The Administration: A Look at Bush's New Economic Team

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  • Date: Thu, 12 Dec 2002 17:52:43 -0000

When John McCain challenged George W. Bush for the 2000 Republican
presidential nomination, some of the nation?s biggest transportation
companies were split between supporting the sitting Senate Commerce
Committee chairman and the candidate so clearly supported by the GOP

One of McCain?s biggest supporters at the time was John Snow, head of
the transportation and railroad conglomerate CSX. Even when McCain
faltered in the polls and in early presidential primaries, Snow hosted
dinners to raise money for McCain, loaned out his company?s corporate
jet to the Arizona senator and urged his friends and colleagues to write
checks to the McCain campaign. 

Snow and his wife, Carolyn, personally contributed $1,000 apiece to
McCain?s campaign and remained key supporters up until Super Tuesday
that year?when McCain?s presidential aspirations were effectively
killed. It was then that Snow finally anted up a $1,000 contribution to
Bush?the man who now looks to be his future boss. 

Today, Bush announced that he intends to nominate Snow to replace
Treasury Secretary Paul O?Neill, who resigned Friday at the
administration?s request. Stephen Friedman, a former co-chairman of the
investment firm Goldman Sachs, is expected to be Bush?s choice to
replace White House economic adviser Larry Lindsey, who also resigned. 

Both Snow and Friedman are familiar faces when it comes to money in
politics. Since 1989, Snow and his wife have contributed roughly $75,000
to federal parties, candidates and leadership PACs affiliated with
members of Congress. Virtually all of that money went to Republicans. 

Snow is a former chairman of the Business Roundtable, a powerful trade
group made up of some of the biggest corporations in the country. The
group has spent millions of dollars lobbying issues including trade and
tax reform. Meanwhile, CSX, under his leadership, has contributed nearly
$5 million to federal parties and candidates since 1989, mostly to

Since 1989, Friedman and his wife, Barbara, have contributed about
$275,000 to federal parties and candidates and to leadership
PACs?including $3,000 to Bush. More than two-thirds of the Friedmans?
money went to Republicans?but they did support some Democrats, a move
that some have speculated could irk key Republicans. 

Most of the Dems that reported contributions from the Friedmans are
lawmakers based in and around New York City, where the couple lives.
They include Sens. Charles Schumer ($14,000) of New York; Joseph
Lieberman of Connecticut ($5,000) and Jon Corzine of New Jersey
($4,000), who worked with Friedman at Goldman Sachs. 

In 1999, Friedman contributed $1,000 to former New Jersey Sen. Bill
Bradley, who was seeking the Democratic presidential nomination. At the
same time, Friedman was reportedly was among an informal group of Wall
Street fund-raisers for the Bush campaign headed by Jack Hennessy, head
of Credit Suisse First Boston?one of Bush?s top corporate contributors. 

While Friedman did not solicit enough money to rank among the Pioneers,
Bush?s top individual fund-raisers, the group?s main charge was to boost
the financial sector?s contributions to the Bush campaign. Contributions
from the sector ultimately succeeded $15 million?more than any other
industry sector. 

Source:  OpenScerets

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