One surprising victim of the fund manager's recent bad run: Paolo Pellegrini, a former lieutenant who helped make Mr. Paulson a multibillionaire.

WSJ: Paulson Ex-Lieutenant Caught in Fund's Slide

There were "a lot of bad feelings between the two candidates, stemming from the days when Carnahan served as lieutenant governor while Ashcroft was governor, " Schneider said.

CNN: U.S. Senate Democratic majority cast in doubt after governor's death