seajane

Thoughts from a Yellow Dog Democrat living in Olympia, in the great BLUE state of Washington

I am a liberal because it is the political philosophy of freedom and equality. And I am a progressive because it is the political path to a better future. And I am a Democrat because it is the political party that believes in freedom, equality and progress. -- Digby

Wednesday, March 29, 2006

Mike 'Safeco' McGavick

Just what we DON'T need -- our own bought-and-paid-for Senator!!

From WA State Democrats press release:


Safeco Insurance released their annual proxy statement describing in detail the golden parachute for Lobbyist Mike! McGavick's run for political office.

"Mike McGavick continues to be on the insurance industry payroll while he campaigns full time," said Dwight Pelz, Chair of the Washington State Democrats. "He has received millions of dollars in benefits since he announced his candidacy in August, started campaigning and fundraising in September, and then toured the state soliciting votes. Just whose side is he going to be on in the Senate: Washington families or the insurance industry that is paying him to run?"

Among the standouts in McGavick's special deal is over $1.3 million in deferred compensation this year, while he is no longer an employee and while he campaigns for federal office, on top of a $2.3 million bonus awarded just last month.

The report also describes McGavick's special deal worth $3 to 4 million in stock options, which he signed with the insurance company in December after announcing his Senate bid. Moving up the vesting date meant McGavick could rake in additional profits before leaving insurance company payroll.

Lobbyist Mike! McGavick's golden parachute compensation for 2005 and 2006 includes:
· A $2,314,180 bonus awarded on February 15, 2006, months after he had already started campaigning.
· Another $1.1 million bonus in the form of "performance stock rights" awarded on December 31, 2005.
· Stock option changes worth $3.3-4.5 million (depending on the day's stock price). These are the 210,000 stock options, the vesting of which was accelerated to his last day with the company (2/28/06).
· $1.3 million in deferred compensation that McGavick will get as a lump sum payment in 2006.
· Becoming eligible (in late January) just before leaving for a $50,000 a year "cash balance" plan (a form of a pension).

The full report can be viewed at: http://ccbn.10kwizard.com/xml/download.php?repo=tenk&ipage=4049841&format=PDF

3 Comments:

  • At 7:18 PM , Blogger wurdsmith said...

    Republicans were touting McGavick as a complete package. That's GOP-Speak for "bought and paid for in advance." Personally, I find it insulting that any Republican in this political climate can claim any credentials when it comes to education, fiscal restraint, environmental awareness or national security. McGavick is just another millionaire looking for a better gig with more income potential.

     
  • At 2:40 PM , Anonymous Anonymous said...

    On April 13 in alaska alot of the bigshots gave him a fundraiser at $4,200 each. If I can copy the invite will let you no who they were.

    Bill Allen
    Mr. Bittner
    Hogan, Brady, Brown Gillam, Jenson,
    Rep Lesil McGuire, Tom Anderson, Cutis Thayer, Jerry Mackie, Kyle Parker, Oilie Cam toohey from Shell corporation,Bill sheffield, Ashley Reed and Ted Stevens at the home of Bill Sheffield. Alaska Republicans raised maybe 100,000

     
  • At 2:42 PM , Anonymous Anonymous said...

    Oh Tom Anderson from Alaska is in Seattle to talk to McGavick about a job. Anderson is an attorney working for big oil and a state Representative. Moving to Washington soon I guess.

     

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