The Wanna Be's campaign has been trying to make hay out the fact that if you want change in Washington, we need to change the Senator here in Louisiana.
Well, with this new information out there, I'm not so sure anybody is gonna want to change the Senator:
You say you wanna change Washington? That's all good and fine. But I gotta ask:
Has your ambition to be a big dog clouded your ethical judgments?
And with all the information in the ad being fact-checked quite nicely by the folks behind One Confused Politician, and posted below the jump, I know you have taken $350,000 from folks who appear before the Bond Commission. Damn, I know you wanna be the Senator, I just never realized how badly.
Kennedy Has Received More Than $359,000 From Campaign Contributors Tied To Projects Before The Bond Commission: According to campaign finance reports and the meeting minutes of the Bond Commission, Kennedy has accepted more than $359,000 from individuals and entities with business before the Bond Commission. (LA Bond Commission Meeting Agendas & Minutes; LA Campaign Finance Database; FEC)
Kennedy Sets The Bond Commission Agenda & Can Block Projects From Agenda: Kennedy, as state treasurer, chairs and sets the agenda for meetings of the State Bond Commission. Kennedy has the power to set the agenda for the commission and use his powers to block projects from the agenda. (Times-Picayune, 2/25/07; Baton Rouge Advocate, 6/16/07)
Kennedy Received Over $235K From Contributors Tied To GO Zone Projects: Kennedy has taken $235,433 from campaign contributors with ties to projects that have received GO Zone bond financing through the Bond Commission. (FEC; Louisiana Campaign Finance Database, Bond Commission Meeting Agendas & Minutes)
GO Zone Allows Business Owners To Borrow Capital On Tax-Free Basis: The GO Zone legislation allows private business owners and corporations to borrow capital on a tax-free basis. (BusinessWire, 1/30/06)
Kennedy Oversaw Allocation Of GO Zone Bonds To Areas Less Affected By Hurricanes: The Times-Picayune reported that critics said not enough of the GO Zone bonds were set aside for areas hit hard by the 2005 hurricanes. Too much of the GO Zone bond money went to developers and businesses seeking financing for projects that were already in the planning stages before Katrina. (Times-Picayune, 10/28/07)
Kennedy Received $11K Tied To Luxury Hotel Project That Received $50 Million In GO Zone Financing: The Bond Commission approved $50 million in GO Zone bond financing for Bluebonnet Hotel Ventures, a full-service, four-star hotel in Baton Rouge. Kennedy has received $11,000 from Mike Wampold, III who is the manager for Bluebonnet Hotel Ventures and Ted Terrell, an employee of Wampold Companies. (FEC; Louisiana Campaign Finance Database; Bond Commission App #S06-018B)
Took Nearly $20K From Contributors Tied To Car Dealership That Received $7.5 Million In Financing: The Bond Commission approved $7.5 million in GO Zone financing for Price LeBlanc Facility to renovate and improve an automotive facility in Baton Rouge Parish. Kennedy has received $19,800 in campaign contributions from V. Price LeBlanc Sr., V. Price LeBlanc, Jr. and Brent LeBlanc. (FEC; Louisiana Campaign Finance Database; Bond Commission App #S07-058)
Poor Handling Of GO Zone Bonds Could Impact Future Federal Funding For The State: According to the Times-Picayune, "The bond commission's failure to critically evaluate all of the applications, and the resulting shortfall in GO Zone money, could haunt the state when it makes future requests for federal money." (Times-Picayune, 10/28/07)
Advocate Editorial: "It's As If Simple Arithmetic Is Not Among The Qualifications For A Seat On The Bond Commission": A Baton Rouge Advocate's editorial in July 2007 on the handling of the GO Zone bonds stated, "It's as if simple arithmetic is not among the qualifications for a seat on the Bond Commission." (The Advocate, 7/31/07)
Accepted Money From 5 Contributors At The Same Time Bond Commission's Approved Bonds For Their Company: Between August 15 and 17, 2007, Kennedy accepted campaign contributions totaling $1,750 from 5 individuals employed by Summit America in Montgomery, Alabama. On August 16, 2007, the Bond Commission approved $6.4 million in bonds for the rehabilitation of Lapalco Court Apartments in Harvey, LA. Summit America Properties is the solely named General Partner of Lapalco Court Apartments. (LA Campaign Finance Database; Louisiana Secretary of State, Corporations Database; S07-080; LA Bond Commission Meeting Agenda 8/16/07, Item 34, pg. 4; Minutes, pg. 3)
Same Company Received Approval Of $8.4 Million In Bonds At The Same Time Its Employees Gave Kennedy Campaign Cash: Between November 7 and November 10, 2006, Kennedy accepted campaign contributions totaling $1,071 from five individuals tied to Summit America Properties, Inc., which is the solely named General Partner of Ridgefield Apartments Partners, Ltd. On November 16, 2006, the Bond Commission approved $8.4 million in bonds for the Ridgefield Apartments Project. (LA Campaign Finance Database; Louisiana Secretary of State, Corporations Database; 06-011, Louisiana Bond Commission Meeting Agenda, 11/16/06, pg. 3; Meeting Minutes, 11/16/06, pg. 5)
Kennedy Repeatedly Accepted Contributions Within Days Or Weeks Of Bond Commission Consideration Of A Related Project: Kennedy has repeatedly taken campaign contributions within days or weeks of the Bond Commission considering a project tied to the contributor. For example:
February 8, 2007 - John Litchfield, agent and manager of Versatility Fabrication and Marine Repair made $1,000 donation to Kennedy's campaign. (LA Campaign Finance Database; Louisiana Secretary of State Corporations Database)
February 15, 2007 - Bond Commission approves $20 Million in GO Zone Bonds for Versatility Fabrication & Marine Repair, LLC for a Barge Manufacturing Facility in West Baton Rouge. (07-15, LA Bond Commission Meeting Agenda, 2/15/07, Item 33, pg. 5; Minutes, pg. 3)
May 3, 2007 - Woodward Interests, LLC, which is tied to Paul Flower, the manager of 521 Tchoupitoulas Street LLC gave $2,500 to Kennedy's campaign. (LA Campaign Finance Database; Louisiana Secretary of State Corporations Database)
May 17, 2007 - Bond Commission approved $8.5 Million in GO Zone bonds for 521 Tchoupitoulas Street, LLC for a 24-room hotel in New Orleans. (L07-205, LA Bond Commission Meeting Agenda, 5/17/07, Item 77, pg. 9; Minutes, pg. 5)
April 13, 2007 - James R. Leake, Jr., vice president of Leake Oil Company gave $500 to Kennedy's campaign. (LA Campaign Finance Database; Louisiana Secretary of State Corporations Database)
April 19, 2007 - Bond Commission approved $15 Million in GO Zone Bonds for Leake Oil Company for several gas stations/convenience stores/fast food facilities. (07-24, LA Bond Commission Meeting Agenda, 4/19/07, Item 35, pg. 5; Minutes, pg. 5)
September 19, 2007 - Kennedy received $2,500 from John B. Noland, who is listed as a director of St. James Place Of Baton Rouge, a nonprofit corporation. (LA Campaign Finance Database; Louisiana Secretary of State, Corporations Database)
September 20, 2007 - Bond Commission conditionally approved $52 Million in revenue refunding bonds for St. James Place of Baton Rouge. (S07-099; LA Bond Commission Meeting Agenda 9/20/07, Item 88, pg. 11; Minutes, pg. 3; Kennedy Release, 9/24/07)
