Where's Wall Street in the treasurer's race? | The Election Page | Indy Week
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Where's Wall Street in the treasurer's race? 

So far, Wall Street doesn’t seem to be very interested in who North Carolina’s next state Treasurer will be.

The incumbent, Richard Moore, has been criticized for raising money for his gubernatorial campaign from the investment houses and financial firms he’s hired to help invest the state’s $78 billion in public employee retirement funds.

None of the four candidates to succeed him, however, are receiving many contributions from these sources, though. And one, Democrat Michael Weisel, a Raleigh attorney, has made it a selling point of his campaign that he’s not seeking any Wall Street cash and will never do so if elected.

In the three-way Democratic primary, Weisel’s raised the least amount of money, a total of $153,725, to which he’s added a dozen loans to himself totaling $317,886. Weisel’s biggest contributors are his former law partner, Andy Penry, and Penry’s wife, Karen, who together gave him $8,000. Penry and Weisel are former Wake County Democratic party chairs. Former N.C. Democratic party chair Tom Hendrickson contributed $4,000.

The leading Democratic fundraiser is Buncombe County Commissioner David Young, an Asheville travel agency owner. He’s raised $648,924, including a smattering of Charlotte investment-firm money. For example, Nelson Schwab III, partner in Carousel Capital, where UNC President Erskine Bowles used to hang his hat, contributed $2,000. But most of Young’s money came the old-fashioned way, from Asheville-area businesses, developers and utility companies; he also contributed $160,275 of his own money (listed as a contribution, not a loan).

Young’s backed by both Progress Energy and Duke Energy’s PACs to the tune of $4,000 and $2,000, respectively; Duke Energy CEO James Rogers contributed $4,000 as well, and other Duke Energy and Progress Energy executives kicked in $11,500.

State Sen. Janet Cowell, D-Wake, has raised $415,225 from a wide variety of sources. Two investment firms have chipped in large contributions: executives with Franklin Street Partners, a Chapel Hill company, have given Cowell $20,000, including $8,000 from principle Robert Eubanks Jr. and his wife, Mary Ann. Another $11,000 came from executives with ACI Capital Co., a New York firm.

Otherwise, Cowell’s money has come from Democratic donors like Raleigh businessman Dean Debnam ($4,000) and John Sall, of Cary’s SAS Institute ($4,000), plus political action committees including the Teamsters ($3,825), the N.C. Academy of Trial Lawyers ($4,000), the N.C. Sierra Club ($2,000), the N.C. Conservation Council PAC ($2,000), and Planned Parenthood NC PAC ($1,000).

If there’s a runoff in this race and Young is in it, he’ll have a big advantage. As of two weeks ago, he still had almost $218,000 on hand, versus $33,000 for Cowell and $12,000 for Weisel.

Unopposed in the Republican primary, Rocky Mount Rep. Bill Daughtridge reports raising $246,550, most of it from the business community Down East; he had $69,000 on hand as of April 19.

  • Cowell gets $20K from Franklin Street Partners; big utilities back Young; Weisel trails in contributions

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