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Rediff.com  » Business » Madoff spent nearly $1 mn on lobbying

Madoff spent nearly $1 mn on lobbying

Source: PTI
March 16, 2009 19:52 IST
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Financier Bernard Madoff, in jail now, had shelled out nearly $ 1 million towards lobbying and in campaign contributions, of which a large part went to the Democrats, a US research group has said.

The financier and his company Bernard L Madoff Investment Securities had spent nearly $1 million on "Washington Influence", American research group Center for Responsive Politics said.

Madoff had been running a ponzi scheme, which paid investors from the money paid by other investors. The scam perpetrated by him is estimated to be worth $65 billion.

"In total, he and his wife, Ruth, have given $2,38,200 to federal candidates, parties and committees since 1991, with the Democrats getting 88 per cent of that," the entity noted.

The Center keeps track of money in American politics and its effect on elections and public policy.

"Overall, Madoff and other individuals at his company, Bernard L Madoff Investment Securities, gave $3,72,100 in campaign contributions since 1991, with 89 per cent of it going to the Democrats.

"The firm spent $5,90,000 on lobbying in the last 11 years, all but $10,000 of it with the lobbying firm of Lent, Scrivner & Roth," the statement said.

The Democratic Senatorial Campaign Committee received $1,02,000 from Madoff and his wife Ruth Madoff, according to the data available with the Center.

Separately, the research group has said $3.2 billion was spent on lobbying last year. The Center pointed out that "special interests" paid Washington lobbyists about $3.2 billion in 2008, "more than any other year on record and a 13.7 per cent increase from 2007".

According to court documents, seventy-year-old financier has assets worth between $823 million and $826 million. A major chunk comes from the ownership stake in Bernard L Madoff Investment Securities, which is valued at $700 million.

Madoff was jailed last Thursday after he pleaded guilty to 11 felony charges including securities fraud and money laundering.

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