July 10, 2012

King is wealthy, but not through wind projects

A disclosure report filed with the Senate shows the independent candidate's investments are valued between $4.8 million and $22.5 million.

By John Richardson jrichardson@pressherald.com
Staff Writer

(Continued from page 1)

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Angus King

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Cynthia Dill

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His latest business venture, Independence Wind LLC, is now earning a profit from windmills in western Maine, but King divested before he could see a significant return, his staff said. "It's generating revenue now, but not for him," said Kay Rand, his campaign manager.

King's financial picture is pretty much the same as it was in 1994 when Mainers first elected him governor, she said.

"I'm sure they'll be told over and over about his wealth, but I don't think that matters because they've known about that," Rand said. "They remember him being a good governor and they like him personally."

Rand and Crystal Canney, King's spokeswoman, said King has been generous with his wealth -- he donated more than $178,000 to charity over the past two years -- but also is known to be frugal for someone with his means. "He thinks cheaply," Rand said.

Among the details in the report, King:

earned $39,852 over the reporting period in pension income from the Maine Public Employees Retirement System.

earned $49,456 during the reporting period lecturing at Bowdoin College.

earned $56,960 during the reporting period as a consultant with Bernstein Shur Sawyer & Neslon, a large law firm.

earned $4,000 in book royalties.

is a paid director or adviser for Hancock Lumber Co. Inc., Lee Management Co. and Woodard & Curran.

•owns a two-bedroom vacation rental unit in St. Thomas valued at $250,000 to $500,000. He earned at least $5,000 on rentals during the period covered by the report. The unit, which was built with materials from Hancock Lumber and other Maine suppliers, is part of a complex owned by a number of Maine families, Rand said.

Staff Writer John Richardson can be contacted at 791-6324 or at:

jrichardson@pressherald.com

 

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Charlie Summers

  


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