Monday, January 18, 2010

In California--Meg Whitman? For Governor? Disconnect

Meg Whitman wants to be Governor of California.

From San Diego to the Oregon border and every place in California from East to West, Californians have been pummeled with Meg Whitman ads in every form of media on a daily basis for months now.

Who is Meg Whitman? She was President and CEO of EBay from 1998 to 2008. She also lists toy maker Hasbro and Procter and Gamble on her resume which somehow qualifies her as California's governor. She has no governmental experience. Her ads provide the same old campaign rhetoric, however.......more jobs, tax reduction, better schools, holding government 'accountable' and blah, blah, blah.......

Meg is financing her own campaign and has put 20 million of her own dollars into her election fund. Meg is 53 years old, married to a respected Cardiologist whose last name she does not use (she uses her maiden name for her public 'persona' and as a political candidate). She and has 2 adult sons. Meg is a 'Trent Lott' type Republican with some odd takes on abortion and social justice. None of her campaign thoughts have been backed up by any concrete plans.

Meg is not without corruption, scandal and possible criminal behavior. Within the last few years public records show she received shares in public stock offerings managed by Goldman Sachs and earned 1.78 million dollars in a short period of time through a process known on Wall Street as 'spinning'.

Spinning is getting 'inside', low cost deals on an IPO before the stock is offered to the public. After the IPO is on the market and stock prices have gone up, the insider sells and makes a quick profit. Meg made almost 2 million dollars using this process from reported documentation. What is not known is how much money she really made in what has not been publicly reported. Didn't Martha Stewart go to prison for similar activities?

So, there is no mistake, Meg Whitman is no Sarah Palin. Meg is smart and rich. And now she wants to be California's Governor.

Can Meg Whitman buy the California Governor's Office?


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