The McMahon campaign has filed an outside ethics complaint against Congressman Murphy, saying that he received preferential loan consideration in return for supporting TARP, the creation of which eventually led to a multi-million dollar loan for the bank in question. The Stamford Advocate, a publication supporting Murphy, details the financial history of the congressman missing some mortgage payments before his election to the House, which resulted in foreclosure process initiation. He later received a home equity loan, but only after the original loan was paid in full. According to financial professionals that the Advocate interviewed, nothing appeared improper about Murphy’s loan and the bank’s action in his regard. McMahon’s people counter that an average citizen who earlier faced foreclosure proceedings would not have qualified for another loan.
In addition to the Murphy finances controversy, McMahon also secured the Connecticut Independent Party designation, so her name will appear twice on the Senatorial ballot. This development could well mean more than a day or two of soon-forgotten media coverage over Murphy’s loan history, as the Independent line can account for several percentage points.
Though McMahon lost to Sen. Richard Blumenthal (D) 55-43 percent two years ago, she does appear to be trending upward now. Rep. Murphy remains the favorite, however, regardless of the budding financial controversy. The Democratic nature of the state, particularly in a presidential election year, will pay major dividends for the congressman. The race should still be rated as Lean Democratic, but it does merit further attention at least in the short term.