Tuesday, February 01, 2005

Prop. 71 Campaign Spends nearly $35 million

The Los Angeles Times has reported on last fall's campaign spending. Here is what reporter Dan Morain had to say about the California stem cell measure:

"Promoters of Proposition 71, which authorized the state to sell $3 billion in bonds to fund stem cell research, spent $34.7 million.The Yes On 71 campaign reported a debt of almost $6.5 million.

"In the final days before the November election, venture capitalist John Doerr and his wife, Ann Doerr, lent the campaign a combined $1 million, as did Robert Klein, who since has been named chairman of the board overseeing the initiative's implementation.

"Altogether, Klein, a Palo Alto developer, gave or lent the campaign $2.1 million and spent an additional $200,000 on other state campaigns, placing him among the biggest individual spenders on state politics in 2004.

"A campaign spokeswoman said backers of the stem cell initiative intend to raise money to pay off the Doerrs, various vendors who worked for the campaign and possibly Klein — raising the possibility that entities and individuals seeking stem cell research money could make donations that would help Klein recoup some of the $1 million loan."

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