budget that belongs to him. This was Kaine’s year to do just that. A Governor takes office in an even year, so he inherits the budget of the preceding Governor. He then leaves office in an even year, so he has to introduce a budget that he cannot advocate for. That’s the next Governor’s job. I don’t think this makes any sense.
Move the budget writing to the odd years. This would give the Governor an opportunity to introduce and advocate for two budgets, not just one. The odd year budget Sessions should be lengthened to 75 days. Regular even year Sessions would remain at 60 days. The extra 15 days in the even years should be used exclusively for budget negotiations.
Legislators would vote on the budget on the 60th day of the Session and then recess. Assuming the House and Senate pass different versions, this would also be the day in which conferees would be named. At 67 days, conferees must have a compromise report ready. If not, new conferees would be required to be named to iron out the differences.
If a budget is not passed by the 75th day, the legislature adjourns and the State continues operating under the previous budget’s spending guidelines. If less money is available, spending is reduced on a pro rata basis. If a surplus is created, that money is deposited in the rainy day fund. It cannot be spent.
Should a budget compromise not be reached in 75 days, legislators would forgo all salaries, benefits and reimbursements for the next fiscal year. They would also lose staff and office expense accounts. Many Senators and Delegates can survive without pay. Most cannot survive without their staffs.
Hopefully this system would create enough incentive to finish the budget in a timely manner. Regardless of the approach, we need reform. Right now it is not clear in our Constitution what would happen if we simply don’t have a budget. Lets fix it before we find out.
Extended Sessions are hard on legislators and unacceptable to the people of this State. Our citizens deserve better. They deserve an elected body that can work efficiently and get things done.
I believe it’s safe to say that our current budget process has some serious flaws. But we can fix it.
Our biennial budget is currently adpoted in even years. Odd year Sessions are used to amend the current budget and last 30 days with a 15 day extension. The original intent was for odd year Sessions to consider only carry over bills from the previous Session. Now bills can be introduced in either year.
Even year Sessions are 60 days to allow additional time to pass the budget. In this system, a Governor only really gets to introduce and fight for one budget that belongs to him. This was Kaine’s year to do just that. A Governor takes office in an even year, so he inherits the budget of the preceding Governor. He then leaves office in an even year, so he has to introduce a budget that he cannot advocate for. That’s the next Governor’s job. I don’t think this makes any sense.
Move the budget writing to the odd years. This would give the Governor an opportunity to introduce and advocate for two budgets, not just one. The odd year budget Sessions should be lengthened to 75 days. Regular even year Sessions would remain at 60 days. The extra 15 days in the even years should be used exclusively for budget negotiations.
Legislators would vote on the budget on the 60th day of the Session and then recess. Assuming the House and Senate pass different versions, this would also be the day in which conferees would be named. At 67 days, conferees must have a compromise report ready. If not, new conferees would be required to be named to iron out the differences.
If a budget is not passed by the 75th day, the legislature adjourns and the State continues operating under the previous budget’s spending guidelines. If less money is available, spending is reduced on a pro rata basis. If a surplus is created, that money is deposited in the rainy day fund. It cannot be spent.
Should a budget compromise not be reached in 75 days, legislators would forgo all salaries, benefits and reimbursements for the next fiscal year. They would also lose staff and office expense accounts. Many Senators and Delegates can survive without pay. Most cannot survive without their staffs.
Hopefully this system would create enough incentive to finish the budget in a timely manner. Regardless of the approach, we need reform. Right now it is not clear in our Constitution what would happen if we simply don’t have a budget. Lets fix it before we find out.
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