Goldman Workers Back Kashkari Bid for California Governor

Goldman Sachs Group Inc. (GS)’s current and former employees, including former U.S. Treasury Secretary Henry Paulson, have helped Republican Neel Kashkari raise almost $1 million in his bid for California’s governorship.

Kashkari, a former Goldman vice president who as a Treasury official managed the $700 billion rescue of the U.S. banking system, reported $976,000 in contributions since announcing his candidacy on Jan. 21. The donations included $79,400 from Goldman employees and $54,400 from Paulson and his wife, Wendy, according to a filing yesterday with the California Secretary of State.

“Our campaign’s robust fundraising in these first two weeks underscores Neel’s strength as a candidate, and it will help ensure that we have the resources necessary to share with voters his vision for turning California around,” Pat Melton, Kashkari’s campaign manager, said in a statement.

Kashkari, 40, is running in California’s June 3 primary, where the top two vote-getters, regardless of party, advance to the November general election. Also running for governor is Republican state Assemblyman Tim Donnelly, 47, who raised $374,000 last year.

Governor Jerry Brown, a Democrat who hasn’t said whether he’ll seek another term, has $17 million in campaign funds from donors including Exxon Mobil Corp., Facebook Inc. (FB) and Microsoft Corp., as well as porn mogul Larry Flynt.

Brown was elected in 2010 after having previously served as governor from 1975 to 1983. Prior to his second stint as California’s chief executive, he also was elected mayor of Oakland and the state’s attorney general.

Equity Work

After his work in the Troubled Asset Relief Program under Paulson, Kashkari joined Pacific Investment Management Co. in Newport Beach, California, in 2009, where he led the world’s largest bond fund’s expansion into equities. He left in January 2013 and has said he spent the past year meeting with almost 700 potential donors from around the U.S.

Paulson, a former chief executive officer at New York-based Goldman Sachs, and his wife each gave the maximum individual contribution of $27,200 under California law.

Goldman Sachs employees who donated to Kashkari’s campaign include George C. Lee, II, listed as an executive living in Tiburon, California, who gave $27,200; Jon Woodruff, a banker from Menlo Park, California, who donated $27,200; and Andrew Gordon, an investment banker from Los Angeles, who gave $5,000.

Former Goldman Sachs employee Matthew L’Heureux of Kentfield, California, gave $9,000 and O’Malley Miller, a partner at the law firm Munger, Tolles & Olson LLP, who has represented Goldman Sachs, gave $10,000, according to the campaign filing.

To contact the reporter on this story: Alison Vekshin in San Francisco at avekshin@bloomberg.net

To contact the editor responsible for this story: Stephen Merelman at smerelman@bloomberg.net

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