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October 24, 2002
Forrester: Put a Fork in Him
He's done.
Read this New York Times story on how Forrester used Enron-economics to lie about the value of his company, BeneCard Services.
Under scrutiny, he's admitted that the company at best did $13 million of business per year, with profit margins of less than 10%. Only if you assume dotcom era multiples on earnings do yearly profits of a bit over $1 million create a $100 million capitalization.
But the joke's on Forrester. While the illusion he could pay for his own campaign scared off most competition in the primary, it also meant that GOP funders have sat on their checkbooks since they thought he could fund his own campaign. He's raised only about a million dollars from other contributors.
So with both campaigns a bit lean on cash, the victory will go to the get-out-the-cote "ground war" where Lautenberg is almost guaranteed victory, as local democratic operations turn out the faithful. Move this race into the safe Democratic column.
Posted by Nathan at October 24, 2002 07:43 AM
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