Neal banks on 'change' year

Money man runs lean campaign, takes heart from Obama

WINSTON-SALEM -- Even while he was pursuing high finance on Wall Street, Hollywood and Silicon Valley, Jim Neal always had one eye trained on a political career.

After returning home to North Carolina in 2006, Neal wasted little time in plunging into a U.S. Senate race that scared away most of the state's big-name Democrats: taking on Republican U.S. Sen. Elizabeth Dole.

Neal is running as a political outsider, a newcomer hoping to ride the national mood for change, for new faces and for nontraditional candidates. At a time when Democrats nationally -- and in North Carolina -- are wrestling with whether to nominate a black candidate or a woman for president, Neal is seeking to become the second openly gay Democratic nominee for U.S. Senate in American history.

Despite his background in big business and large-scale political fundraising, Neal says he has fewer ties to special interests than other candidates. Neal's major rival in the May 6 Democratic primary is state Sen. Kay Hagan of Greensboro, who has the backing of much of the party establishment. Three other Democrats are waging lower-profile, long-shot campaigns for the nomination.

"This is the year when Americans will own our democracy," Neal recently told a Democratic gathering in Winston-Salem.

On Tuesday, Neal endorsed Illinois Sen. Barack Obama in the Democratic presidential race, part of a continuing effort by Neal supporters to draw a parallel between the Obama and Neal campaigns.

Neal is running a low-budget campaign. He is relying on many personal appearances and courting the so-called netroots, who write blogs and raise money online. But polls suggest that Neal is little known, and he has run little television advertising.

Son of the South

Neal grew up in Greensboro. On the campaign trail and in his literature, Neal delivers a pitch familiar to followers of former Sen. John Edwards, emphasizing that Neal is the grandson of a textile mill worker and a carpenter. His father, James Neal Sr., was a small-time entrepreneur who ran a life insurance agency and started a series of businesses. There were times when the family was flush and other times when it was served with eviction notices.

"Dad was like Willie Loman," Neal said, referring to the striving salesman in the Arthur Miller play. "Dad always wanted to hit a home run. He had successes and failures."

His father wanted Neal to stay in the South and help him with his businesses. Neal wanted to strike out on his own on Wall Street.

Neal spent most of his career as an investment banker with Salomon Brothers, E.F. Hutton, Bear Stearns and, later, Piper Jaffray. In his early years, Neal advised mainly financial institutions, including Bank of America, American Express, Lincoln National and Transamerica. He advises companies on how to obtain financing for expansions, mergers or acquisitions. Neal later moved on to work with companies involved with health care, pharmaceuticals, biotech and high tech, which took him to California for 12 years.

'He would want results'

Neal had the reputation of a hard-driving dealmaker, as someone who was inquisitive and interested in new technology.

"He is excellent in raising money for people," said Brice Voran, a corporate attorney who now lives in Michigan and worked with Neal on deals for more than 20 years. "He is one of the more innovative bankers I've ever worked with. He likes to push things hard. He likes to get things done."

"In the public sector, he would want results. He would not be interested in keeping the seat warm."

In 1999, Neal moved from advising companies to managing them. He became chief executive officer of RxMarketplace, a Colorado-based startup company designed to provide pharmacists with up-to-the-minute online information on generic drug prices.