SEPTEMBER 20, 2006
The renowned Democratic fundraiser, who made a fortune with shady investments in a telecommunications giant that went bankrupt, will chair Hillary Clinton’s presidential campaign beginning next year.
Former Democratic National Committee Chairman and political money machine Terry McAuliffe told his rich friends that he will in fact run Clinton’s 2008 run for White House, even though the New York Senator continues to insist she is focused solely on winning her Senate reelection this year. McAuliffe, who has raised millions for Democrats over the years, was responsible for Bill Clinton’s reelection in 1996, according to the former president himself. Al Gore has called him “the greatest fundraiser in the history of the universe.”
Political insiders estimate that McAuliffe can help Hillary, considered a money-raising machine in her own right, around $100 million before the 2008 Iowa caucuses in January.
McAuliffe started his fundraising career in Jimmy Carter’s 1979 reelection campaign and he has raised big bucks for Democrats over the years, but not without controversy. He was investigated for campaign-finance abuses during the 1996 presidential election and was deposed by the Senate committee investigating the matter.
In 2002 McAuliffe was investigated for his role in an unprecedented case of political profiteering for turning a $100,000 investment in telecommunications giant Global Crossings into an $18 million profit. The company later made the fourth-largest bankruptcy filing in history and McAuliffe insisted he only did “political work” for the company’s founder who, incidentally, donated $1 million to Bill Clinton’s Presidential Library.
Perhaps McAuliffe will tell more in his upcoming book, for which he received a seven-figure advance. After all, he promises that it will detail his closeness to Bill Clinton.
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