Tony Podesta is one of Washington DC’s most influential insiders, a man who has made millions selling access.
There are few bigger names inside the Beltway than Tony Podesta, a lobbyist superstar and political juggernaut. When America’s biggest companies come to Washington, they are quick to lavish the Podesta Group with huge sums of money. Why? Connections. Last week, Podesta was spotted at Hillary Clinton’s 70th birthday party, whose campaign he chaired. Podesta lives just a few doors down from Barack Obama, whom he served as Counselor to the President.
Elsewhere around DC, Podesta is known for his extravagant art collections. His DC mansion, where he frequently hosts expensive fundraisers, has become a gathering place for the wealthy and elite. When Presidential elections rolled around, Podesta frequently hosted “bundler” fundraisers, selling high priced plates to exclusive dinners where the rich could hob knob with candidates.
They say that it rains money on K-Street. Podesta might just be the best rainmaker.
Tony Podesta accumulated most of his wealth and influence through the consulting group that he started with his brother, the Podesta Group. On Monday, Tony announced that he was stepping down from the firm. Reports are circulating that special prosecutor Robert Mueller may seek criminal charges against Podesta and his firm.
In perhaps a twist of irony, Podesta’s fall from grace came from connections to the Republican Trump administration, rather than the Democrats he’s usually spotted with. It seems that embattled Paul Manafort was funneling huge sums of money through a Ukrainian non-profit that Podesta represented in DC.
The Podesta Group did disclose its work with the European Center for a Modern Ukraine, however, appears to have understated the extent of its work. This organization has also been tied to Manafort and many believe that it was used to funnel money from the Kremlin to Manafort. The nature of the relationships remains unknown.
Podesta was a Lobbyist Rockstar
They say that it rains money on K-Street. Podesta might just be the best rainmaker. While many lobbyists during the Obama administration tried to step away from the game by deregistering, Podesta embraced his role. As other lobbyists cooled their activities, Podesta ratcheted them up.
Tony Podesta also served as Hillary Clinton’s campaign Chairman. However, while Podesta is known as a Democrat, he’s proven willing to work with conservatives as well, so long as the price is right. In Podesta’s case, that meant $600,000 monthly payments.
Manafort served as chairman for Trump’s presidential campaign. While the two were on opposing sides of a hotly contested election, Podesta was willing to provide services to Manafort for the right price. Manafort has already been indicted.
The Podesta Group has not yet been indicted. However, the organization was one of two firms mentioned in the indictments. As such, charges could still be coming. It remains unclear whether Tony Podesta himself will face criminal charges.
The Podesta group is staffed by dozens of lobbyists spanning the political spectrum. In 2016, the group pulled in just over $24 million in revenues. Crawford Group, Puerto Rico, BAE systems, Wells Fargo, and Walmart were among the groups biggest customers.
Podesta was known for being an excellent “bundler”, meaning he bundled donations together for political campaigns. Most of these donations went to Democrats. Many of the fundraisers were held at Podesta’s DC home.
Podesta has already stepped away from the firm. Apparently, the Podesta Group will rename itself in an effort to distance itself from the likely fallout. The Podesta Group was the 8th wealthiest lobbying firm in DC last year. While not the largest lobbying firm, the Podesta Group was well-known for its influence and ability to peddle that influence.
While Podesta built up his lobbying empire over decades, it took only a day to upend it. While far from done, Podesta’s star is fading, and for all its insular elitism, DC has proven to be quick to eat its own.
