[CA] Westly jumps in governor race, and he's got bank

San Francisco Chronicle ^ | 5/16/5 | Phillip Matier, Andrew Ross

[SmithL]

State Controller Steve Westly has just pumped $10 million of his own money into his still-undeclared campaign for governor -- serving notice to fellow Democrat Phil Angelides that he has every intention of competing big time for the party's nomination next year.

"This is just the first,'' said Westly's campaign manager, Jude Barry. "We know we are going to have the resources to win -- and probably more than Phil.''

Westly is the former eBay vice president who just three years ago was elected to his first public office as the state's chief financial officer. He's said to be worth more than $100 million.

His cash infusion came just two weeks after Attorney General Bill Lockyer decided to pull out of the Democratic gubernatorial contest and run for treasurer instead.

Angelides, the current treasurer, had hoped that Lockyer's withdrawal would signal other Democrats that it was time to rally around his campaign to unseat Republican Arnold Schwarzenegger next fall.

In one call to the bank, however, the 48-year-old Westly all but wiped out the fund-raising advantage that Angelides had spent four years building up.

[SmithL]

[hattend]

Tells you a lot about graft in government.

Why else would a guy spend $10 million of his own money for a $150,000 a year job?