Senate race donation cap goes up

Published Thursday
November 24, 2005

Senate race donation cap goes up

BY ROBYNN TYSVER


WORLD-HERALD STAFF WRITER

Omaha multimillionaire Pete Ricketts has upped the ante in Nebraska's U.S. Senate race.

Pete Ricketts

Ricketts has pumped nearly $1 million of his own money into the campaign, according to documents filed Wednesday with the Federal Election Commission.

His personal loan triggers the so-called "millionaire's amendment" under federal law, giving his opponents the right to collect a lot more money from donors.

It also sets the stage for what could be one of the more expensive primary battles in the state's history.

Ricketts is in a three-way race for the Republican nomination. His opponents - former Attorney General Don Stenberg and Omaha attorney David Kramer - have said they do not plan to match Ricketts' spending.

Ricketts lent his campaign $950,600, according to the FEC reports.

That amount kicks in the millionaire's amendment, approved by Congress in 2002 and designed to level the playing field for a wealthy candidate and his opponents.

Under the law, Kramer and Stenberg can now apply to the FEC for the right to collect up to $12,600 from individual donors. The regular limit is $2,100 per individual.

Ricketts is a former executive of Ameritrade and son of the company's founder, Joe Ricketts.

Pete Ricketts' personal wealth is at least $25 million. His money already is a factor in the race, allowing him to launch an advertising blitz, with folksy television commercials running across the state.

The Ricketts family trust, which includes Pete Ricketts, recently sold about $45 million worth of Ameritrade Holding Corp. stock, according to a report filed this week with the Securities and Exchange Commission.

"It has nothing to do with the campaign. It has to do with the Ricketts' family estate planning," said Trisha Meuret, a spokeswoman for Ricketts.

Ricketts has said he would not place a limit on his personal spending.

"He's willing to invest in his campaign, just like he's willing to ask other people to invest in his campaign. There's no set figure," Meuret said.

Stenberg, who has raised $135,000 from outside sources, said money will not win the race.

"On Election Day, they count the votes. They don't count the money," he said.

Stenberg said the millionaire's amendment will have a limited effect on his campaign.

"I don't know a whole lot of people who have enough money to write checks that large," Stenberg said of the $12,600 figure.

Kramer declined to comment.

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I have seen his commercials on CNBC for the last week.