Yesterday, at the Missouri Ethics Commission:

CANDIDATE Date Established: 11/23/2011

Date Terminated:

COMMITTEE: MECID:C111205

SPENCE FOR GOVERNOR

PO BOX 50414

ST LOUIS MO 63105-5414

TELEPHONE:(314) 827-6377

TREASURER: WILLIAM FRAME

1209 EAST SAINT EUNICE ROAD

FULTON MO 65251

WORK PHONE: [….]

HOME PHONE:

DEP. TREASURER: JARED CRAIGHEAD

3605 GETTYSBURG PLACE, JEFFERSON CITY MO 65109-6888

WORK PHONE:

HOME PHONE:[….]

CANDIDATE: DAVE SPENCE

2021 S WARSON RD

ST LOUIS MO 63124-1151

TELEPHONE:[….]

OFFICE SOUGHT: GOVERNOR

Date of Election:8/7/2012

Political Party:REPUBLICAN

[emphasis added]

Now we just have to wait for that $2 million check to show up.

Previously:

Is Dave Spence a new GOP contender for governor? (October 23, 2011)

Campaign Finance: what’s this? (October 24, 2011)

A three way gop gubernatorial primary? (November 4, 2011)

Finally, the republican gubernatorial candidate we’ve all been waiting for… (November 16, 2011)

Peter Kinder not running for Governor, running for re-election (November 18, 2011)

Campaign Finance: well, somebody is raising money in the gubernatorial race (November 21, 2011)

That’s what Multiple Republican sources told Politico. While sources familiar with Kinder’s plans told the Washington Post that Kinder will run for re-election as Lt. Governor.

The announcement is set for 3pm, which when you account for the rules of political events, means closer to 3:15.

Winners and losers if Kinder runs for Lt. Governor

Winners: Peter Kinder (if he loses, it’ll be far less of an embarrassment as losing by 15-20 to Jay Nixon would have. If he wins, 4 more years to get paid to tweet). Other Republicans who could run for Governor but weren’t (Sure, they’d still lose, but someone has to think they’re better than Dave Spence or Bill Randles). Dave Spence (“Hi, I’m Dave Spence, you’ve never heard of me, but can you just let me have the nomination? I have money!”)

Losers: Brad Lager and Chris McKee (Back to the drawing board. No down-ballot statewide incumbent has lost a primary in Missouri since 1934). Peter Kinder (Like he’s gonna have a shot at Governor in 2016. This is the ultimate tail-between-legs moment for a guy who is 5 for 5 in elections).

Not Sure: Susan Montee (It’s not like a tough race wasn’t still expected after Steven Tilley dropped out and now. Kinder’s Gubernatorial “campaign” isn’t going to be forgotten in 2012 either.)

Now, it’s 45 (or 60) minutes to the announcement. So there’s always a shot that Kinder just retires. But guys who get paid money to cover politics claim he’s running for Lt. Governor.

—-

Updates!:

From Aaron Blake on Twitter: “A reliable source tells me Dave Spence wrote himself a $2 million check for #MOGOV”

Blake also passes on claims of Kinder endorsing Spence while bailing on the race.

—-

From the announcement PR:

“After keeping his promise to Missourians to travel the state and discuss a potential race for Governor”

Awesome ‘promise’ dude.

PR summary: “I am awesome, things are bad, Dave Spence is more electable than I am”

Oh, wait. Lieutenant Governor Peter Kinder (r) hasn’t announced yet.

Dave Spence (r) has announced he’s running for governor. The Missouri Democratic Party had some thoughts on that announcement:

FOR IMMEDIATE RELEASE

November 15, 2011

[….]

MDP Statement on Dave Spence Joining Governor’s Race

Jefferson City, Mo.-The Missouri Democratic Party released the following statement today upon news reports that Dave Spence will run for Missouri Governor. Spence, a former businessman from St. Louis, headed a bank that has refused to repay its TARP funds and he made millions of dollars going into business with one of the Wall Street firms that helped create the financial crisis.

“It’s hard to imagine Republican primary voters supporting a guy like Dave Spence, who not only supported the bank bailouts – but even took a $40 million government bailout for his own bank and then refused to pay it back.  Right as the national recession was hitting Missouri families hard, David Spence got rich and had had no problem letting taxpayers pick up the bill for his failed bank,” said Caitlin Legacki, Missouri Democratic Party spokeswoman….

[….]

What Dave Spence Isn’t Telling You About His “Business Background:”

   Spence Served on the Board of a Troubled TARP Bank – Which Still Hasn’t Paid Back Bailout Funds. From 2005 until March 2011, David Spence served on the board of directors of Reliance Bank, which received $40 million in bailout money through the Troubled Asset Relief Program (TARP) and yet still paid its CEO a lavish salary as well as bonuses and perks.  The bank was later the subject of action by the FDIC and the Fed earlier this year.  According to the St. Louis Business Journal, the bank stopped making payments on its TARP debt in November 2010.  (St. Louis Business Journal, 3/25/11; 8/9/11; St. Louis Post Dispatch, 5/13/05; St. Louis Business Journal, 10/7/11; Treasury.gov)

       Spence Defended Wall Street Bailout, Called It An “Extra Cushion of Capital”. When asked by the Associated Press about Reliance Bank’s decision to stop paying back the TARP money it owes, “Spence said he doesn’t recall any details about that decision, but he said the federal bank bailout program helped avoid a potential economic disaster by providing banks with ‘extra cushion of capital.'” [AP, 11/8/11]

   Spence’s Company Was Purchased by Wall Street Firm Tied to Financial Crisis and Bank Bailouts.  Last year, Spence’s company was purchased by a private equity firm called Irving Place Capital for a reported $260 million.  Irving Place Capital (formerly Bear Stearns Merchant Banking) was previously the private equity arm of the defunct investment bank Bear Stearns, which played a key role in causing the financial crisis and the global recession. After Bear Stearns collapsed and was acquired by JP Morgan (with the help of a$30 billion taxpayer guarantee from the Federal Reserve), Irving Place Capital spun off to become an independent private equity firm in November 2008.   [St. Louis Post Dispatch,9/1/10; Private Equity International, 10/28/08]

Dave Spence’s Bailout Timeline

   May 2005 — Spence Joins Reliance Board [St. Louis Post Dispatch, 5/13/05]

   February 2009 – Reliance Announces It Had Received $40 Million from TARP [St. Louis Business Journal, 2/23/09]

   April 2009 – Spence Is Re-nominated to Reliance Board of Directors [Reliance Bancshares, SEC filing 14A, 4/15/09]

   April 2009 — St. Louis Post Dispatch reports that Reliance’s CEO made lavish salary + perks year bailout was passed.  [St. Louis Post Dispatch, 4/23/09]

   September 2010 — Spence buys 500,000 Shares of Reliance Stock [US Fed News, 9/25/10]

   February 2011 — Reliance Bancshares suspends TARP preferred dividends.  [SNL Bank Midwest, 2/24/11]

   March 2011 — Spence resigns from Reliance board  [SNL Bank Weekly Midwest, 3/21/11]

###

Heh.

Anyone think that the typical republican primary voter’s opinion of TARP and bailouts has changed since 2010?:

Newsweek Poll conducted by Princeton Survey Research Associates International. Oct. 20-21, 2010. N=848 registered voters nationwide. MoE ± 4.2.

“Now thinking about the federal government’s actions in response to issues facing the U.S. today. Please tell me if you think each of the following was good for the country or bad for the country in general. First/Next, what about the government bailout of the financial and banking industries?”

Republicans

Good – 13%

Bad – 79%

Mixed (vol.) – 6%

Unsure – 2%

[emphasis added]

If Lieutenant Governor Peter Kinder (r) announces for the race we’ll be watching that August primary and passing the popcorn.

Governor Jay Nixon (D) was born lucky, eh?

Given the general aura of disaster that permeates Peter Kinder’s run for Governor – even before he has declared himself a candidate – there seems to be good reason for the speculation that is popping up about other possible GOP contenders.  FiredUp!, for example, listed the possible reasons that would lead Brad Lager to run – noting that among the top ten reasons would be that “approximately zero Republicans want to run on a ticket with Peter Kinder.”

Some sources are suggesting another contender, a (really) dark horse, one Dave Spence. According to Berger’s Beat, Spence was recently in Washington to meet with members of the Republican Governors Association “about self-funding a primary against Lt. Gov. Peter Kinder.” Politico‘s David Catanese also speculates that Spence, whom he describes as  “a chief executive at a packaging company,” is considering a run.

The Small Business Monthly has this to say about Spence’s business career:

At the tender age of 25, Dave Spence acquired Alpha Con Plastics in 1985 and began the process of rebuilding the company.  Thanks to an SBA loan, he began a new era in the company, changing the name to Alpha Plastics. Today the company employs more than 400 people at five manufacturing facilities around the country.  Spence and his team have been honored with such awards as the Ernst & Young Entrepreneur of the Year Award and the Missouri Chamber of commerce’s Fast Track Awards.

Over the years Spence has given back to the business community by continually sharing his experiences as an entrepreneur with up-and-coming owners.

As the recipient of an SBA loan that he used to get his business going, Spence ought to, at least, be able to figure out that government has a role to play in generating prosperity – which would be a novelty for the GOP right now.

However, in case that snippet doesn’t satisfy your desire to know more about Spence, the Entrepreneurship Institute presents Spence’s  proudest achievements as:

– Leading a balanced life with four young children, marriage and the demands of a fast growing business.

– One of the founding members of a charitable foundation that has raised over 1 million dollars to proved college scholarships to members of Beta Theta Pi Fraternity at Mizzou.

– Not taking “no” for an answer during his career. It has meant that in spite of all the advice that was given, he was able to accomplish some things that seemed improbable.

– Leading an ethical business and personal life – yes it can be done!

One can only hope that Kinder does not, as Catanese suggests, decide to “pass the baton” to another candidate, since a primary between the Inspector Clouseau of Missouri politics and a GOP version of Dudley Do-Right ought to be a barrel of laughs.