Morning Crank: Net Worth

1. Money remains a significant factor in which candidates become frontrunners in Seattle’s mayoral, council, and city attorney races, despite the fact that both council and city attorney candidates can now benefit from public funding through democracy vouchers—those $25 certificates that showed up in your mailbox earlier this year.

Most of the frontrunners in the mayoral race—with the exception of educator and attorney Nikkita Oliver, whose disclosure form did not list her net worth (but whose job at the nonprofit Creative Justice is not exactly a six-figure gig) and state Sen. Bob Hasegawa—have a net worth between the high hundreds of thousands and several million dollars. And before you say, “Well, of course they’re worth a lot—they’re all homeowners!”, keep in mind that net worth only includes the portion of a candidate’s house that’s paid off; the rest shows up on the ledger as debt. All net worth numbers are estimates provided by the candidates; all documents were obtained through a records request. (Oliver is a renter.)

Former US attorney Durkan2, a partner in the white-shoe law firm Quinn Emanual Urquhart & Sullivan, who holds large accounts at both Wells Fargo and Chase, two banks that have been targeted recently by anti-Dakota Access Pipeline activists: $5.75 million.

People’s Waterfront Coalition Founder Cary Moon, whose family owned a manufacturing plant in Michigan: $4.1 million.

Former state legislator Jessyn Farrell, who owns a house in Wallingford and whose husband runs a real estate investment company: $2.8 million.

Ex-Mayor Mike McGinn, who owns a house in Greenwood: $800,000.

State legislator Bob Hasegawa: $250,000

I also requested the financial disclosure statements for both candidates for city attorney. Incumbent Pete Holmes is worth $1.5 million, and challenger Scott Lindsay, who’s married to Microsoft attorney and Port Commissioner Courtney Gregoire, has a net worth of $875,000.

Finally, here’s a rundown of the frontrunning candidates for Position 8, several of whom haven’t yet reported their net worth. Compared to the mayoral candidates, the leading council contenders (with one exception) have relatively modest wealth, suggesting that city council remains a more accessible position than mayor, at least from a personal financial perspective.

Sara Nelson, CEO of Fremont Brewing Company: $2 million.

Former Tenants Union director Jon Grant: $150,000.

Washington State Labor Council lobbyist Teresa Mosqueda, who will be the only renter on the city council if she wins: $134,328.

Attorney and NAACP chair Sheley Secrest: -$120,940.

I’ll update this post with additional information about the mayoral candidates when I receive it.

2. Last night, the King County Young Democrats gave Jessyn Farrell their sole endorsement in the mayor’s race, in a competition that, unlike other Democratic organizational endorsements, allowed candidates from other political parties—like Oliver, who’s representing the new People’s Party—to seek endorsement. Betsy Walker, past chair of the Young Democrats, received the group’s sole endorsement to replace Farrell as 46th District state representative; Farrell resigned her seat last week.

3. In exchange for an agreement from the city council not to tax diet sodas, the American Beverage Association—which spent millions of dollars on an initiative to roll back a statewide soda tax in 2010—has reportedly agreed not to finance a campaign against the proposed soda tax. Mayor Ed Murray proposed taxing all sodas, including artificially-sweetened ones, on the grounds that diet sodas are disproportionately consumed by white, wealthier people (the inverse is true of sugar-sweetened drinks). Last week, lefty council members Lisa Herbold, Kshama Sawant, and Mike O’Brien backed a version of the mayor’s more equitable soda tax proposal, supporting an amendment, sponsored by Herbold, that would have lowered the tax from 1.75 cents an ounce to 1 cent and levied the tax on both sugar- and artificially-sweetened sodas. The full council will vote on the soda tax this afternoon.

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5 thoughts on “Morning Crank: Net Worth

  1. Although Nikkita Oliver did not disclose her net worth, please correct the post to note that she is *not* a homeowner. (And before you say, “Well, of course they’re worth a lot—every single candidate for mayor is a homeowner!”) I have seen her speak in public twice and she is adamant about the fact that she is a renter.

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  2. The term “white shoe,” is usually applied to a law or financial firm that hired WASPy guys from elite universities and catered to an Old Money clientele. In 2017, it tends to apply to large, old, law firms, with that sort of history in their past, even if they are now staffed by a more heterogeneous mix of attorneys.

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