Bean still way ahead in fundraising race
Wealthy congressional hopeful Steve Greenberg never turned into the self-funding candidate political pundits predicted - and now it seems some of the investors he'll need to be competitive in the final weeks of the campaign are protecting their wallets, too.
The Long Grove Republican's campaign committee ended September with less than $46,000 in the bank, according to newly filed Federal Election Commission disclosure reports.
In contrast, his opponent in the race for the 8th House seat, two-term Democratic incumbent Melissa Bean, had more than $1 million left to spend on TV ads, radio spots, mailers or other campaign promotions as of Sept. 30, her quarterly records show.
Greenberg, who's always lagged behind Bean when it comes to fundraising, attributed the gap to a lack of major campaign events during the quarter. The nation's financial troubles were a factor, too, he said.
"I think we did a great job of hitting the numbers we did in this tough economy," he said. "We're very positive (about) the amount of support we've received."
A Bean spokesman declined to comment.
Bean, of Barrington, collected more than $314,475 in donations between July 1 and Sept. 30, That's a roughly $109,000 drop from the previous quarter's take, but it brought her total to nearly $3 million.
Greenberg's campaign pulled in an estimated $157,286 in the third quarter, down nearly $75,000 from the previous quarter's figure. He's received about $833,217 since the campaign began.
His reports show no financial help from the National Republican Congressional Committee, the political group devoted to increasing the GOP presence in the House. Even the flow of e-mail blasts from that organization - which said he was set to pose a "formidable challenge" to Bean after he won a three-way primary in February - has dried up.
Bean has received cash from the Democratic Congressional Campaign Committee, her party's counterpart, as well as dozens of individuals and political action groups.
The last race for the 8th District seat was more expensive. In 2006, Bean and then-Republican foe David McSweeney each spent millions on their campaigns.
Greenberg, a business owner and former minor-league hockey player, called the self-funder tag once attributed to him hype.
"I'm not going to leverage my family's future for the sake of a race," he said.
As he's done before, Greenberg criticized Bean, a member of the House financial services committee, for taking donations from banking and investment firms, especially during the nation's current financial crisis.
Political action committees representing Washington Mutual, JPMorgan Chase Bank, the New York Stock Exchange and Wachovia Corp. were among Bean's benefactors, her report shows.
"We just bailed them out," Greenberg said. "If you want real reform, you should not be allowed to collect money from those people you're supposed to be regulating."
The overwhelming majority of Greenberg's donations last quarter came from individuals, but a few political action committees sent checks. They included the Republican Jewish Coalition, a longtime supporter of Greenberg, and a group called Every Republican is Crucial, founded by U.S. Rep. Eric Cantor of Virginia.
The 8th District includes parts of Lake, Cook and McHenry counties. The seat carries a 2-year term.
The candidates' full disclosure reports are available online at fec.gov.