FOR IMMEDIATE RELEASE
Contact: Marcus Barlow, 703-969-6196, [email protected]
Kristen Williams, 317-964-5027, k[email protected]
Date: October 10, 2016
Bayh's Vote for Hire Scandal Paid Him Very Well
Recent reports from the Associated Press and Bayh’s release of his delayed public financial disclosure show that his wealth increased from an average net worth of $6.9 million to $30.2 million since leaving Indiana.
INDIANAPOLIS, IN- We now know why Evan Bayh has avoided answering questions about what he’s been doing the past six years, and we now know why he delayed releasing his public financial disclosure (PFD): He didn’t want Hoosiers to know that he spent his last year in the Senate making votes on behalf of his future employers, and his employers rewarded him handsomely.
In June 2010, Bayh was among a small group of Democrats who helped kill a tax increase on private equity gains known as carried interest opposed by Apollo Global Management. That fall he stayed overnight three times at one Apollo executive’s Central Park South residence, and met twice with the company’s chief executive, Leon Black.
Weeks after Bayh left the Senate, Apollo announced he had been hired as a senior adviser.
Similarly, in May 2010 Bayh lunched with a Marathon Oil board member. Then in June, he and a minority of Democrats joined with Republicans to defeat an amendment by Sen. Bernie Sanders of Vermont that would have eliminated billions in tax deductions and exemptions for oil and gas companies.
Marathon Petroleum Corp., a new Marathon spinoff, announced Bayh had been elected to its board in July 2011.
This week, Bayh released his public financial disclosure, which can be read here. A report on his PDF by Politico entitled “Bayh net worth soared since leaving Senate” referenced the Votes for Hire scandal by stating:
The disclosure of Bayh’s personal financial information follows a Saturday report from the Associated Press, which obtained a copy of Bayh’s schedule in the final year of his Senate service and found that he spent “substantial” time meeting with prospective employers in the private sector while voting on issues in which those companies had an interest.
