December 17th, 2008
09:45 AM ET
3 years ago

Madoff was major Democratic campaign contributor

Madoff was a major campaign donor.
Madoff was a major campaign donor.

(CNN) – Alleged Ponzi scheme mastermind Bernard Madoff has been a major political donor, directing hundreds of thousands of dollars to Democratic lawmakers over the past two decades.

Since 1991, Madoff and other individuals connected with Bernard L. Madoff Investment Securities made campaign contributions totaling $372,100, with about 89 percent of those funds directed to Democrats, according to OpenSecrets.org, the Web site of the Center for Responsive Politics. The majority of the senators and representatives who benefited from these donations were New York-area legislators.

In 2008, Madoff contributed $50,000 to the Democratic Senatorial Campaign Committee, pushing his total donations to the group since 1992 over the six-figure mark.

Madoff was arrested last week, charged with operating a fraudulent money-management business which has cost investors and charitable groups billions of dollars.

It is unclear whether Democratic lawmakers will return all contributions.

Madoff contributed to Hillary Clinton’s Senate campaign, but there’s no record of donations to any of this year’s Democratic presidential candidates, including the secretary of state-designate.

Other major beneficiaries of Madoff’s donations include the Securities Industry and Financial Markets Association. Over the past decade, his company has also spent nearly $600,000 on lobbying.


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soundoff (15 Responses)
  1. Franky

    "The majority of the senators and representatives who benefited from these donations were New York-area legislators."

    Finally I have my evidence why I hate New York politicians, LOL!! I knew I was onto something...

    December 17, 2008 01:59 pm at 1:59 pm |
  2. Dee

    THIS comment board is amazingly quiet! I can't help but think it'd be buzzing a bit more if the word "Democratic" above were replaced by "Republican" ...

    December 17, 2008 02:04 pm at 2:04 pm |
  3. Mari

    There are CROOKS ON BOTH SIDES OF THE AILSE. NOTHING NEW!

    LET'S NOT FORGET THE ABRAHAMNOF DEBACLE AND ALL THE REPUBLICANS INVOLVED!

    NO ONE IS UNTAINTED. NO ONE IS PERFECT.

    December 17, 2008 02:11 pm at 2:11 pm |
  4. Surprise

    No surprise, he is a big donnor for Obama's campaign. Money can buy anything, even the White House, for $668 miilion.

    December 17, 2008 02:15 pm at 2:15 pm |
  5. Paul from Phoenix

    Wow, as an independent, it is easy to say that if the majority of his donations went to Republicans, this would be a front page story instead of the little blurp it is receiving.

    Remember Jack Abramoff? Front page material. Abramoff used used funds to entice political benefits, and he and Duke Cunningham are rightfully in jail. Madoff stole billions from people, and the SEC has said they turned a blind eye.

    Am I the only one seeing the hypocrisy?

    December 17, 2008 02:18 pm at 2:18 pm |
  6. Virginia

    Well, isn't this interesting. Was it specific to Obama or just to the DNC in general? Would be a good topic for discovery.

    December 17, 2008 02:24 pm at 2:24 pm |
  7. KG

    Imagine that. More shady characters contributing to the Democratic party. Seems that party is infested with these types. Although, they'll tell you they're the party of "change." Seems to me when reality kicks in, they are just another party rife with scandal from top to bottom. Just like their buddies the Republicans. I hope none of you were really so naive as to believe that the Democrats were somehow different.

    December 17, 2008 02:37 pm at 2:37 pm |
  8. KG

    Imagine that. More shady characters contributing to the Democratic party. Seems that party is infested with these types. Although, they'll tell you they're the party of "change." Seems to me when reality kicks in, they are just another party rife with scandal from top to bottom. Just like their buddies the Republicans. I hope none of you were really so naive as to believe that the Democrats were somehow different.

    December 17, 2008 02:39 pm at 2:39 pm |
  9. Alan

    My this is strange. Another democrook involved in dishonest dealings?? The new administration is already having more trouble than bush has had and they haven't even taken office yet. Can someone be impeached before they ever take office?? We may get to see. This is going to be a messy 8 years.

    December 17, 2008 02:39 pm at 2:39 pm |
  10. KG

    Imagine that. More shady characters contributing to the Democratic party. Seems that party is infested with these types. Although, they'll tell you they're the party of "change." Seems to me when reality kicks in, they are just another party rife with scandal from top to bottom. Just like their buddies the Republicans. I hope none of you were really so naive as to believe that the Democrats were somehow different.

    December 17, 2008 02:40 pm at 2:40 pm |
  11. KG

    Imagine that. More shady characters contributing to the Democratic party. Seems that party is infested with these types. Although, they'll tell you they're the party of "change." Seems to me when reality kicks in, they are just another party rife with scandal from top to bottom. Just like their buddies the Republicans. I hope none of you were really so naive as to believe that the Democrats were somehow different.

    December 17, 2008 02:40 pm at 2:40 pm |
  12. Alan

    My this is strange. Another democrook involved in dishonest dealings?? The new administration is already having more trouble than bush has had and they haven't even taken office yet. Can someone be impeached before they ever take office?? We may get to see. This is going to be a messy 8 years.

    December 17, 2008 02:40 pm at 2:40 pm |
  13. Alan

    My this is strange. Another democrook involved in dishonest dealings?? The new administration is already having more trouble than bush has had and they haven't even taken office yet. Can someone be impeached before they ever take office?? We may get to see. This is going to be a messy 8 years.

    December 17, 2008 02:41 pm at 2:41 pm |
  14. BUSH BEGONE

    If the SEC and Wall Street did not know this guy was a crook why should the Democratic Party?

    December 17, 2008 02:43 pm at 2:43 pm |
  15. sick n tired

    And let the fabrication of a possible Obama connection begin! Right Republicans? Isn't that how you all roll??? Corrupt Democrat automatically means Obama connection? Seems to be a trend here is all I'm saying!!!

    December 17, 2008 02:47 pm at 2:47 pm |