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	<title>Protect Consumer Justice &#187; Elliott Broidy</title>
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		<title>UPDATED: Elliott Broidy admits bribery, used to host presidents</title>
		<link>http://www.protectconsumerjustice.org/elliott-broidy-admits-bribery-used-to-host-presidents.html</link>
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		<pubDate>Fri, 04 Dec 2009 00:53:40 +0000</pubDate>
		<dc:creator>eric</dc:creator>
				<category><![CDATA[Page One]]></category>
		<category><![CDATA[Andrew Cuomo]]></category>
		<category><![CDATA[Arnold Schwarzenegger]]></category>
		<category><![CDATA[Bribery]]></category>
		<category><![CDATA[Campaign donations]]></category>
		<category><![CDATA[Elliott Broidy]]></category>
		<category><![CDATA[Pension fund]]></category>

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		<description><![CDATA[New York Attorney General Andrew Cuomo nabs Elliott Broidy, a California heavyweight in the world of Republican politics.
No related posts.]]></description>
			<content:encoded><![CDATA[<p><a href="http://www.protectconsumerjustice.org/wp-content/uploads/2009/12/Broidy-Bush-invite.gif"><img class="aligncenter size-full wp-image-1671" title="Broidy-Bush invite" src="http://www.protectconsumerjustice.org/wp-content/uploads/2009/12/Broidy-Bush-invite.gif" alt="Broidy-Bush invite" width="544" height="372" /></a>New York Attorney General <strong>Andrew Cuomo </strong>reached into California to snag venture capitalist <strong>Elliott Broidy</strong>, one of the most significant players in the expanding pension fund scandal&#8211;and one who until recently was a major player in state and federal politics.</p>
<p>Broidy, who lives in the exclusive Brentwood area of Los Angeles, entered a guilty plea in a New York courtroom today, admitting paying nearly $1 million in bribes in order to win $250 million in investments.</p>
<p>Here is what Attorney <a href="http://www.oag.state.ny.us/media_center/2009/dec/dec3b_09.html" target="_blank">General Cuomo said </a>about the case. For a review of the day&#8217;s developments, please see<a href="http://www.latimes.com/business/la-fi-pension-broidy4-2009dec04,0,1900669.story" target="_blank"> this article </a>in the Los Angeles Times. And on Saturday, the Sacramento Bee <a href="http://www.sacbee.com/topstories/story/2371879.html" target="_blank">connected more dots</a> in the growing scandal.</p>
<p>Broidy was chairman of a venture capital fund, <strong>Markstone Capital Group</strong>, which carved a niche by investing in heavy industries in Isreal. Public employee pension funds from California to New York invested retirement savings of state and local workers in Broidy&#8217;s fund.</p>
<p>Cuomo accused Broidy of using bribes to win business. But he and his wife, <strong>Robin Rosenzweig,</strong> also gave large sums of presumably legal political donations, spreading more than $1.4 million in campaign donations to candidates and their causes in California, Los Angeles and at the federal level in recent years.</p>
<p>Broidy was an especially kind to Republicans, including President <strong>George W. Bush</strong>, as this invitation at the top shows.</p>
<p>Broidy was a major Republican fund-raiser during the 2008 campaign. Sen. <strong>John McCain </strong>brought his presidential campaign last year to Broidy&#8217;s Brentwood home for a $5 million shindig that was to be attended by Gov. <strong>Arnold Schwarzenegger</strong>, as the Los Angeles Times wrote <a href="http://articles.latimes.com/2008/may/25/nation/na-mccainmoney25" target="_blank">at the time in this article</a>.</p>
<p>The venture capitalist was part of Schwarzenegger&#8217;s stable of donors, giving $161,000 to initiative campaign committees control by the governor, and another $97,900 to the California Republican Party, California Secretary of State <a href="http://cal-access.ss.ca.gov/Campaign/Committees/Detail.aspx?id=1243630&amp;session=2007&amp;view=contributions" target="_blank">records show</a>.</p>
<p><strong>UPDATE:</strong> Here is <a href="http://www.protectconsumerjustice.org/wp-content/uploads/2009/12/Elliott-Broidys-California-campaign-donations.xlsx" target="_blank">a link to a spread sheet </a>of Broidy and his wife&#8217;s donations to California candidates and causes in this decade. It is drawn from the California Secretary of State&#8217;s web site.</p>
<p><strong>FURTHER UPDATE</strong>: Broidy was the Republican National Committee&#8217;s finance chairman during the 2008 campaign, for good reason. He and his wife were major donors to federal campaigns up through at least September 2009, as you can see <a href="http://www.protectconsumerjustice.org/wp-content/uploads/2009/12/Elliott-Broidy-Robin-Rosensweigs-federal-donations-2001-2009.xls" target="_blank">from this spreadsheet</a>.</p>
<p>Broidy gave to Democratic politicians, such as former California Controller <strong>Steve Westly, </strong>who held sway over where to place pension fund money.</p>
<p>Perhaps Broidy&#8217;s oddest public campaign donation came in the form of <a href="http://cal-access.ss.ca.gov/Campaign/Committees/Detail.aspx?id=1243630&amp;session=2003&amp;view=contributions" target="_blank">two $3,000 checks </a>in 2004 to a political action committee of the <strong>United Food &amp; Commercial Workers</strong>.</p>
<p>At the time, the committee was controlled by <strong>Sean Harrigan</strong>, a former head of the board that oversees that California Public Employee Pension System, who later became a member of the Los Angeles Fire and Police Pensions board. Harrigan also has been subpoenaed in the ongoing case.</p>
<p>&#8211;<em>Dan Morain</em></p>
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