Back in April, the Ohio Democratic Party noted a few highly questionable donors giving money to Republican State Treasurer candidate Josh Mandel. One of those donors was Roger Hertog who, the Ohio Democratic Party, had quite the business resume:
- Roger Hertog, Vice Chairman of Alliance Capital Management, contributed $11,300 to Mandel. [Ohio Secretary of State, Campaign Finance, Accessed 4/13/10; contributions made 7/28/09 and 09/21/09]
- Hertog was in “hot water” over Alliance Capital Management’s loss of $335 million in Florida’s state pension funds [Washington Monthly, 3/1/02]
- Company settled with State of New York for $600 million for abusive trade practices and market timing schemes [Money Management Executive, 12/22/03; The Daily Telegraph (London), 12/19/03]
- Company paid $250 million in fines to settle SEC charges of improper trading [Investment News, 6/9/08]
- Company was Enron’s largest shareholder when the infamous company collapsed [Inside Counsel, 2/07].
At the time, Mandel’s campaign insisted it couldn’t return the donations because they were already spent.
Guess what the Plain Dealer just reported the Ohio Democratic Party found in Mandel’s campaign finance report filed last Friday? Yep, another donation by Hertog.
Mandel’s defense this time?
“This contributor appears to have personally done nothing wrong,” Michael Lord said in a statement.
Yeah, he just worked in the Wall Street office that was accused of company-wide abusive trade practices and market timing schemes.
Hertog wasn’t just an employee of Alliance Capital, either. He was a Director and Vice-Chairman of their corporate board. So, it’s kind of hard to say he’s blameless for what subordinates did at the company. He’s also was the Chairman of the Manhattan Institute, a prominent conservative think tank. (All of which the Plain Dealer neglected to mention.)
Josh Mandel’s donations stink to high heaven. And he’s running out of excuses.