News Archive

Pa. Gubernatorial Candidate Tom Wolf Receives Criticism Over Loan, Drilling Stance

From the York Daily Record: U.S. Rep. Allyson Y. Schwartz’s campaign has recently questioned whether a $4.45 million loan that Tom Wolf and his wife took out from M&T Bank would influence him as governor and put his company’s employees in jeopardy. … Loan Wolf and his wife, Frances, contributed more than $10 million to the gubernatorial campaign in 2013. He told The Inquirer that less than half of that money came from a loan that he will have to repay. During an April 9 gubernatorial debate, Schwartz raised questions about the loan. Bergman, the Schwartz campaign spokesman, sent out a release the same night, saying Wolf owed people of Pennsylvania straight answers. Wolf’s campaign provided summary information about the …
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Schwartz Presses Wolf For Details On $4.5 Million Campaign Loan

From WHYY’s Newsworks.org: The front-runner in the Democratic race for governor in Pennsylvania is acutely feeling the target on his back. Tom Wolf continues to receive demands from opponent Allyson Schwartz for more details of his campaign’s financing. Wolf, who said he gave $10 million of his own money to his campaign, has released a summary of a $4.45 million loan he took out as part of that self-financing effort. The disclosure came at the behest of fellow gubernatorial candidate U.S. Rep. Allyson Schwartz. During a debate last week, Schwartz said voters deserve to see loan documents, not a mere summary. Read more »

Behind Tom Wolf’s Business Success, A More Complicated Picture

From the Philadelphia Inquirer: Investment and loan documents reviewed by The Inquirer indicate that Wolf’s business and financial story is more complicated than a 30-second political ad might permit. Wolf’s family business — the Wolf Organization, a kitchen-cabinet design and distribution firm — has lost nearly half its value since the recession and the debt it took on in a leveraged buyout designed to pay a total of $60 million to Wolf and two of his cousins. In reports to investors, the buyout fund that financed that deal, Boston-based Weston Presidio Fund V, says its investment in the Wolf Organization is worth just $22 million – a big drop from the $41 million Weston has invested in the company since …
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Rendell Appointee Defends Sales Tax Hike

From the Pittsburgh Post-Gazette: The nominee to be Pennsylvania’s top tax collector defended Gov. Ed Rendell’s call to increase the state sales tax yesterday, despite criticism from Pittsburgh and Philadelphia legislators who said the regressive levy would have a negative impact on lower-income residents of their cities. York businessman Thomas W. Wolf, named by Mr. Rendell as the new state revenue secretary, told legislators at a hearing that increasing the sales tax by 1 percentage point will enable the state to give some property tax relief to middle-income homeowners a full year sooner than previously expected. Mr. Rendell has proposed raising the sales tax from 6 percent to 7 percent in most counties, but from 7 percent to 8 percent …
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