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October 16, 2003 - Image 5

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The Michigan Daily, 2003-10-16

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The Michigan Daily - Thursday, October 16, 2003 - 5A

Dancing to the music

Volunteers help Bush
campaign raises millions

states that President Bush lost inT2000
- California, Illinois and Michigan -
were among his biggest sources of cam-
paign money in the last fund-raising
quarter, a newly filed finance report
Bush's home state of Texas led in con-
tributions where donor states were iden-
tified, providing about $5.3 million to
their former governor, who has collected
roughly $84 million so far this year.
Florida, where Bush's brother Jeb is
governor, followed with about $4.4 mil-
lion. Next were California with $4.1
million, Illinois with about $3.4 million
and Michigan, $2 million, a report filed
with federal election officials shows.
Business was the most common pro-
fession listed by donors, who represent-
ed industries ranging from beer
wholesalers to banking and finance to
oil and gas, real estate and ranching.
A new network of volunteer fund-
raisers is paying off big for Bush, col-
lecting at least $20 million of the
roughly $84 million.
At least 100 people have raised the
$200,000 required to become Bush
campaign "Rangers" since Bush started
the group in May, when he began his re-
election effort. They include business
executives, politicians and lobbyists.
An additional 185 volunteer fund-
raisers have already collected the
$100,000 needed to become Bush "Pio-

Bush began this month with $70 million on hand
far more than any of his Democratic rivals .

neers," collectively soliciting at least
$18.5 million for the campaign. A simi-
lar group helped Bush raise a record
$100 million for his 2000 primary cam-
Bush began this month with $70 mil-
lion on hand, far more than any of his
Democratic rivals.
New Bush fund-raisers on a list
released by the campaign Tuesday
Bruce Benson, a Ranger and presi-
dent of the Benson Mineral Group, an
oil and gas production company based
in Denver.
Ranger Steve Burd, president of
the California-based Safeway grocery
store chain, which operates hundreds of
supermarkets across the country.
Richard Hohlt, a Ranger and
Washington lobbyist whose clients have
included energy, pharmaceutical and
financial services companies.
Jose "Pepe" Fanjul, a Pioneer
whose family runs the Florida-based
Flo-Sun sugar dynasty and has donated
to Republicans and Democrats, includ-
ing former President Bill Clinton. His
brother Alfonso's name surfaced during
Congress' investigation of Clinton's
affair with White House intern Monica

Lewinsky: Clinton was in the Oval
Office with Lewinsky, telling her he
wanted to end their affair, when he
interrupted the conversation to take a
phone call from Alfonso Fanjul.
House Speaker Dennis Hastert (R-
Ill.) and New York Gov. George Pataki,
who each raised at least $200,000 for
New Ranger James Klauser, an
executive with the Wisconsin Energy
Corp., who served as administration
secretary to then-Wisconsin Gov.
Tommy Thompson, now U.S. health
and human services secretary.
Pioneer Dirk Van Dongen, a
lobbyist and president of the
National Association of Whole-
salers-Distributors. The group cur-
rently is pushing Congress to pass
legislation limiting product liability
for wholesalers and distributors.
Bush already is halfway to his
goal of raising $150 million to $170
million for next year's primaries.
He faces no GOP challenger as nine
Democrats compete for their party's
The campaign raised about $49.5
million from July through Sept. 30,
bringing his total to $83.9 million.

Congressional lawmakers
prepare for re-election, set
fund-raising records

LSA junior Ambereen Rizvi dances with the Michigan Bhangra Team yesterday during the South
Asian Awareness Network registration kickoff in the Diag.

Campaigns for state officials seeking
re-election averages $318,554, but
numbers trail other states' campaigns
WASHINGTON (AP) - Michigan members of Con-
gress have an average of $318,554 on hand for their re-
election campaigns as 2004 approaches, according to
campaign finance documents filed yesterday.
The average is based on reports from 14 of Michi-
gan's 15 U.S. House members. A fund-raising statement
for Rep. John Conyers (D-Detroit) was unavailable
through the Federal Election Commission or through
Conyers' office. Conyers reported having $23,110 at
the end of June.
Michigan's average pales in comparison to the $2.76
million Rep. Mark Foley (R-Fla.) has on hand. Foley
was named the top candidate in campaign cash this
summer by Political Money Line, a nonpartisan service
that tracks campaign finances.
Even so, the average does put Michigan representa-
tives in the top half of members of Congress in fund-
Rep. Dale Kildee leads his colleagues with $660,775,
including $67,319 raised since the quarter that began
July 1.
The American Sugarbeet Growers Association and
the American Postal Workers Union were among
Kildee's donors.
Kildee was far ahead of his Republican challenger

Myrah Kirkwood of Flint, who reported $26,124 on hand.
Rep. Nick Smith (R-Addison Twp.) who is not run-
ning for re-election, raised the least, reporting $56,100.
He said yesterday that he plans to use at least some of
his campaign.money to establish an exploratory com-
mittee for Michigan's 2006 U.S. Senate race.
State Rep. Gene DeRossett (R-Manchester Twp.)
appeared to be the fund-raising leader in the race to
replace Smith. DeRossett reported $295,698 on hand,
including $112,606 raised since July 1. State Rep.
Clark Bisbee (R-Jackson) had $97,449 on hand, while
former state Rep. Tim Walberg of Tipton reported
$32,243 and former state Rep. Paul DeWeese had
Smith's son, Republican attorney Brad Smith, filed
for the race for his father's seat on Oct. 10, so he did
not have to turn in financial information. No Democ-
rats have filed for the 7th District race so far.
Several Michigan members of Cotigress had between
$300,000 and $600,000 on hand, including first-year
Rep. Candice Miller (R-Harrison Township) who
reported $441,584. Others in that range included Rep.
Dave Camp (R-Midland) with $577,110; Rep. Carolyn
Cheeks Kilpatrick, D-Detroit, with $467,184; Rep.
John Dingell (D-Dearborn) with $450,106; Rep. Mike
Rogers (R-Brighton) with $410,074; and Rep. Vernon
Ehlers (R-Grand Rapids) with $309,067.
Miller's fellow first-year Rep. Thaddeus McCotter
(R-Livonia) reported $146,910, including $105,882
raised since July 1.

GM boasts profits, auto industry earnings remain down


DETROIT (AP) - General Motors Corp. earned $425
million in the third quarter, reversing an $804 million
loss a year ago, but global automotive earnings fell 91
percent because of intense pricing pressure in North
America and unfavorable exchange rates overseas.
The world's biggest automaker said yesterday its profit
amounted to 79 cents a share in the July-September period,
easily beating the consensus of 66 cents a share of analysts
surveyed by Thomson First Call.
The company was upbeat looking ahead, saying it
expected to exceed its original 2003 earnings target of
$5 a share.l
"The accelerating U.S. economy and enthusiastic
response to our new products gives us reason for opti-
mism," said chairman and chief executive Rick Wagoner.
A year ago, GM posted a loss of $1.42 a share in the
third quarter, when one-time expenses totaled $1.42
billion, or $2.62 a share.
That included a $1.37 billion expense related to
GM's investment in Fiat Auto Holdings. GM had no
special charges in the third quarter of 2003.
Revenue rose 5.4 percent to $45.9 billion from $43.6
billion a year ago.
The automaker also reported it contributed $5.5 bil-
lion to its U.S. pension plans in September and another
$8 billion in early October, bringing its year-to-date

contributions to $14.4 billion.
As a result, the company revised its anticipated 2003
pretax pension expense from $2.8 billion to $2.6 billion.
GM's pension liabilities, which totaled $19.3 billion
to start the year, have been a concern
among investors and a drag on earnings. "The ac
GM said its new, four-year labor con-
tract with the United Auto Workers econom
increased its pension obligations for U.S.
hourly and salaried workers by $2 bil- responS
lion. produc
The 1999 contract added roughly $5
billion to the company's pension liability. for opt
"We're making good progress in get-
ting our pensions funded, probably a lot
earlier than many of you thought," John
Devine, GM's vice chairman and chief
financial officer, said in a conference call with analysts
and automotive journalists.


Earnings from GM's global automotive operations
dropped dramatically to $34 million from $368 million
a year ago.
In North America, GM earned $128 million, down
from $533 million in
eleratin U.S. the year-ago period.
g * . The company said
y and enthusiastic improvements in sales
mix and other factors
to our new were offset by costly
gives us reason consumer incentives,
a 5 percent decline in
nism. production and
- Rick Wagner increased pension and
M chairman and chief executive health care expenses.
On a positive note,
Devine said revenue
per vehicle rose to $18,984 in the third quarter, up
from $18,782 a year ago and $18,565 in the second
Devine said the higher revenue reflects an increase in
vehicle prices and a slight reduction in incentives from
the second to third quarter.
"It's giving us some expectation that retail incentives
are at least flattening out," he said.
GM said its U.S. market share rose to 28.7 percent in the

quarter, compared with 28 percent in the same period last year
and 27.9 percent in the second quarter of 2003. Still, GM's
U.S. sales through September were down 3.1 percent from the
first nine months of last year.
GM's North American results exceeded expectations
of some analysts, including David Healy of Burnham
Securities Inc.
"Sure, there was a major profit squeeze, but they
were still in the black and their situation appears to be
improving," Healy said.
GM Europe narrowed its loss in the quarter to $152
million from $180 million a year ago. GM Asia-Pacific
had a strong quarter, posting a profit of $162 million,
an increase of $86 million from a year ago.
The company's financing business continued to post
strong results, spurred by mortgage operations. GMAC
earned $630 million in the third quarter, a 30 percent
increase from the third quarter of 2002.
Hughes on Tuesday reported a loss of $23 million in
the third quarter, compared with a loss of $81 million
in the year-ago period. Excluding one-time charges, the
year-ago loss was $14 million.
GM is selling its 19.8 percent stake in Hughes, the
parent of DirecTV, to News Corp. Murdoch's company
agreed in April to acquire control of Hughes in a $6.6
billion cash and stock deal.


Excluding results from GM's Hughes Electronics
satellite television business, which GM is selling to
Rupert Murdoch's News Corp., the automaker earned
$448 million, or 80 cents a share, in the quarter. That
compared with net income of $696 million, or $1.24 a
share, a year ago. The year-ago figure also excludes
one-time charges.

1St Annual Edward Said

The Question of
Questions about the

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