Wall Streeter Who Allegedly Ran $50-Billion Ponzi Scheme Was Major Democratic Donor
December 19, 2008
Investment fund manager Bernard Madoff was a major donor to political campaigns and causes over the last 16 years, according to data provided by the Center for Responsive Politics and analyzed by CNSNews.com.

Bernard Madoff, chairman of Madoff Investment Securities, returns to his Manhattan apartment after making a court appearance Wednesday, Dec. 17, 2008 in New York. The judge in Madoff's fraud case has set new conditions for his bail, including a curfew and ankle-monitoring bracelet for the disgraced investor. (AP Photo/Jason DeCrow)
A New York Times editorial on Friday characterized what Madoff is alleged to have done as “the biggest Ponzi scheme in history.”
Since 1992, Bernard Madoff and his wife, Ruth, donated a total of $225,050 to federal candidates, parties and committees. Seventy-seven percent ($172,600) of that money went to Democratic causes and individuals, 9.5 percent ($21,450) went to Republican causes and individuals, and 13.5 percent ($31,000) went to non-partisan financial lobbying political action committees (PAC).
Twenty-two individual Democrats received donations from the Madoffs, and six Republicans received donations.
Madoff ran the Manhattan-based Bernard L. Madoff Investment Securities LLC since 1960. He was arrested on Dec. 11, 2008 and charged with one count of securities fraud.
The members of Congress who received major contributions from Madoff and his wife over the years included: $13,000 to Sen. Ron Wyden (D-Ore.); $12,000 to Sen. Charles Schumer (D-N.Y.); $11,000 to Rep. Ed Markey (D-Mass.), chairman of the Select Committee on Energy Independence and Global Warming; $6,600 to Sen. Frank Lautenberg (D-N.J.); $2,000 to Sen. Hillary Clinton (D-N.Y); $2,000 to House Ways and Means Chairman Charlie Rangel (D-N.Y); $1,000 to the former chairman of the House Energy and Commerce Committee, John Dingell (D-Mich.); and $1,000 to Rep. David Obey (D-Wis.), chairman of the House Committee on Appropriations.
The Democratic Senatorial Campaign Committee (DSCC) also received $100,000 in $25,000 annual installments from Bernard Madoff between 2005 and 2008.
To date, Schumer and Lautenberg both have pledged to donate at least part of the money their campaigns received from the Madoffs to charities.
Matthew Miller, a spokesman for the DSCC, which is now run by Sen. Robert Menendez (D- N.J.), told The Wall Street Journal on Dec. 15 that the DSCC has not made a decision on what to do with the $100,000 it received from Madoff.
"It's under review," Miller said.
Several Republican campaigns also accepted contributions from Madoff, including the former chairman of the Senate Committee on Banking, Housing and Urban Affairs, Alfonse D'Amato (R-N.Y), who got $1,000 while he was running against Democrat Charles Schumer in 1998.
In 1996, Ruth Madoff also donated $5,000 to the New Republican Majority Fund, which was the political action committee of then-Senate Majority Leader Trent Lott (R-Miss.).
The campaign donations from Madoff and his wife since 1992, provided by the Center for Responsive Politics:
Political Donations by Bernard Madoff
2008
Democrat
$25,000 Democratic Senatorial Campaign Committee (D)
$2,300 Sen.-elect Jeff Merkley (D-Ore.)
$5,000 Securities Industry & Financial Markets Association (SIFMA), an industry trade group representing investment firms.
2007
Democrat
$300 Sen. Frank Lautenberg (D-N.J.)
$2,300 Sen. Frank Lautenberg (D-N.J.)
$25,000 Democratic Senatorial Campaign Committee
Republican
$2,300 Andrew Marshall Saul (R), manager of the federal Thrift Savings Plan
$2,300 Andrew Marshall Saul (R)
Other
$5,000 Securities Industry & Financial Markets Association (SIFMA), an industry trade group representing investment firms.
2006
Democrat
$25,000 Democratic Senatorial Campaign Committee
Other
$5,000 Securities Industry & Financial Markets Association (SIFMA), an industry trade group representing investment firms.
2005
Democrat
$25,000 Democratic Senatorial Campaign Committee
Other
$5,000 Securities Industry & Financial Markets Association (SIFMA), an industry trade group representing investment firms.
2004
Democrat
$250 Rep. Jim Matheson (D-Utah)
$250 Rep. Darlene Hooley (D-Ore.)
$250 Rep. Martin Frost (D-Tex.)
$1,000 Sen. Charles Schumer (D-N.Y.)
$1,000 Sen. Charles Schumer (D-N.Y.)
$2,000 Rep. Ed Markey (D-Mass.)
$2,000 Rep. Ed Markey (D-Mass.)
$1,000 Sen. Frank Lautenberg (D-N.J.)
Other
$5,000 Securities Industry & Financial Markets Association (SIFMA), an industry trade group representing investment firms.
2003
Democrat
$2,000 Richard Gephardt (D-Mo.)
$2,000 Sen. Ron Wyden (D-Ore.)
$2,000 Sen. Ron Wyden (D-Ore.)
2002
Democrat
$1,000 Sen. Charles Schumer (D-N.Y.)
$1,000 Sen. Charles Schumer (D-N.Y.)
2001
Democrat
$1,000 Rep. Charles Rangel (D-N.Y.)
2000
Democrat
$1,000 Rep. David Obey (D-Wis.)
$1,000 Sen. Hillary Clinton (D-N.Y.)
Republican
$1,000 Rep. Vito Fossella (R-N.Y.)
Other
$2,000 Securities Industry & Financial Markets Association (SIFMA), an industry trade group representing investment firms.
1999
Democrat
$1,000 Sen. Jon Corzine (D), former senator, current governor of New Jersey
$1,000 Sen. Bill Bradley (D-N.J.), left Senate in 1997, ran for president in 2000
Other
$2,000 Securities Industry & Financial Markets Association (SIFMA), an industry trade group representing investment firms.
$2,000 Securities Industry & Financial Markets Association (SIFMA), an industry trade group representing investment firms.
1998
Democrat
$1,000 Rep. Charles Rangel (D-N.Y.)
$500 Rep. Joseph Crowley (D-N.Y.)
$500 Rep. Joseph Crowley (D-N.Y.)
$700 Sen. Charles Schumer (D-N.Y.)
$1,000 Sen. Charles Schumer (D-N.Y.)
$1,000 Rep. Ed Markey (D-Mass.)
$300 Sen. Charles Schumer (D-N.Y.), then a representative, elected to Senate in 1998
Other
$1,000 Victory in New York
Republican
$1,000 Sen. Alphonse d’Amato (R-N.Y.), left office in 1999
$1,000 Rep. Wilbert ‘Billy’ Tauzin (R-La.), left office in 2005
1996
Democrat
$1,000 Rep. Ed Markey (D-Mass.)
$1,000 Rep. Gary Ackerman (D-N.Y.)
Republican
$500 Rep. Mike Oxley (R-Ohio), left office in 2007
$1,000 Rep. Daniel Frisa (R-N.Y.), left office in 1997
1995
Democrat
$500 Sen. Christopher Dodd (D-Conn.)
$1,000 Sen. Ron Wyden (D-Ore.)
Republican
$1,000 Rep. Jack Fields (R-Tex.), left office in 1997
1994
Democrat
$200 Rep. Gary Ackerman (D-N.Y.)
$1,000 Rep. Ed Markey (D-Mass.)
Republican
$1,000 Rep. Jack Fields (R-Texas)
$1,000 Rep. Jack Fields (R-Texas)
$1,000 Rep. Jack Fields (R-Texas)
$2,000 Rep. Jack Fields (R-Texas)
Other
$5,000 Securities Industry & Financial Markets Association (SIFMA), an industry trade group representing investment firms.
1993
Democrat
$1,000 Rep. John Dingell (D-Mich.)
Republican
$400 Rep. Paul Gilmore (R-Ohio)
Political Donations by Ruth Madoff
2007
Republican
$2,300 Andrew Marshall Saul (R), manager of the Federal Thrift Savings Plan
$2,300 Andrew Marshall Saul (R)
2006
Democrat
$2,000 Sen. Frank Lautenberg (D-N.J.)
Republican
$1,000 Rep. Joe Knollenberg (R-Mich.)
2004
Democrat
$1,000 Sen. Frank Lautenberg (D-N.J.)
$1,000 Sen. Charles Schumer (D-N.Y.)
$1,000 Sen. Charles Schumer (D-N.Y.)
$250 Rep. Charles Stenholm (D-Texas), defeated in 2004
2003
Democrat
$2,000 Sen. Ron Wyden (D-Ore.)
$2,000 Sen. Ron Wyden (D-Ore.)
$2,000 Rep. Richard Gephardt (D-Mo.), left office in 2005
2002
Democrat
$1,000 Sen. Charles Schumer (D-N.Y.)
$1,000 Sen. Charles Schumer (D-N.Y.)
Republican
$1,000 Rep. Joe Knollenberg (R-Mich.)
2000
Democrats
$1,000 Rep. Edolphus Towns (D-N.Y.)
$1,000 Rep. Edolphus Towns (D-N.Y.)
1999
Democrat
$1,000 Sen. Hillary Rodham Clinton (D-N.Y.)
$1,000 Sen. Jon Corzine (D-N.J.), former senator, current governor of New Jersey
$1,000 Sen. Bill Bradley (D-N.J.), left Senate in 1997, ran for president in 2000
1998
Democrat
$1,000 Mark Green (D-N.Y.), campaign for U.S. Senate
$1,000 Sen. Charles Schumer (D-N.Y.), then a representative, elected to Senate in 1998
$1,000 Sen. Charles Schumer (D-N.Y.)
Other
$1,000 Victory in New York
1997
Democrat
$1,000 Sen. Ron Wyden (D-Ore.)
$1,000 Sen. Ron Wyden (D-Ore.)
Republican
$550 Rep. Michael Oxley (R-Ohio), left office in 2007
$1,000 Sen. Alfonse D'Amato (R-N.Y.), left office in 1999
1996
Democrat
$1,000 Sen. Ron Wyden (D-Ore.)
$1,000 Sen. Ron Wyden (D-Ore.)
$1,000 Rep. Edward Markey (D-Mass.)
Other
$5,000 New Republican Majority Fund
$1,000 Fund for a Responsible Future
1995
Democrat
$1,000 Rep. Edward Markey (D-Mass.)
Republican
$1,000 Rep. Jack Fields(R-Texas), left office in 1997
$1,000 Sen. Alfonse D'Amato (R-N.Y.)
1994
Democrat
$1,000 Rep. Edward Markey (D-Mass.)
1993
Democrat
$1,000 Sen. Richard Bryan (D-Nev.), left office in 2001
$1,000 Sen. George Mitchell (D-Maine), left office in 1995
All numbers are based on data provided by the Center for Responsive Politics’ Web site, OpenSecrets.org. A representative for the Center for Responsive Politics told CNSNews.com there are slight discrepancies in the way it presents its numbers compared with those of the Federal Election Commission, FEC.org, from which the official data were gathered.







