CONTACT: Ron Rogers
October 11, 1994

Matt Fong Raises Over $1.5 Million Opponent is
$2.398 Million in Debt

Sacramento, CA -- Official campaign filings with the Secretary of State's
office indicate that Matt Fong has attained his original goal of raising
$1.5 million for his State Treasurer's campaign, as of September 30.
However, Fong's Democrat opponent, millionaire developer Phil Angelides,
reported a campaign debt of over $2.3 million.

"Seems that Phil Angelides is using deficit financing for his campaign.
He received hundreds of thousands of dollars in loans from individuals
and businesses, personally loaned over $1 million and personally
guaranteed loans by others," said Matt Fong. "Phil's actions are very
much like the state of California borrowing money to pay its bills. The
difference is that we taxpayers will pay off the state's debt and we
don't know who will pay off Phil's debts."

"I am proud of the hundreds, even thousands, of individuals, small and
large businesses that have contributed to my campaign. In fact, over 600
individuals attended our fundraising dinner in Los Angeles on October 7
where we raised $300,000. We are surpassing all of our fundraising
goals and are confident that the voters will appreciate our debt free
issue-based campaign," concluded Fong.


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