Twin Cities CEO considers U.S. Senate run against Al Franken

The co-CEO of a Minneapolis-based finance and asset management firm says he’s thinking about running against DFL Sen. Al Franken in 2014.

Mike McFadden of the firm Lazard Middle Market has been meeting with political consultants and Republican Party leaders to talk about a possible run.

“I am giving very serious consideration to run against Sen. Franken,” McFadden told MPR News. “I’m in the process of talking with my family, friends, colleagues and party leaders about the potential candidacy.”

McFadden did not say when he would make a decision about the race.

McFadden is the first Republican to indicate that he’s seriously considering challenging Franken in 2014.

Lazard Middle Market is a branch of Lazard Financial, a global investment bank.

Rep. Erik Paulsen and Rep. John Kline have not ruled out challenging Franken.

Franken has been raising money and organizing his campaign despite the lack of a challenger. He announced last month the hiring of Matt Burgess as his campaign manager.

  • Disco

    Interesting. Lazard does corporate “restructuring” among other things. So what we have here is Mitt Romney Jr. McFadden appears to have made a fortune by firing people.

  • Oliver Steinberg

    IF Senator Franken supports the Obama-Romney-Ryan proposal for cutting earned benefits for social security recipients and veterans, then there should be a challenge to him from within the ranks of his past supporters. Mr. Franken will have to sink a long ways to become the kind of unprincipled trimmer that Senator “First Female President” Klobuchar is. But Al does seem to be well along the power-corrupting path that Paul Wellstone so valiantly refrained from treading.

  • 2doggs

    Disco, you have no idea of whqat you are talking about. You speak from your hatred of success. Go be a burden elsewhere.

  • jacker

    Readers should understand that restructuring advisors in investment banks are where companies and employees turn for help in negotiaing with creditors and raising new capital. Investment bankers do not get involved with operations and never hire or fire anyone, nor advise about hirng or firing. Investment bankers are fincancial advisors for capital raising. It is NOT the same as private equity. For example, according to news releases, Lazard’s restructuring group represented the UAW in General Motor’s bankruptcy and the negotiaions with the creditors.

  • Nate

    And in the time it takes you to explain what an investment banker does, half of your audience is asleep and the other half has lost total interest. I hope McFadden runs. I think Sen. Franken has down a good job, and he deserves a Kurt Bills-level challenger as his reward.

  • Scott

    After lack of response from 4 email invitations to Senator Franken’s office inviting him to visit our medical facilities and meet our people I’m willing to meet with Mike McFadden.

    In the last month I’ve visited several medical facilities that are closed or closing as we look at facilities for two medical companies. We need to keep these higher skilled paying jobs in Minnesota.

    Every plant closing is costing the state significant lost revenue and important jobs.

    We also need to find ways to become more competitive as I see the Asians taking almost 30% of the booth space at tradeshow and I saw almost no asian booths 10 years ago.

    Let’s get on program to improve our competitiveness and make it a win win for all Minnesotan’s. Scott