Category: Money in Politics

The other cover price for McConnell’s new tell-all memoirs: $325,000 — to start

In “The Long Game,” Republican U.S. senate majority leader Mitch McConnell slams the man he calls “Professor Obama” and needles fellow lawmakers, ABC News says in a new story. It hits bookstores next Tuesday.

McConnell bookMcConnell told the Associated Press a year ago that he was writing the book. But he didn’t say how much he’d get paid. Now, his new financial disclosure report filed last week shows what publisher Penguin forked over: $325,000 — and that’s just to start. He’ll also receive royalty payments: 15% of sales at the retail price of hardcover editions; 7.5% to 10% of sales of paperbacks; and 25% of e-book sales.

This is McConnell’s biggest foray into book publishing. If sales go through the roof, he could earn a bigger advance next time. But as political books go, it’s a long road to match what Simon & Schuster paid Hillary Clinton in 2000 for her memoirs as first lady: a near-record $8 million. (And that’s not counting the rumored $14 million for her years as secretary of state.) In fact, McConnell’s pales alongside a list Boulevard compiled of other high-profile authors going back to 2001.

The 20-page disclosure report covering all of 2015 is full of details about McConnell’s finances and those of his wife, the economist Elaine Chao. Among them, Chao got paid five figures for speeches she gave to the Alliance for Public Awareness in Paris ($50,000), and the Real Estate Roundtable in Washington ($25,000). Chao was U.S. labor secretary in the George W. Bush Administration.

With Chao’s substantial family wealth included, McConnell ranked No. 11 among the senate’s wealthiest members as of 2014, the latest year available from the Center for Responsive Politics, a nonpartisan campaign finance watchdog group.

Related: McConnell’s 2014 financial disclosure report. Also, here’s Republican Rand Paul’s 2015 report, plus his 2014 report.

How McConnell’s book advance stacks up against other big deals

A selection of advances publishers have paid to politicians, entertainers and journalists over the past 15 years.

Jones vs. Jones: A mystery over the true identity of Louisville’s biggest political donor

Business First logoBusiness First has a curious story about political campaign contributions in its current issue both in print and on its website. (We won’t link to the web version because it’s only for subscribers). The story lists the Louisville area’s top 30 individual donors for the 2016 election cycle — this includes White House candidates — and says whether their gifts went mostly to Democrats or to Republicans. The names were compiled for the business weekly by the well-regarded Center for Responsive Politics, a non-partisan group in Washington that tracks campaign finance.

Here’s what’s odd; bear with us, because it’s complicated. The story says the No. 1 donor is a retired Dr. Mark Jones, who’s said to have given a total $200,950 primarily to Republicans. He’s far and away the most generous donor listed; No. 2 is the philanthropist Christy Brown, who’s given $76,600 (mostly to Democrats), according to the list.

But Boulevard wonders whether the center has erred. We used its searchable database to build our own list of the biggest Kentucky donors for the 2016 election cycle. At the top of our list: one David A. Jones, identified only as a Louisville retiree who gave $200,000 on Sept. 14 to the Kentuckians for Strong Leadership PAC.

David Jones Sr
Jones

He’s almost certainly Humana co-founder David A. Jones Sr.; the PAC lists his $200,000 gift, and his West Main Street office address in its annual 2015 Federal Election Commission report. (Moreover, if you search solely for any David A. Joneses, you turn up another five donations totaling $41,500 from a retired David A. Jones Sr., including $33,400 on May 27, 2015, to the Republican National Committee. However, it doesn’t look like these gifts were from his son, venture capitalist and Humana director David A. Jones Jr.; these appear to be from Jones Sr.)

Back to the Business First story. The center’s database does, indeed, show two contributions by a Dr. Mark Robert Jones of Louisville, but totaling only $950. And unlike Business First’s account, Jones isn’t identified as retired. The donations went to 21st Century Oncology; it’s unclear whether that’s a PAC.

Did the center mistakenly credit the $200,000 from David Jones Sr. to Dr. Jones and his $950, pushing the doctor to the top of the list? It certainly seems possible. That would mean the Humana co-founder is the real top donor, with a total $241,500. We’ll watch Business First for any clarification in the days ahead.

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McConnell

This much is certain: The Kentuckians for Strong Leadership PAC is solidly Republican. “Our highest priority in 2014,” its website says, “was ensuring the reelection of U.S. Senate Majority Leader Mitch McConnell. In 2016, we turn our attention to delivering control of Kentucky’s State House of Representatives to the Republican Party.”

McConnell, Paul file annual financial disclosure reports

McConnell,Mitch-012309-18422-jf 0024
McConnell

Republican U.S. senators Mitch McConnell — already one of the chamber’s wealthiest members — and Rand Paul have now filed their mandatory annual financial disclosure reports.

The documents reveal sources of annual income, plus stock and other investments. Both men filed their reports Monday.

Official Portrait
Paul

Here’s McConnell’s, plus his 2014 report for comparison. And here’s Paul’s new report, plus his 2014 report.

Related: Search for more senate disclosure reports.

In U.S. Senate bid, Gray ran on business credentials. His first financial report lays them out

Lexington Mayor Jim Gray won the Democrats’ nomination for U.S. Senate yesterday by campaigning on his experience helping save the family’s Gray Inc. construction company after his father’s death. He’ll now face Republican Sen. Rand Paul in November — a contest he concedes will be tough.

Jim Gray
Gray

“I have no illusions about it being a challenging race,” he told the Lexington Herald-Leader, “but I’ve got the experience and I’ve got the record. That experience is in the private sector, in building a family business.”

In the race to the senate, Gray, 62, joins other well-heeled candidates who’ve run on business bona fides, including Gov. Matt Bevin and White House hopeful Donald Trump. Gray’s first financial disclosure report, filed last month, offers a glimpse at that record.

The April 15 report covers the period extending back to the start of 2015. As with all such reports candidates and office holders must file annually, Gray’s assigns only a range of values for his family’s business, real estate and stock holdings. An individual stock, for example, may be valued at between $15,001 and $50,000 — the value Gray gave to his investment in the biotech giant Amgen. What’s more, it’s a point-in-time view; there’s no way to know the value of any of the assets today, nor whether they’re even still owned.

Still, Gray’s report offers a revealing snapshot of his family’s more big-ticket assets:

  • Gray Inc.: valued between $5 million and $25 million
  • Gray Realty commercial property: $1 million to $5 million
  • Woodford Realty commercial property: $250,000 to $500,000
  • Visual and Antiquity Investments, which consists of contemporary paintings, sculptures, mixed media and rare books: $1 million to $5 million. The report doesn’t say whether this is a private collection or commercial venture

The report also lists stocks and other investment securities, with a combined value between $1.8 million and $4.1 million. The portfolio includes a mix of technology stocks (Apple and Facebook); pharmaceuticals (Bristol-Myers and Merck, in addition to Amgen) and consumer goods (Starbucks and Walt Disney). A partial list:

Gray portfolio medium

Finally, Gray also reported annual wages of $160,000 as mayor, and $125,000 from Gray Inc., where he’s non-executive board chairman.

Related: Watch Gray’s “American Dream” campaign video about saving the family business.

Metro District 8 winner Coan shows how to win big without spending big

Brandon Coan
Coan

Attorney Brandon Coan not only won more votes today than the other six candidates, but he also spent less per vote than all but two of his rivals. Coan’s expenditures averaged $18 per vote. The difference was especially stark against the $63 by the No. 2 vote-getter, philanthropist Stephen Reily.

Boulevard’s figures are based on the most recent campaign war chest totals, as of two weeks ago, from this Courier-Journal story. Reilly’s campaign budget had already set a record for a Louisville Metro Council race — even for one as highly sought as this. Here’s the breakdown:

Campaign spending