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Burris Incurs Political Wrath After Adding Testimony on Blagojevich Contacts
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Thomas Montag rakes it in, despite economic crisis
What bad economy?
Thomas K. Montag, the new head of global markets at Bank of America Corp., had a very good year in 2008 despite the worldwide downturn in the markets.
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(requires Java)MAP HINTS: Click expands a name. Control+Click centers map on a name. Solid lines are current relations. Dotted lines are former relations. For advanced tools choose Tools > Options from the menu at top. More help. Not seeing the maps? Please go here to check for the latest version of Java.As reported in The New York Times, Montag was one of nearly 700 Merrill Lynch & Co. employees who collected bonuses of at least $1 million just before the company was sold to Bank of America.
Merrill later reported a $27 billion loss for 2008.
Quite likely, Montag was the leader in this privileged group of bonus recipients.
He had been brought to Merrill by John A. Thain, the company’s then-CEO and his former colleague at Goldman Sachs Group Inc.
According to the terms of his May 1, 2008, compensation agreement with Merrill, Montag earned a bonus of $39.4 million for joining the brokerage firm.
But that may have been only half of the Merrill money that came Montag’s way in 2008, even though he worked for the company for just a few months, having started his job in Aug. 4 at an annual salary of $600,000. Upon the December sale of the firm, he went to Bank of America.
In addition to his Merrill bonus, Montag also received stock options and shares from Merrill that have been estimated to be worth at least $40 million.
These were granted to him as compensation for the Goldman equity he lost in joining Merrill.
Montag, 52, had worked at Goldman for 22 years before retiring at the end of 2007.
He spent seven years in Japan as the co-head of Goldman’s Asian efforts and was widely credited with turning that operation into a profit center, once tripling the company’s profits in a two-year period.
“Tom is extremely personable, extremely quick, very smart and good analytically,” a former Goldman colleague of his told Bloomberg News.
“Peers who were direct reports of his universally rave about him as a manager and a leader.”
Montag returned to the U.S. in 2006 and was Goldman’s global co-head of securities overseeing the Americas before retiring.
The New York Observer reported in February 2008 that Montag had purchased a six-story townhouse on New York’s Upper East Side.
Designed by Stanford White in 1903, the house was listed for $38 million. A source told the Observer that Montag had paid “well below” the asking price.
Making millions, Montag has given away millions, as well.
Bloomberg News reported that he donated $2 million to Beaverton High School in Portland, OR. Montag played football, basketball and baseball while a student at the school.
He also gave $1.4 million to Stanford for a stadium scoreboard and $2 million to Willamette University in Salem, OR, his parents’ alma mater.
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Top Google exec funds online news startupFebruary 18, 2009 at 12:45pm
Some are billing it as a back-door way for Google to enter the news business.
Muck tracker – Burris says he was asked for help
U.S. Sen. Roland W. Burris of Illinois says that the brother of former Gov. Rod R. Blagojevich sought fundraising help before Blagojevich named him to the Senate, The New York Times reports.
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Monsanto’s lobbying cloutJuly 25, 2015 at 8:16am
Central to the argument over labeling genetically modified food is the point raised by opponents, who say that government regulators have declared the practice safe.
Thomas Montag Rakes it in Despite Economic Crisis
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Muck Tracker Burris Says He Was Asked for Help
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Feds probe firms close to Rep. John Murtha
Another possible pay-to-play arrangement appears to be unraveling under public scrutiny – this one involving Rep. John Murtha, the powerful defense appropriator from Pennsylvania.
Federal investigators are looking into whether a prominent defense lobbyist and former top aide to Murtha funneled bogus contributions to the Democratic lawmaker in return for earmarks for his clients.
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(requires Java)MAP HINTS: Click expands a name. Control+Click centers map on a name. Solid lines are current relations. Dotted lines are former relations. For advanced tools choose Tools > Options from the menu at top. More help. Not seeing the maps? Please go here to check for the latest version of Java.ABC News broke the story this week that the FBI had raided the offices of the PMA Group in Arlington, VA in November, right after the elections. One of the capitol’s largest lobbying firms, PMA Group is headed by Paul Magliocchetti, a former top aide to Murtha. At least one other former Murtha aide, Julie Giardina, also worked there. Dan Cunningham, another PMA staffer, is a former Congressional aide who is close to Murtha, according to The Hill newspaper.
As the chair of the House Defense Appropriations Subcommittee, Murtha helped deliver $100 million in defense-related earmarks to PMA clients in appropriations bills for 2008, according to government watchdog group Taxpayers for Common Sense, which tracks earmarks.
He also received hundreds of thousands in donations from PMA’s executives and clients during this election cycle. Roll Call found earlier this week that over the last three election cycles, Murtha received about $1.75 million from PMA and its clients.
Murtha, once described as “one of Capitol Hill’s most accomplished masters at the art of pork” by U.S. News & World Report, denies any quid pro quo and says he has no indication he is a federal target.
Federal prosecutors haven’t shown their hand. But late last month, the FBI and IRS also raided the offices of a defense contractor with close ties to Murtha – Kuchera Industries and Kuchera Defense Systems. Murtha has reportedly channeled $100 million in earmarks to those companies.
Even without any indictments, the fallout is already being felt. This week, The Hill reported that the PMA Group is disintegrating, with Magliocchetti heading off to potential retirement in Florida and other principals informing clients that they are starting a new firm, Flagship Government Relations.
The head of the new firm is Kaylene Green, who had been vice chairman of PMA Group and a former Senate Armed Services Committee staffer.
Last year, PMA ranked as the 10th largest lobbying firm in DC, representing a long list of defense companies, among them, Lockheed Martin and General Dynamics, both of which have facilities in Johnstown, PA. Boeing and Science Applications International Corp. (SAIC) are also on its client list.
Update 2/19: Roll Call reports that PMA has notified clients that it plans to cease operations March 31,
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This post is tagged with: , Flagship Government Relations, John Murtha, Kaylene Green, Kuchera Defense Systems, Kuchera Industries, Paul Magliocchetti, PMA Group, PoliticsRead related stories: Politics · Recent Stories2 Comments
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IS THERE AN AGENCY THAT INVESTIGATES PEOPLE AND COMPANIES FOR THEIR
SORDID AFFILLIATIONS AND REPUTATIONS? – THAT ISN’T FUNDED BY SOME OF THEM? -
It’s about time that the PEOPLE got MAD and we thew everyone of the bums out! Vote NO on all incumbents!
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Icahn buys low, then takes a seat at the tableMarch 2, 2009 at 7:26am
When stocks and stockholders are depressed, Carl Icahn is energized.
Feds Probe Firms With Close Ties to Rep John Murtha
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Feds Probe Firms With Close Ties to Rep John Murtha
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Judd Gregg withdraws as commerce secretary nominee
Republican Sen. Judd Gregg of New Hampshire withdrew his nomination as commerce secretary Thursday, citing “irresolvable conflicts” with President Barack Obama over his stimulus plan and handling of the 2010 census.
“We are functioning from a different set of views on many critical items of policy,” Gregg said in a statement released by his Senate office.
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Gregg, 61, a former New Hampshire governor, had signaled his disagreement with the president’s agenda when he abstained from the Senate vote on the stimulus package, which passed the chamber 61 to 37. He had not offered any public comment on the White House’s plan to have the Census director report to White House officials. Many Republicans, however, had voiced serious concerns about the potential politicization of the department.
A member of the Senate since 1993, Gregg is the top Republican on the Senate Budget Committee, and has been an outspoken critic of big spending.
In his statement, Gregg thanked Obama for the nomination, saying, “I especially admire his willingness to reach across the aisle.”
But he suggested that he had not fully grasped the scope of his differences, saying, “Prior to accepting this post, we had discussed these and other potential differences, but unfortunately we did not adequately focus on these concerns. We are functioning from a different set of views on many critical items of policy.”
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Feds probe firms close to Rep. John MurthaFebruary 13, 2009 at 10:46am
Another possible pay-to-play arrangement appears to be unraveling under public scrutiny – this one involving Rep. John Murtha, the powerful defense appropriator from Pennsylvania.
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