Proft’s PAC ended the last quarter with $946K in the bank. It has since reported raising $735K.
…Adding… I don’t think he can keep that money. From the Board of Elections is this info on contribution caps…
Political Action Committee:
$10,500 from an individual
$21,100 from a corporation, labor organization, association or Political Party
$52,600 from a Political Action Committee or Candidate Political Committee
…Adding More… Since this is an Independent Expenditure committee, there don’t appear to be contribution limits.
- Posted by Rich Miller
* From Rasmussen Reports…
Incumbent Democrat Pat Quinn has edged ahead for the first time this year in Illinois’ gubernatorial race. Among Likely Illinois Voters, Quinn earns 44% support to Republican challenger Bruce Rauner’s 42%. Six percent (6%) like some other candidate, and eight percent (8%) are undecided.
Indicative of the closeness of this race, however, is the finding that among the 87% of Illinois voters who say they are definitely going to vote, Rauner still barely leads 45% to 44%. But Illinois now moves from Leans Republican back to a Toss-Up on the Rasmussen Reports 2014 Gubernatorial Scorecard.
Their last poll, taken in early August, had Rauner up by five.
* Among the 87 percent who say they’re “certain to vote,” 94 percent are Republicans and 86 percent are Democrats. So there’s an intensity gap that helps Rauner.
* Then there’s this…
Is your state better off than it was four years ago?
Yes - 24%
No - 56%
Unsure - 19%
85 percent of Republicans answered “No,” but so did 33 percent of Democrats.
* Quinn approval…
27 percent of Democrats disapproved.
* Obama approval…
11 percent of Democrats disapproved.
* Rauner favorable…
He’s still above water even after all those attack ads.
* Quinn favorable…
24 percent of Democrats view him unfavorably.
- Posted by Rich Miller
* Sen. Andy Manar (D-Bunker Hill) held a press conference yesterday to respond to sponsors of a resolution who want to stop his education funding bill from moving forward…
The resolution offered this month by Downers Grove Rep. Ron Sandack and co-sponsored by two-fifths of the GOP caucus, along with two Democrats, decries what it says is Sen. Andy Manar’s “piecemeal reallocation” of schoolhouse funding that will cause hundreds of districts “deep budget reductions and financial uncertainty.”
Clearly miffed, Manar fired back on Monday, telling reporters at the state Capitol, “there is a cost to not getting this right in the state budget and it’s severe.” […]
He said the school-aid formula is supposed to adjust for local district wealth but demographic changes now skew it against poor districts.
“Until we get this right and we drive resources to (needy) districts,” Manar said, ” … then we’re never going to get at the root of major cost-drivers in the state budget, which is the correctional system, which is unemployment, which is the Medicaid system.”
* Some video from the Senate Democrats…
* Rep. Ron Sandack responded…
“Senator Manar has accused me and the other co-sponsors of House Resolution 1276 of trying to halt discussions into the need for education reform. My colleagues and I have done no such thing. We have simply sounded the alarm that SB16 is being talked about in closed door meetings, and have let Illinois taxpayers know that the bill, as written and approved in the Senate, would cause a great deal of financial harm to hundreds of school districts.
“Our resolution urges the General Assembly to cease in their efforts to pass SB16 because it does not solve problems with the education funding formula; it simply creates a new list of funding winners and losers.
“During his remarks, Senator Manar himself admitted that SB16 still needs work. Why would any legislator knowingly approve a bad bill? This ‘pass it now and we’ll fix it later’ mentality is dangerous and it’s how bad bills end up becoming bad laws in our state.
“The Senator certainly looked agitated and bothered as he was taking his personal shots at me and my House Resolution this morning. But we suburban legislators are taking all of this very personally. He is taking aim at our schools and defunding them.
“Had he read HR1276, Senator Manar would have seen clear language promoting a thoughtful and thorough process for complete education funding reform. My public statements regarding the dangers of SB16 have always included references to the need for comprehensive reforms so that all students across the state can be college and career ready.
“The Senator spoke at length about the bipartisan process that led to the creation of the Education Funding Advisory Committee’s report. But activity over the summer has been completely partisan. Republicans only learned of the SB16 meetings from education advocacy groups who alerted us to the fact that the meetings were taking place. Senator Manar’s claims that the process remains bipartisan are completely false.
“During his remarks, Senator Manar, a Democrat, said that school funding proration has been devastating to Illinois schools, yet he takes no responsibility for the fact that the Democrats are the ones who have created budgets that have cut education spending by more than $600 million since 2009. Simply making wise financial decisions that start with funding education at 100% would go far in addressing many schools’ struggles.
“I invite Senator Manar to dispense with the angry partisan bickering and secret Democrats-only meetings and engage in a full and open discussion about education funding reform. We need to bring all stakeholders to the table and talk outside of the parameters of SB 16, which directly threatens suburban schools.”
First he denies that he’s trying to hold up talks, then he admits it: “Our resolution urges the General Assembly to cease in their efforts to pass SB16…”
Plus, the bill isn’t ready yet. There are still discussions going on.
And the $600 million cut? C’mon. Only if you think that Democrats “cut” the federal stimulus money. And if you include pension contributions, it’s way up.
Should the Republicans be included in these talks? Sure they should. It’s a mistake to keep them out, unless all they want to do is score political points.
- Posted by Rich Miller
Tuesday, Sep 30, 2014
* Phil Kadner…
It seems Rauner wants the additional income tax money but not the higher income tax.
* James Hohmann writes about incumbent governors in danger of losing their jobs. Illinois is ranked number 4…
Democratic Gov. Pat Quinn, an old-school machine politician, has looked vulnerable for years. After succeeding the impeached Rod Blagojevich, he almost lost in 2010. This time, he managed to scare off potentially serious primary challengers, including former White House chief of staff Bill Daley and Attorney General Lisa Madigan.
But tax hikes and budget cuts enacted on his watch have taken a toll on Quinn’s popularity. Republicans are also attacking him over reported investigations into hiring at the state transportation department and an anti-violence program. The state still has financial problems, even after Quinn canceled contracts with public employee unions.
Republican Bruce Rauner, a first-time candidate, has his own issues: He’s been hammered for his venture capital background and forced to defend his wealth.
A recent Chicago Tribune poll showed Quinn up 11 points among registered voters, but no Democrat on the ground believes that’s the case. More likely, informed observers say, the race is within the margin of error.
An “old-school machine politician”? Rauner could’ve written that for him. But, considering Quinn’s love for patronage and street money, I suppose he could have a point.
- Posted by Rich Miller
* The AP focused on guns…
U.S. Sen. Dick Durbin and GOP challenger Jim Oberweis disagreed Monday on whether to require universal background checks for firearms purchases, with Durbin saying it would reduce violence in a country “awash in guns” and Oberweis saying he’s not convinced the checks would have the intended impact.
Oberweis, an Illinois state senator and entrepreneur from Sugar Grove, is trying to unseat Durbin — the U.S. Senate’s No. 2 Democrat — in November. They met Monday before the Chicago Tribune editorial board for their first joint, televised appearance of the 2014 campaign.
If you missed the debate yesterday, you can watch it here.
* ABC 7 went with these two issues…
Tax returns and residency take center stage in a face-to-face meeting in the race for the U.S. Senate race in Illinois. Both Democratic incumbent Dick Durbin and Republican challenger Jim Oberweis appeared before the editorial board of the Chicago Tribune.
Durbin demanded proof that the Republican is an Illinois income tax payer. Oberweis’ wife lives in, and takes a homestead exemption in, the couple’s Florida house, making her a permanent resident there. The candidate says he still lives in Kane County.
Later, Oberweis would not guarantee he’d make his state return public, but insisted he does pay Illinois income taxes.
* Oberweis made good on releasing his returns…
Oberweis accused Durbin of lying and insisted he pays Illinois taxes. “If it’s an important issue, I will provide you the state income tax (forms),” Oberweis said.
Hours later, he landed a counterpunch by releasing his 2012 and 2013 Illinois state income tax returns. In 2013, Oberweis reported $1.726 million in total income and paid $61,739 in state taxes. He overpaid by $4,485, money that will reduce his 2014 obligation.
His 2012 state tax return reported almost $1.43 million in income and a tax bill of $60,871.
* After the debate, Oberweis pointed to another tax issue…
According to the Oberweis campaign, U.S. Senator Dick Durbin was caught lying today at the Chicago Tribune editorial board session when asked about his role in the IRS scandal.
In a press release, Oberweis said Durbin was asked unequivocally whether he or his U.S. Senate staff had ANY contact with the IRS during the IRS scandal other than the well-publicized letter he wrote asking the IRS to target Crossroads GPS on Oct. 10, 2010.
Durbin responded that there was no other correspondence.
Oberweis then produced an email from a Durbin staffer to an IRS staffer two days after the Crossroads letter. The email was first revealed by the U.S. House Committee on Oversight and Government Reform in its June 16, 2014 report titled, “How Politics Led the IRS to Target Conservative Tax-Exempt Applicants for the Political Beliefs.”
“Dick Durbin flat-out lied to the Tribune editorial board. This is important because we don’t know how deep Dick Durbin’s role was in the IRS scandal that he himself characterized as reminiscent of the worst abuses of the Richard Nixon era,” Oberweis said.
The brief e-mail, which is here, is from a Durbin aide. The Durbin campaign later responded to the Oberweis claim…
Durbin campaign spokesman Ron Holmes later dismissed the email’s significance, saying it was sent by Durbin’s staff to alert an IRS employee to Durbin’s already-disclosed letter a day after it was sent.
*** UPDATE *** Sheesh…
He thinks Evergreen Park is a black neighborhood?
- Posted by Rich Miller
|More new TV ads
Tuesday, Sep 30, 2014
Today the Bobby Schilling for Congress campaign released a new satirical ad starring Congresswoman Cheri Bustos. In the ad, Bustos calls Mr. and Mrs. Taxpayer in an effort to explain why she broke her campaign promise to give up ten percent of her pay. As she begins to stumble through her explanation, the line starts “breaking up” before Bustos quickly hangs up the phone.
* The ad…
“Uh, hi, Mr. and Mrs. Taxpayer? It’s Congresswoman Cheri Bustos. I know you think I owe you $34,000 because I said I would cut my own congressional pay by 10 percent. But times are tough, you know? Well, uh, I guess you do. Well, it turns out, um, I ‘misspoke!’ (crackle) Oh, I think we’re breaking up. Call you back after November. Vote for me!”
Heh, but meh - at least for me. Perhaps you disagree.
* From the House Majority PAC…
Media market(s): St. Louis broadcast and cable
Start date: 9/30/2014
*Amounts are given in weekly increments and do not denote the total amount to be spent to air an ad for its full run.
* The ad…
Keep in mind that the only generic animal that polls worse than an incumbent congressman is an incumbent Illinois state legislator. Still, not sure this cuts through any noise.
* And in that same race, from the NRCC…
“Bill Enyart has sided with Nancy Pelosi in Washington voting to cut Medicare for seniors and allowing President Obama’s extreme agenda to destroy jobs in Southern Illinois. It’s time for real leadership in Washington and Mike Bost in Congress means security for seniors and more jobs for all Southern Illinois families.” – Katie Prill, NRCC Spokeswoman
Announcer: For the middle class, Bill Enyart has been a bust.
He’s voted three times to raise the debt ceiling.
For seniors, Bill Enyart supported massive cuts to Medicare.
And Bill Enyart voted against curbing regulations that could kill jobs and cost Illinois’ economy millions.
Mike Bost will change Congress.
Mike Bost will fight job-killing regulations and out-of-control spending.
Mike Bost for jobs.
The National Republican Congressional Committee is responsible for the content of this advertising.
- Posted by Rich Miller
The top federal prosecutor in central Illinois has given the green light for a panel of lawmakers to resume hearings into Democratic Gov. Pat Quinn’s anti-violence program that now could unfold only weeks before the Nov. 4 election.
U.S. Attorney James Lewis had asked a bipartisan state commission to hold off on talking to witnesses reviewing a critical state audit of Quinn’s Neighborhood Recovery Initiative. Auditor General William Holland scoured through $54.5 million Quinn poured into an agency handling that “hastily implemented” the program announced during the closing weeks of Quinn’s 2010 campaign for governor. […]
On Monday, Bloomington Sen. Jason Barickman, the Republican co-chair of the commission, and his Democratic counterpart, Rep. Frank Mautino of Spring Valley, went over the latest development with Lewis by phone.
“Mr. Lewis confirmed that he had no further requests of the commission,” Barickman said. “As a result, we plan to proceed with our scheduled hearing on Oct. 8” in Chicago. Mautino could not be reached immediately to confirm if that hearing will take place.
The only thing that can stop those October hearings now is if Chicago’s US Attorney, who is also conducting an investigation, asks for a delay.
- Posted by Rich Miller
* DC outlets have reported in the recent past that the DCCC is abandoning a rapidly sinking Ann Callis. Larry Sabato piled on yesterday…
Reps. David Valadao (R, Calif.-21) and Rodney Davis (R, Ill.-13) ranked among the top Democratic targets in the country earlier in the cycle, but neither challenge has really materialized, and both races go from Leans Republican to Likely Republican.
Stu Rothenberg seconds that emotion…
In Illinois, Democratic challenger Ann Callis, a star recruit against Rep. Rodney Davis, has gone nowhere.
* But the DCCC is running a new ad attacking Davis…
The Democratic Congressional Campaign Committee is launching its first television ad in Illinois 13th Congressional District, highlighting how Congressman Rodney Davis shut down the government and kept his perks, like spending $40,000 at Washington, D.C. restaurants, a taxpayer-funded gym, first class airfare and lifetime Congressional health care.
* The ad…
When Rodney Davis got to Washington, the sky was the limit for Congressional perks.
A taxpayer-paid health club.
Lifetime Congressional healthcare.
$40,000 at Washington restaurants, like meals with donors and lobbyists.
Rodney Davis even kept his own perks while shutting down the government.
Oh, and first-class airfare for members of Congress.
Rodney Davis cares more about first class than the middle class.
The Democratic Congressional Campaign Committee is responsible for the content of this advertising.
* Davis’ response…
Claim: “…a taxpayer paid health club…”
Truth: Rep. Davis pays for access to a gymnasium just like hundreds of other members of Congress, including the Chairman of the DCCC, Steve Israel. Additionally, since Congressman Davis does not live in DC and sleeps in his office when he’s there, the gym is his only access to a shower.
Claim: “…lifetime Congressional health care…”
Truth: Congressman Davis voted to stop Members of Congress for receiving taxpayer-funded health care for life. (Roll Call Vote #177, 4/10/14). Additionally, Davis and his family are enrolled in Obamacare, as Members of Congress are required to participate in the program.
Claim: “…first class airfare for members of Congress…”
Truth: The DCCC is taking a page out of the Ann Callis playbook, using an attack that political fact checkers have called “smarmy.” (Washington Post 5/5/2014). This attack received a Four Pinocchios rating by fact checkers…the worst rating possible.
Congressman Davis voted to ban first-class flights by members of Congress and have never flown first-class on the taxpayer’s dime. (Roll Call Vote #177, 4/10/14).
* I’m not sure of the actual network buy, but the Davis folks say the DCCC reserved 1,582 GRP this week in Springfield-Champaign, which was pegged at $210,444. The cable buy was $16,101.
- Posted by Rich Miller
Tuesday, Sep 30, 2014
* Our regular commenter “circularfiringsquad” is sometimes difficult to decipher. He’s not the greatest speller or grammarian in the world and his use of nicknames often makes it hard to follow what he’s trying to say.
But the commenter has been hammering away almost non-stop for weeks, perhaps months, on the “HomeBanc” story, which finally broke this week after Gov. Pat Quinn launched a new TV ad.
* The commenter has now moved on to a different page in the oppo book…
After the spectacular failure of the news organizations who knew about the Rauner HomeBanc scandal(at least3) let’s start the day with another venture Mitt has plundered as he prepared to bless us with his vision on we should be governed. How about Education Futures Group?
OK, how about it? Anybody out there wanna take a crack at looking into and then explaining Education Futures Group in comments?
* By the way, the Tribune wasn’t really impressed with the HomeBanc story…
Gov. Pat Quinn on Monday launched a new ad attacking a business deal of Republican challenger Bruce Rauner, though the dots the Democrat uses to attack the Republican don’t necessarily connect. […]
The equity firm Rauner formerly chaired, GTCR, partnered in 2000 to create HomeBanc Mortgage. While GTCR once held a majority stake in the firm, it reduced its holdings after a public stock offering, selling the last of its shares in September 2006, Security and Exchange Commission records show.
GTCR’s actions came just months before the sudden financial unraveling of the mortgage company in 2007 led first to the January firing of CEO Patrick Flood, followed by an August bankruptcy filing. But GTCR had no board members on the mortgage firm involved in its management since 2005, prior to Flood’s firing and severance, and the bankruptcy filing. Records show Rauner was not a board member of HomeBanc in the lead up to its public offering in 2004.
It could not be immediately determined how much GTCR earned from the sale of stock during the phase-out of its involvement with the firm.
* But the union-backed Illinois Freedom PAC took issue with a Rauner campaign statement from yesterday…
HomeBanc Did Very Little Subprime Lending. “HomeBanc says the concerns about borrowers’ ability to repay, particularly subprime borrowers, hurt the entire industry. And though HomeBanc did little subprime lending — less than 1 percent of the roughly $5 billion in loans it made last year were in that segment — nervous lenders that HomeBanc relied on to fund loans started retrenching. Wall Street investors who purchased pools of loans through the mortgage-backed securities also retreated.” (Peralte C. Paul, “HOMEBANC: Lender Had Little Margin For Error,” Atlanta Journal Constitution, 8/12/07)
* From the union PAC…
2000: Bruce Rauner And Ned Jannotta Joined The Board Of Directors Of Homebanc. “Kirkland & Ellis served as legal counsel to GTCR on its purchase of HomeBanc. And Jannotta and his partner, Bruce Rauner, will join HomeBanc’s board of directors.” [Daily Deal, 5/25/00]
2004: More Than 50% Of Homebanc Loans Were Interest Only. “A newer kind of “interest-only” mortgage lets home buyers cut payments even further. Borrowers pay no principal in the early years of the loan–a period that often stretches to 10 years. That trims initial monthly payments dramatically. Consider that same $200,000 fixed-rate loan, which costs $1,230 a month over 30 years. An adjustable-rate interest-only loan at 3.38 percent cuts that payment by more than half, to just $563 a month. At HomeBanc Mortgage Corp. in Atlanta, more than 50 percent of home buyers opt for an interest-only loan.” [Newsweek, 6/14/04]
After The Interest Only Period Ends, Borrowers Face A Big Jump In Payments. “They’d better know what they’re doing. After the interest-only period ends, borrowers face a big jump in payments. With interest-only loans it also takes homeowners much longer to build up equity; if housing prices fall, they could end up owing more than they own, especially if they put down a zero down payment. That’s one reason some pros think they’re a bad idea. “They’re a way to help people buy more house than they really should be buying in the first place,” says Dallas financial planner Bryan Clintsman. Mortgage companies admit borrowers need to be aware of the risks. Says HomeBanc senior VP D. C. Aiken: “If they go out and buy a new car because they’re saving $700 a month, that’s not a good thing.” [Newsweek, 6/14/04]
* And then there was this…
Homebanc “Started To Punish Georgia Homebuyers” By Raising The Cost Of Adjustable Rate Mortgages Because Of The Tough Consumer Lending Act. “Lenders also started to punish Georgia homebuyers. HomeBanc Mortgage Corp. — one of the state’s largest mortgage originators until it failed four years later — raised the cost of adjustable-rate, interest-only loans. Household Mortgage said it would not purchase any loans that were subject to the law. Other lenders stopped making FHA or VA loans because of vagueness in the law.” [Atlanta Journal Constitution, 4/29/13]
Homebanc Advised Georgia Governor Sonny Perdue To Dismantle Georgia’s Predatory Lending Law That Would Have Outlawed Abusive Loans Saying It Increased The Cost Of Home Loans. “A hungry and growing band of mortgage brokers circled borrowers with complicated loans offering payments that started low but quickly escalated, saddling homeowners with payments they couldn’t afford. Along with subprime loans, brokers hawked interest-only and negative-amortization loans. They offered no-money-down, no-documentation, no-job loans, anything to cinch the deal and entice their prey to the closing table. But when interest rates adjusted higher and housing values plummeted, many of those borrowers lost their homes to foreclosure, lowering the value of entire neighborhoods. Georgia’s predatory lending law would have outlawed some of those abusive loans, but it never got the chance. One of Sonny Perdue’s first acts as governor was to move to dismantle the law. In doing so, he followed the advice of companies such as Atlanta-based HomeBanc Mortgage Corp., which claimed the law’s liability measures forced it to increase the cost of home loans. At the time, HomeBanc blamed the increase on the New York investment bank Bear Stearns, which demanded a half-percentage-point premium for its loans because of higher liability risks supposedly associated with buying loans governed by Georgia’s predatory lending law. With Georgia now ranking third in the nation for mortgage loan delinquencies and 10th for foreclosures, neither HomeBanc nor Bear Stearns is around to advise the governor on what to do next. Both companies became early casualties of the real estate slump and the collapse of mortgage-backed securities.” [Editorial, Atlanta Journal Constitution, 10/3/08]
· With Homebanc’s Backing, The Georgia Fair Lending Act Was Gutted In 2003. “Four years ago, the Legislature bowed to bankers who complained that the state’s 6-month-old landmark predatory lending law was too harsh and was making it too difficult for consumers with less-than-perfect credit to buy homes. One of the most vocal critics of the original law was former HomeBanc CEO Patrick Flood. [Atlanta Journal Constitution. 08/10/07]
The Georgia Fair Lending Act Which Homebanc Successfully Gutted Could Have Protected Homebuyers And Protected the U.S. Economy From Collapse. This week, the Atlanta-based HomeBanc announced it is closing its mortgage loan business, making the company the latest victim of easy credit policies that courted riskier borrowers with loans that carried artificially low interest rates during the first few years and then shot up steeply. When the market was hot, mortgage companies weren’t concerned with whether borrowers had the financial stability to survive an economic downturn. After all, the capital markets were booming and mortgages were being bundled and sold to investors without much regard to risk. So when Georgia lawmakers — in a temporary flash of sound goverance — passed a law to rein in the flourishing subprime market and derail the Wall Street money train, the entire industry rose up in fury. The law permitted claims for unlimited damages against predatory lenders, allowing suits not just against the originating lenders but also against investors who bought mortgage-backed securities. In the short time before it was gutted, the law had no effect on Georgians seeking conventional home loans. Only those borrowers with credit histories suggesting they might have a hard time repaying the loans found it harder to get financing. Now the meltdown of the subprime market is affecting even the big names in the mortgage industry, such as HomeBanc. “We had a moment here in Georgia where we told lenders that they couldn’t lend without regard to repayment ability,” says William Brennan, an Atlanta Legal Aid specialist in mortgage abuses. “But instead the General Assembly gave aid and comfort to these lenders.” [Atlanta Journal Constitution. 08/10/07]
- Posted by Rich Miller
* The governor sure has a lot of new TV ads playing these days. The Rauner folks say the abundance of new spots demonstrates that Quinn is worried and is hoping something will finally work.
Anyway, from a press release…
In a new TV ad released today, the Republican mayor of an Illinois town devastated by tornadoes last November praised Governor Pat Quinn’s leadership in response to the deadly disaster, saying, “He is the right guy for the job. He is the right guy for Illinois.”
Governor Quinn worked with Mayor Gary Manier to provide a disaster relief and aid package to help rebuild Washington, Ill., and other communities devastated by the massive tornadoes.
“I cannot say enough, the love for central Illinois that Governor Quinn has and the respect that we all have for him,” Mayor Manier said.
“When natural disasters occur, we come together for the common good,” Governor Quinn said.
* Rate it…
Mayor Gary Manier: “Gary Manier, I’m the Republican mayor for the city of Washington. 1,108 homes were devastated or destroyed.”
Governor Quinn: “When natural disasters occur, we come together for the common good.”
Mayor Manier: “I cannot say enough, the love for central Illinois that Governor Quinn has and the respect that we all have for him. State government under Pat Quinn’s leadership has helped us recover from this. I can’t imagine anyone else being in that seat during our devastation. He is the right guy for the job and the right guy for Illinois.”
* Whatever’s going on with the Quinn campaign, there’s little doubt that Simon Edelman, who produced both this spot and yesterday’s “Brookport” ad is most certainly hitting his stride. Longtime blog readers remember Simon’s stellar work producing online ads four years ago. He’s obviously made a successful leap to broadcast.
- Posted by Rich Miller
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