The New York Times is out with a damning report on Republican U.S Senate candidate in Georgia, David Perdue’s (R) business practices.
Though most of the attention — and the attacks from his opponent, Michelle Nunn — have focused on comments he made about outsourcing, a close reading of the 186-page deposition, first disclosed last week by Politico, paints Mr. Perdue as a hard-charging hired gun who was so aggressive in claiming his compensation perks from his failing textile company that other executives accused him of a “money grab,” a characterization he hotly denied.
In page after page, Mr. Perdue, who had come from a lucrative post at Reebok, expresses more concern with his own financial security than with the tanking business and the 7,600 jobs that were going down with it.
“I just didn’t feel like the board and Oaktree were sensitive to the vulnerability that I was in,” the multimillionaire executive told lawyers in 2005, referring to Pillowtex, a North Carolina-based textile maker, and Oaktree Capital Management, the company’s largest financial backer.
“From my perspective, this thing had totally blown up in my face. The equity that I walked away from, the stock at Reebok continued to go up. This thing was not what it had been represented to me to be,” he complained.
As his company was heading toward bankruptcy, Mr. Perdue pressed the board for a $700,000 payout to cover taxes he owed on a signing bonus and $100,000 for a relocation he never actually took. He received both, as well as a $500,000 stipend to stay on during final, failed takeover negotiations that could have rescued Pillowtex. He announced his resignation that spring, effective after a two-week paid vacation.
It goes without saying Democrats and Michelle Nunn (D) will be on the air next week driving home the idea that Perdue (R) is a heartless businessman that outsources jobs overseas and doesn’t represent the middle class. It won’t be hard to do.
Every election cycle we look for the “October surprise”, we might of found it in this because two weeks ago Perdue was pulling away in this race, it is hard to now predict this race because no one knows how bad this will hurt Purdue and there is always an outside chance voters don’t care or Nunn suffers an upset herself. For now, a huge cloud hangs over the Perdue campaign as we enter 25 days left until the elction.