Peter Schiff's first attempt at politics came up way short. Ms. McMahon's $30 million budget was too much to compete with it appears. Fortunately, he can now get back to educating the masses on the state of the markets.
"Linda McMahon, former chief executive officer of World Wrestling Entertainment Inc., won the Republican U.S. Senate nomination in Connecticut. She will now face Democrat Richard Blumenthal in November's election. Ms. McMahon, 61, defeated Peter Schiff, president of Westport, Connecticut-based Euro Pacific Capital Inc., and former U.S. Representative Rob Simmons, in yesterday's primary. With about 90% of the vote counted, Ms. McMahon had 49% of the vote. Mr. Schiff, who garnered national attention for predicting the 2008 market meltdown and subsequent recession, received 23% of the vote. Mr. Simmons received 28%, according to the Associated Press. Although Mr. Schiff came in last, he did better than expected. A poll earlier in the week showed the asset manager receiving barely 15% of the vote."
Source: Investment News