Corporate chieftains and billionaire business tycoons are used to getting what they want as soon as they want it. When it comes to playing nicely together, they sometimes have a little trouble.
This could explain why Steve Poizner, who wants the Republican nomination to be California’s next governor, actually called in the FBI when a political opponent suggested that he stand aside for now and run for a U.S. Senate seat in 2012 instead.
Poizner, who is California’s insurance commissioner and a reputed billionaire who founded two high-tech companies, is facing off against former eBay chief executive Meg Whitman for the GOP gubernatorial nomination. The race is likely to be nasty and expensive.
The winning candidate, emerging bruised from the primaries, will then most likely have to face an unscathed Democratic rival. Though he has not officially announced his candidacy, California Attorney General Jerry Brown is expected to run unopposed in the Democratic primary.
Mike Murphy, a strategist with the Whitman campaign, came up with a plan to turn the fierce Republican primary into two strong general races. In an email message to a member of Poizner’s campaign staff, Murphy wrote, “I hate the idea of us each spending $20 million beating on the other in the primary, only to have a damaged nominee.” (But he does not hate the idea so much that he would consider urging his own boss, Whitman, to quit the race. She, too, is used to getting what she wants.)
Murphy went on to suggest that Poizner drop out of the gubernatorial race in favor of Whitman. In turn, Murphy suggested that the Republican Party would unite behind Poizner if he runs for the U.S. Senate seat now held by Democrat Dianne Feinstein, who is up for re-election in 2012.
A California Field poll last month indicated that 48 percent of likely Republican primary voters favored Whitman, while 17 percent supported Poizner and 38 percent remained undecided. So, while a Poizner win would not be impossible, the two candidates are hardly neck and neck.
But Poizner was not interested in compromise. Instead, he claimed that Murphy’s proposal amounted to a criminal threat. In a press conference, Poizner told reporters that he had filed letters of complaint with the FBI, the United States Attorney’s Office and the California attorney general (yes, that would be the aforementioned Jerry Brown).
Poizner’s tantrum put an end to the Whitman campaign’s conciliatory tone. Murphy said in a statement, “After reading the ridiculous charges made by Steve Poizner during today’s strange press conference, all I can say is that I’m starting to worry about the commissioner’s mental condition.”
Although Poizner claimed that he had “identified a variety of state and federal laws that may have been violated,” Chris Elmendorf, a professor who specializes in election law at the University of California, Davis, School of Law, said that it was unlikely that any laws were broken. “I cannot see this as turning into a viable legal case of any form,” Elmendorf said.
Sounds like pretty normal politics to me, too. Murphy’s alleged remark that an uncooperative Poizner would be “put through the wood chipper” was, I think, metaphorical rather than literal. It does not sound like much of a reason to call in the gendarmes, the feds and the Marines.
On the other hand, Poizner might figure that if it is not a crime to try to keep him from getting what he wants, it ought to be. Or maybe he is simply insulted that anyone would suggest that someone who has a track record of getting things done in private industry might want to serve in the Senate, which specializes in not doing much of anything.
That makes me wonder why either Whitman or Poizner would want to be governor of California. Regardless of whether either of them has billions, they both have plenty of dough. If I had a billion dollars, I would be willing to spend a lot of it to avoid becoming governor of the nearly ungovernable and nearly broke Golden State.
If Whitman and Poizner really come to dislike one another, they might just decide to endorse each other in the governor’s race, instead of spending a fortune to win the job themselves.
Larry M. Elkin is the founder and president of Palisades Hudson, and is based out of Palisades Hudson’s Fort Lauderdale, Florida headquarters. He wrote several of the chapters in the firm’s recently updated book,
Looking Ahead: Life, Family, Wealth and Business After 55. His contributions include Chapter 1, “Looking Ahead When Youth Is Behind Us,” and Chapter 4, “The Family Business.” Larry was also among the authors of the firm’s book
The High Achiever’s Guide To Wealth.
Posted by Larry M. Elkin, CPA, CFP®
Corporate chieftains and billionaire business tycoons are used to getting what they want as soon as they want it. When it comes to playing nicely together, they sometimes have a little trouble.
This could explain why Steve Poizner, who wants the Republican nomination to be California’s next governor, actually called in the FBI when a political opponent suggested that he stand aside for now and run for a U.S. Senate seat in 2012 instead.
Poizner, who is California’s insurance commissioner and a reputed billionaire who founded two high-tech companies, is facing off against former eBay chief executive Meg Whitman for the GOP gubernatorial nomination. The race is likely to be nasty and expensive.
The winning candidate, emerging bruised from the primaries, will then most likely have to face an unscathed Democratic rival. Though he has not officially announced his candidacy, California Attorney General Jerry Brown is expected to run unopposed in the Democratic primary.
Mike Murphy, a strategist with the Whitman campaign, came up with a plan to turn the fierce Republican primary into two strong general races. In an email message to a member of Poizner’s campaign staff, Murphy wrote, “I hate the idea of us each spending $20 million beating on the other in the primary, only to have a damaged nominee.” (But he does not hate the idea so much that he would consider urging his own boss, Whitman, to quit the race. She, too, is used to getting what she wants.)
Murphy went on to suggest that Poizner drop out of the gubernatorial race in favor of Whitman. In turn, Murphy suggested that the Republican Party would unite behind Poizner if he runs for the U.S. Senate seat now held by Democrat Dianne Feinstein, who is up for re-election in 2012.
A California Field poll last month indicated that 48 percent of likely Republican primary voters favored Whitman, while 17 percent supported Poizner and 38 percent remained undecided. So, while a Poizner win would not be impossible, the two candidates are hardly neck and neck.
But Poizner was not interested in compromise. Instead, he claimed that Murphy’s proposal amounted to a criminal threat. In a press conference, Poizner told reporters that he had filed letters of complaint with the FBI, the United States Attorney’s Office and the California attorney general (yes, that would be the aforementioned Jerry Brown).
Poizner’s tantrum put an end to the Whitman campaign’s conciliatory tone. Murphy said in a statement, “After reading the ridiculous charges made by Steve Poizner during today’s strange press conference, all I can say is that I’m starting to worry about the commissioner’s mental condition.”
Although Poizner claimed that he had “identified a variety of state and federal laws that may have been violated,” Chris Elmendorf, a professor who specializes in election law at the University of California, Davis, School of Law, said that it was unlikely that any laws were broken. “I cannot see this as turning into a viable legal case of any form,” Elmendorf said.
Sounds like pretty normal politics to me, too. Murphy’s alleged remark that an uncooperative Poizner would be “put through the wood chipper” was, I think, metaphorical rather than literal. It does not sound like much of a reason to call in the gendarmes, the feds and the Marines.
On the other hand, Poizner might figure that if it is not a crime to try to keep him from getting what he wants, it ought to be. Or maybe he is simply insulted that anyone would suggest that someone who has a track record of getting things done in private industry might want to serve in the Senate, which specializes in not doing much of anything.
That makes me wonder why either Whitman or Poizner would want to be governor of California. Regardless of whether either of them has billions, they both have plenty of dough. If I had a billion dollars, I would be willing to spend a lot of it to avoid becoming governor of the nearly ungovernable and nearly broke Golden State.
If Whitman and Poizner really come to dislike one another, they might just decide to endorse each other in the governor’s race, instead of spending a fortune to win the job themselves.
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