The business background of Republican U.S. Senate candidate Mike McFadden often gets rounded off to "financier," and it's just wrong.
Financiers control or deal in large chunks of money, and the only large chunk McFadden has managed is his own, earned in a merger-and-acquisition advisory career in Minneapolis.
McFadden maybe shouldn't complain, though, as he's still doing better than Republican gubernatorial candidate and retired private equity executive Scott Honour.
Just try Googling "Minnesota Mitt" to see how the progressive group Alliance for a Better Minnesota tied Honour to former Massachusetts governor and retired private equity executive Mitt Romney, a financier who did not come particularly close to winning the presidency in 2012.
Both of these Minnesotans clearly hoped to turn their successful careers into electoral assets, but the recent record in Minnesota reflects that a business background isn't always valuable.
There are some businesspeople who probably shouldn't even think about a run for office. Imagine the biography in campaign materials for a candidate with a background as a payday or subprime car lender. Even an opposing campaign's greenest summer intern could turn this candidate into Mr. Potter, the iconic villain of the enduringly popular 1946 film "It's a Wonderful Life."
A group not much more viable politically than payday lenders is hedge fund managers. It's not just a Wall Street job — a half-dozen hedge fund firms in the Twin Cities come to mind.
Based upon what most people can read, however, a hedge fund manager is wildly overpaid. They are probably up to something no good, too, like trying to take over a local company (William Ackman and Target), trafficking in insider information (SAC Capital) or cajoling government officials into investigating a pesky company that won't go out of business on its own (Ackman, again, and Herbalife).