Pete Ricketts
Encyclopedia
John Peter "Pete" Ricketts is the former Chief Operating Officer
of Ameritrade. He was the Republican
nominee for the 2006 U.S. Senate race in Nebraska
which he lost to incumbent Ben Nelson
.
, and now lives in Omaha
. He attended the University of Chicago
for both his bachelor and graduate studies, and received an MBA in marketing and finance from the university's Graduate School of Business.
Ricketts and his wife Susanne have three children, Margot, Roscoe, and Eleanor. Ricketts' father is J. Joseph Ricketts
, founder of Ameritrade and current owner of the Chicago Cubs
. Ricketts currently sits on the boards of the Cubs and Bellevue University
in Bellevue, Nebraska
(just south of Omaha). In 2007, he became the Chairman of the Board of the Platte Institute for Economic Research
. He is also a member of the Board of Trustees of the American Enterprise Institute
.
nominee for the U.S. Senate seat held and retained by Democrat Ben Nelson
. His opponents in the primary were former Nebraska Attorney General
Don Stenberg
and former state Republican chairman David Kramer. Ricketts spent nearly $5 million of his own money out-of-pocket
, outspending his opponents 10-1 in winning the nomination
.
Ricketts received some high-profile campaign assistance, most notably from President George W. Bush
and Vice President Dick Cheney
personally. Bush appeared at a campaign rally for Ricketts on November 5, 2006, just days before the election, in Grand Island, Nebraska
.
Ricketts was running on a conservative
platform, emphasizing fiscal responsibility, immigration reform
, and agriculture
, as well as championing a socially conservative platform opposing gay marriage
and abortion
. In all, he contributed $11,302,078 million of his own money to his campaign, triggering the Millionaire's Amendment which allows his opponent to raise larger amounts from each donor
.
He spent more money than any Senate candidate in Nebraska history.
Ricketts was soundly defeated in the November election, taking only 36 percent of the vote, the worst showing for a Republican Senate candidate in Nebraska in 26 years. He only carried 13 sparsely populated counties in the western part of the state.
Chief operating officer
A Chief Operating Officer or Director of Operations can be one of the highest-ranking executives in an organization and comprises part of the "C-Suite"...
of Ameritrade. He was the Republican
Republican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
nominee for the 2006 U.S. Senate race in Nebraska
Nebraska
Nebraska is a state on the Great Plains of the Midwestern United States. The state's capital is Lincoln and its largest city is Omaha, on the Missouri River....
which he lost to incumbent Ben Nelson
Ben Nelson
Earl Benjamin "Ben" Nelson is the senior U.S. Senator from Nebraska. He is a member of the Democratic Party and was elected to the U.S. Senate in 2000....
.
Biography
Ricketts was born in Nebraska City, NebraskaNebraska City, Nebraska
Nebraska City is a city in Otoe County, Nebraska, United States. The population was 7,228 at the 2000 census. It is the county seat of Otoe County...
, and now lives in Omaha
Omaha
Omaha may refer to:*Omaha , a Native American tribe that currently resides in the northeastern part of the U.S. state of Nebraska-Places:United States* Omaha, Nebraska* Omaha, Arkansas* Omaha, Georgia* Omaha, Illinois* Omaha, Texas...
. He attended the University of Chicago
University of Chicago
The University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...
for both his bachelor and graduate studies, and received an MBA in marketing and finance from the university's Graduate School of Business.
Ricketts and his wife Susanne have three children, Margot, Roscoe, and Eleanor. Ricketts' father is J. Joseph Ricketts
J. Joseph Ricketts
J. Joseph Ricketts is the founder, former CEO and former chairman of TD Ameritrade, one of the largest online discount brokerages in the world, based in Omaha, Nebraska...
, founder of Ameritrade and current owner of the Chicago Cubs
Chicago Cubs
The Chicago Cubs are a professional baseball team located in Chicago, Illinois. They are members of the Central Division of Major League Baseball's National League. They are one of two Major League clubs based in Chicago . The Cubs are also one of the two remaining charter members of the National...
. Ricketts currently sits on the boards of the Cubs and Bellevue University
Bellevue University
Bellevue University is a private university located in Bellevue, Nebraska.-History:Creating a new college in Bellevue, Nebraska was No. 1 on the agenda for the Chamber of Commerce in June 1965. Local civic-leader and businessman Bill Brooks met with his fellow members of the chamber and lead the...
in Bellevue, Nebraska
Bellevue, Nebraska
Bellevue is a city in Sarpy County, Nebraska, United States. The population was 50,137 at the 2010 census. Eight miles south of Omaha, Bellevue is part of the Omaha-Council Bluffs metropolitan area. Originally settled in the 1830s, It was the first state capitol. Bellevue was incorporated in...
(just south of Omaha). In 2007, he became the Chairman of the Board of the Platte Institute for Economic Research
Platte Institute for Economic Research
The Platte Institute for Economic Research is a free market think tank headquartered in Omaha, Nebraska.-Advocacy:In 2008, it released a study in partnership with Creighton University that showed Nebraska was the 8th most taxed states in the United States, a fact detrimental to its economy. It also...
. He is also a member of the Board of Trustees of the American Enterprise Institute
American Enterprise Institute
The American Enterprise Institute for Public Policy Research is a conservative think tank founded in 1943. Its stated mission is "to defend the principles and improve the institutions of American freedom and democratic capitalism—limited government, private enterprise, individual liberty and...
.
2006 campaign for the U.S. Senate
Ricketts was the 2006 RepublicanRepublican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
nominee for the U.S. Senate seat held and retained by Democrat Ben Nelson
Ben Nelson
Earl Benjamin "Ben" Nelson is the senior U.S. Senator from Nebraska. He is a member of the Democratic Party and was elected to the U.S. Senate in 2000....
. His opponents in the primary were former Nebraska Attorney General
Attorney General
In most common law jurisdictions, the attorney general, or attorney-general, is the main legal advisor to the government, and in some jurisdictions he or she may also have executive responsibility for law enforcement or responsibility for public prosecutions.The term is used to refer to any person...
Don Stenberg
Don Stenberg
Don Stenberg is a Republican politician and attorney from Nebraska. He served as Attorney General of Nebraska from 1991 to 2003 and currently serves as State Treasurer of Nebraska to which he took office in 2011. He also served as legal counsel to Governor Charles Thone from 1979 to 1983.-Stenberg v...
and former state Republican chairman David Kramer. Ricketts spent nearly $5 million of his own money out-of-pocket
Out-of-pocket expenses
Out-of-pocket expenses are direct outlays of cash which may or may not be later reimbursed.In operating a vehicle, gasoline, parking fees and tolls are considered out-of-pocket expenses for the trip...
, outspending his opponents 10-1 in winning the nomination
.
Ricketts received some high-profile campaign assistance, most notably from President George W. Bush
George W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....
and Vice President Dick Cheney
Dick Cheney
Richard Bruce "Dick" Cheney served as the 46th Vice President of the United States , under George W. Bush....
personally. Bush appeared at a campaign rally for Ricketts on November 5, 2006, just days before the election, in Grand Island, Nebraska
Grand Island, Nebraska
Grand Island is a city in and the county seat of Hall County, Nebraska, United States. The population was 48,520 at the 2010 census.Grand Island is home to the Nebraska Law Enforcement Training Center which is the sole agency responsible for training law enforcement officers throughout the state,...
.
Ricketts was running on a conservative
Conservatism
Conservatism is a political and social philosophy that promotes the maintenance of traditional institutions and supports, at the most, minimal and gradual change in society. Some conservatives seek to preserve things as they are, emphasizing stability and continuity, while others oppose modernism...
platform, emphasizing fiscal responsibility, immigration reform
Immigration reform
Immigration reform is a term used in political discussion regarding changes to current immigration policy of a country. In its strict definition, "reform " means to change into an improved form or condition, by amending or removing faults or abuses....
, and agriculture
Agriculture
Agriculture is the cultivation of animals, plants, fungi and other life forms for food, fiber, and other products used to sustain life. Agriculture was the key implement in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that nurtured the...
, as well as championing a socially conservative platform opposing gay marriage
and abortion
. In all, he contributed $11,302,078 million of his own money to his campaign, triggering the Millionaire's Amendment which allows his opponent to raise larger amounts from each donor
.
He spent more money than any Senate candidate in Nebraska history.
Ricketts was soundly defeated in the November election, taking only 36 percent of the vote, the worst showing for a Republican Senate candidate in Nebraska in 26 years. He only carried 13 sparsely populated counties in the western part of the state.