C. Edward McVaney (with Carole)
March 5, 2001 C. Edward McVaney, co-founder and CEO of J.D. Edwards, is a prime example of why the high-tech industry is no longer the exclusive domain of New Democrats. Not only did McVaney back Bush for president, he also spread his wealth to key Colorado Republicans who have influence over tax laws and the high-tech industry, including Rep. Scott Innis of the House Ways and Means Committee and Sen. Wayne Allard of the Congressional High-Tech Task Force. When the tech bubble burst on Wall Street last year, J.D. Edwards saw its stock plunge 40 percent. The software company tried to boost its bottom line with shakeups at the top and bottom: McVaney was reinstated to his former role as CEO, and 800 employees were laid off. McVaney blames the company's poor performance on "sloppy salesmanship," but some financial analysts speculate the Denver-based company is being undercut by competitors like SAP and Oracle. McVaney's giving reflects not just economic conservatism, but social conservatism as well. McVaney and his wife Carole gave $3,000 to John Ashcroft last year, as well as $10,000 to American Renewal, the lobbying arm of the Family Research Council. Last year the group opposed hate crime legislation, insisting that the real purpose of such laws is to promote a pro-homosexual agenda in public schools. -- Brett Coker | | |
