Harry Teague’s Troubles Continue


NM political guru Heath Haussaman thinks that the reports of Harry Teague’s pending political demise are greatly exaggerated.  (I hope he is wrong!)

“...Despite all of that, I don’t count Teague out. He has a realistic shot at winning re-election. It’s my view that the race leans toward Teague’s GOP challenger, former U.S. Rep. Steve Pearce, but only slightly.

Pearce is in a good position, but I’ve heard many say things like “Teague is toast,” and I simply don’t believe it. This is a Republican-leaning district. It’s a Republican-leaning year. The GOP has a tested, well-known and personally wealthy candidate who’s loved by the well-financed libertarian wing of his party. Pearce held the seat longer than Teague, which reduces Teague’s incumbency advantage.

By many conventional measures, perhaps, Pearce should be in a very comfortable position right now.

But he’s not. Teague has held on in every poll of the race that has been released publicly. In those polls, Teague led by 1 point, trailed by 2 points and trailed by 4 points. In other words, the race is a statistical tie….But progressives who have a strong dislike for Martinez – and the hard-line stance she’s taken on immigration – may be inspired to show up to vote against her, especially since she’s from their hometown. While they’re there, expect some of them to vote for Teague, even if they do it begrudgingly.

Martinez may also inspire others in Las Cruces to vote in larger numbers than usual, and I don’t expect them to be straight-ticket voters. Martinez hasn’t inspired straight-ticket voting in her time as district attorney. She’s won election four times in a Democratic county as a Republican. Moderate independents and Democrats may vote for her instead of Denish but pick Teague over Pearce.

There are plenty of reasons the race leans slightly in Pearce’s favor, with the national mood and his ability to self-finance his race being at the top of the list. But don’t count Teague out….”

Several months ago Harry Teague’s companies canceled heath insurance for his employees.   This raised a few eyebrows.  Now, we are hearing that his businesses could be in financial difficulty.

It makes one wonder if the tales of Teague selling off his business were actually true.  The Pink Flamingo, should have been looking into this, but when writing a miserable and blasted book, the blog gets the shaft.

Now he has been hit with a major lawsuit.

“...Rep. Harry Teague (D-N.M.) and four companies he owns have been slapped with a $2.7 million civil lawsuit for failing to repay loans on equipment purchases, according to court documents.

The legal action against Teague is just the latest in what has turned into a tough year, financially, for the freshman Democrat — and what may become a tough political year as the midterm elections approach.

In just one year, Teague has gone from being one of the richest members of the House to a more run-of-the-mill congressional millionaire, thanks to massive losses in the value of his holdings. According to his most recent financial disclosure statement, released in mid-June, Teague saw at least an 87 percent loss in his most valuable asset, a stake in Teaco Energy Services.

On his 2009 financial disclosure form, Teague listed his holdings in Teaco Energy Services at $39.6 million, making him one of the richest members of the House. Teague earned $3.3 million in dividends from those holdings.

But on this year’s disclosure form, Teague reported the same holdings to be worth a maximum of $5 million, a decline in value of more than $34 million.

A source familiar with the situation, however, said Teaco was “never worth as much” as the stated value of nearly $40 million in the 2009 report. This source said there was still a “significant decline” in Teaco’s worth yet not nearly as disastrous a decline as it appears….”


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