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Madoff spent nearly $1 million lobbying and on Democratic causes

By Amanda Carpenter on March 13, 2009 into Hot Button Blog

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While Ponzi-scheming financier Bernie Madoff was busy looting money from his clients, he was also pumping campaign cash to Democratic causes and candidates in Washington.

According to the Center for Responsive Politics, Madoff and other individuals at his firm spent nearly $1 million trying to influence Washington. Of that money, $590,000 went to the lobbying firm Lent, Scrivner & Roth.

An overwhelming majority of the rest of the money went to Democratic causes and candidates. The CRP found 88 percent of donations from Madoff and his wife, Ruth, went to Democratic federal candidates, parties and committees.

The chief beneficiary of donations from the Madoffs was the Democratic Senatorial Campaign Committee. Together, the couple gave the group $102,000. Former DSCC Chairman Sen. Chuck Schumer (N.Y.) also reaped Madoff's money. Schumer received $12,000 from the disgraced financier and his wife.

Other recipients include a slew of Washington's liberal powerhouses.

Here's a partial list:

Ron Wyden: $13,000
Edward Markey: $10,000
Frank Lautenberg: $8,600
Hillary Clinton: $2,000
Charles Rangel: $2,000
John Dingell: $1,000
David Obey: $1,000

The Madoffs also gave $10,000 to the Securities Industry & Financial Market Association and $250 to the National Abortion Rights Action League.

The only question is, will these politicians and groups consider donating their Madoff money to charity now that he has pled guilty to stealing more than $65 billion?

UPDATE: Various people have suggested to me through the comment section below and on Twitter that instead of donating the money to charity those who recieved Madoff money should give the money to a fund for the victims of his crimes.

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There are 5 Comments

PoppaWiki

They should donate the money to a Madoff victim restitution fund.
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gneas

The money should definately go to the victims.
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okie

I once purchased a car that needed some repair from someone who needed cash, he said, to move on down road. Pink slip and all in my hands. Repaired car and for one day drove the thing. Federal and State of Texas officers arrived took car. I was out all money because the person I purchased car used stolen money. I was just out the money I paid. So should go with anyone who like political parties, lobbyists and anyone else. All money should be returned as well as all property purchased with Madoff money.
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Jaeger

Well, isn't that interesting? Many of the politicians who were the authors of this real estate meltdown with stupid, ill-conceived policies were also the beneficiaries of one of its bad actors. It is also interesting that Madoff, in the midst of ripping off his hapless clients, couldn't resist the temptation to give more of his clients' money to pro-abortionists. Does seem an appropriate alliance --- Madoff wasted money and wrecked the lives of many of his innocent victims, NARAL wastes the innocent lives of the unfortunate unborn.
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unityclare

Did anyone check to see which republicans received money from Madoff?
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