The brokerage chief arrested yesterday by the FBI was a political donor to Eliot Spitzer, as were many of his employees.Their political connections stretch even further, including both Democrats and Republicans.
A three-year old profile in Forbes described the “second act” of Ross Mandell, who founded Sky Capital a few years after he became a poster-boy for how bad the securities industry was at booting out bad brokers. In 1996, the Wall Street Journal ran a story about Mandell noting despite numerous customer complaints, job terminations and a six-week suspension by the NYSE. Mandell denied wrong-doing but admitted to a cocaine addiction.
He made a comeback in the next decade, and that included cozying up to powerful politicians.
Here’s how Forbes described it:
Despite Mandell’s checkered record, his companies have attracted a slew of illustrious former politicians and government officials to advise and sit on their boards. Among them: Former House Majority Leader Richard K. Armey; L. Paul Bremer III, former presidential envoy to Iraq; and former Senator Larry L. Pressler. Mandell and his employees are also contributors to politicians, including Eliot Spitzer.
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