Spence kicks off campaign for governor with $2 million donation — from himself, St. Louis Beacon

Dave Spence

Amid talk of his past and potential new rivals, Republican gubernatorial candidate David Spence put his money where his mouth is on Wednesday, donating $2 million of his personal wealth into his campaign.


Spence's personal donation, which is not listed as a loan, comes as various better-known Republicans consider whether to challenge him for the nomination in the August 2012 primary. Spence's entry, made official Nov. 23, already forced out Lt. Gov. Peter Kinder, a fellow Republican who had been planning for more than two years for challenge the Democratic incumbent, Gov. Jay Nixon.

Spence's donation to himself appears to be the largest individual campaign donation in Missouri history.


Spence also collected this week $100,000 from developer William Koman and $25,000 from David Creston, executive vice president of Alpha Packaging, the firm that Spence bought in the 1980s. Spence remains involved in the company, although he sold most of the interest in Alpha to a private equity firm in 2010. (Click here for the Beacon's recent indepth interview with Spence.)

Spence (right) is not the only self-funded candidate to be running for major office in Missouri, but his donation is the first large sum to be documented.  Another wealthy businessman, John Brunner, is competing in the Republican primary for the U.S. Senate. But under federal campaign-finance rules, Brunner won't have to report any donations — including those from his own pocket — until January 2012.


The Missouri Democratic Party was quick to pounce on Spence's spending. “David Spence should explain to Missourians why he’s giving his political campaign $2 million at the same time his bank refuses to repay its $42 million taxpayer bailout," said party spokeswoman Caitlin Legacki. "Spence was a major stock holder in the bailed-out bank, so Missourians are left wondering whether their taxpayer money is now being spent on Spence's political campaign.”


Spence also has taken some heat from tea party activists who object to his stint a few years ago on the board of Reliance Bank, which accepted $42 million in federal bailout aid in early 2009. (Spence has noted that he wasn't on the bank's 16-member holding company, which actually voted to take the aid, until several months after it was accepted.)


Reliance has since come under fire because it announced last February that it was postponing its first annual repayment of $2.2 million because of continued financial problems. Spence left the board soon afterwards, saying he did so in part out of protest.


In any event, Spence's $2 million cash injection comes as speculation continues to swirl around state Auditor Tom Schweich (near left) and St. Louis lawyer Ed Martin, who currently is running for the 2nd District congressional seat. Both men have indicated that they are looking at the governor's race. Read more in St. Louis Beacon


Our addition: 

Dave Spence: A conservative who benefited from the federal TARP bailout! He was  arrested DUI at age  47! He went to party with his friends until the wee hours of the morning! Where was his wife? What other skeletons are in his closet? So much for the Republican family and moral values! Are we not justified to state that Spence is another Bible-Thumping Conservative Hypocrite?

Dave Spence's $8,000,000 lavish Home in St. Louis. Can you afford to elect him next Governor of Missouri? You lost your job, home, health care, retirement etc or squeaking by! Is Spence the man you want in the Governor's mansion during this economic crisis? It's no wonder he donated $2,000,000 to his campaign for the governor's race in 2012.

Dave Spence is worth $190-200,000,000. He donates $2,000,000 to his campaign  for the governor's race in 2012.  He wants to use his fortune to buy the governor's office when millions of Missourians are reeling from the effect of the hard economic times. Will Spence fool you with his money to buy into the governor's mansion. Spence is there for his profit and to enrich his buddies! He is part of the 1% that's devastating the 99% in today's America.

Was millionaire Dave Spence a party animal in the past like his frat brother Peter Kinder? The DUI saga continues! What else isn't he telling Missouri voters? Probing continues! Stay tuned to this blog!

 Lt. Gov. Kinder: Dave Spence's fraternity brother getting really dirty on the stage!