Opinion: Lehman Brothers boss spread money around Capitol Hill and got some back
This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.
In his day, Lehman Brothers Chief Executive Richard S. Fuld used his big paychecks to spread campaign money among Democrats and a few Republicans. Lately, he received a little bit back, thanks to Senate banking committee chairman Christopher Dodd and Hillary Clinton.
Henry Waxman, the Beverly Hills Democrat, summoned Fuld to Capitol Hill on Monday and grilled him about his pay, noting that Fuld appeared to have received $480 million this decade.
“Is this fair?” Waxman said, as The Times’ Jim Puzzanghera reported.
Fuld said he probably received ‘a little bit less than $250 million -- still a large number, though.’
Fuld got rid of some of that money in the form of....
...campaign donations -- though none to Waxman, at least not in the past decade.
The biggest recipient of his largess has been the Democratic Senatorial Campaign Committee at $47,000, including $10,000 last year. He gave another $10,000 to the Republican Senatorial Campaign Committee. Party leaders use donations to the committees to help fund races around the country.
His most recent federal donation, $5,000 in May, went to a political action committee funded by Wall Street firms -- some of which no longer exist -- that gave to an array of politicians.
Fuld also gave directly to politicians, including $2,300 to Barack Obama in May 2007, and $2,300 to John McCain in March 2007.
New York Sen. Charles Schumer has taken $6,000 from Fuld. Joseph Lieberman has taken $7,000.
Another $9,600 went to Dodd, including $4,600 last year when the Senate banking committee chair was running for President. Fuld gave $4,600 to Clinton for her presidential run as well.
Since neither Clinton nor Dodd made it past the primary, they were obligated to refund the $2,300 checks he gave to them for the general election campaigns that never came to pass. Dodd sent back the $2,300 on Aug. 21. Clinton gave back her $2,300 a week later.
Clinton and Dodd disclosed the refunds in Federal Election Commission filings made last month, shortly after Lehman’s Sept. 15 declaration of bankruptcy.
-- Dan Morain
Well, you don’t have to give anybody any money to have alerts of every Ticket item flashed direct to your cell. Just register here at Twitter.