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Madoff talked softly, wrote big DC checks

Posted December 22, 2008 10:40 AM
The Swamp

by Frank James

Bernard Madoff, Wall Street's alleged Ponzi king, made political donations to Washington types which evidently bought him some access in here.

But it appears he had a light footprint in the nation's capital and I haven't seen a story yet that indicates his money (or his clients' money perhaps) was able to buy him anything more than a returned phone call or invitation to appear at a hearing. Not saying that it didn't. Just haven't seen any evidence of that.

As Andy Zajac and Janet Hook of the Tribune's Washington D.C. bureau reported:

... For years, Madoff was a generous political donor to mostly Democratic causes and maintained a steady lobbying presence through the government relations firm of a former New York congressman.

Still, despite spending more than $900,000 on lobbying fees and campaign contributions over the past decade, Madoff maintained a low profile in the capital.

"Until this thing blew up, I didn't even know who he was," said former Rep. Richard Baker (R-La.), who headed a House banking subcommittee for 12 years, through 2006, that considered issues important to Madoff.

"It's a bit odd," Baker said. "I was a big player on market data fees and electronic exchanges"--two of the issues that Madoff's lobbying firm, Lent Scrivner & Roth, listed as advocating on for the New York mogul. "I don't remember having a visit or a discussion on these matters with the firm."

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