UPDATE: Madison man enters U.S. Senate race - WKOW 27: Madison, WI Breaking News, Weather and Sports

DANE (WKOW) -- A self-made multi-millionaire from Dane County wants to represent Wisconsin in the U.S. Senate.

Hedge fund manager Eric Hovde announced his candidacy Thursday morning and is already facing some tough questions.

Hovde has a very different motivation to enter the U.S. Senate than most political candidates.

"I'm angry," Hovde told a group of workers at Dane Manufacturing. "I wouldn't be here if I wasn't."

Hovde said he is upset over the $15 trillion national debt and the financial institutions that caused much of it.

"Like many of you, I was disgusted how Wall Street ripped off Americans' savings and retirement accounts and yet were not held accountable," said Hovde. "In fact, they were bailed out, bailed out with our money."

Hovde told reporters that none of the companies he owned took any bailout money.

But, when asked about whether his investment company benefited from the federal Toxic Asset Relief Program, Hovde hedged a bit himself.

"You're always investing when you're running an asset management company, but I was opposed to the way TARP was structured," said Hovde.

However, records show Hovde did benefit from TARP.

One of his several companies, Hovde Capital Advisors, owns nearly $38 million worth of shares in 14 different banks that took TARP money.

But, Mike Herl, President of the Dane County Republican Party, believes most GOP voters will focus more on the fact that Hovde is an expert on the economy.

"Somebody that has that kind of knowledge, of operating a hedge fund, which is worldwide, he operates in so many different countries, I think he's very qualified to be able to talk on that topic," said Herl.

Hovde said that is what separates him from the rest of the Republican field.

"The definition of insanity is doing the same things over and over again and expecting different results.  Well, that's kind of like continuing to elect career politicians," said Hovde.

Hovde is facing a field of well-known politicians in former Governor Tommy Thompson, former Congressman Mark Neumann and current Assembly Speaker Jeff Fitzgerald.

But, its a former Democratic Governor that Hovde may get criticized by GOP voters for supporting.

The Associated Press reported Thursday that Hovde made a $500 campaign donation to Gov. Jim Doyle in 2005.

Hovde issued a statement to the AP saying that he doesn't recall giving the donation.

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DANE (WKOW) -- Another Republican has entered the race for the U.S. Senate nomination.

Hedge fund manager and Madison native Eric Hovde announced his candidacy Thursday in Dane.

Hovde has lived the past 24 years in Washington, D.C. He is chief executive officer of Hovde Capital Advisors, which manages hedge funds, and he also oversees real estate investments, community banks and a charitable family foundation.

Hovde joins the Republican field including former Gov. Tommy Thompson, state Assembly Speaker Jeff Fitzgerald and former U.S. Rep. Mark Neumann. The only Democratic candidate is U.S. Rep. Tammy Baldwin.

The race is to replace retiring Democratic U.S. Sen. Herb Kohl. The Republican primary is August 14.

Hovde has planned other campaign stops in Milwaukee, Green Bay and Eau Claire for Thursday.

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DANE (WKOW) -- A Madison native will enter the race to become Wisconsin's next U.S. Senator.

Hedge fund manager and Republican Eric Hovde is expected to announce his candidacy at campaign stops in Dane and Milwaukee on Thursday. Hovde has lived the past 24 years in Washington, D.C., but grew up in Madison.

He is the chief executive officer of Hovde Capital Advisors, which manages hedge funds, and also oversees real estate investments, community banks and a charitable family foundation.

Hovde will join a Republican field that includes former Gov. Tommy Thompson, state Assembly Speaker Jeff Fitzgerald and former U.S. Rep. Mark Neumann. The only Democratic candidate is U.S. Rep. Tammy Baldwin.

The race is to replace retiring Democratic U.S. Sen. Herb Kohl.

The Republican primary is August 14.