Former Sen. Tom Daschle’s tax troubles have put a spotlight on Leo J. Hindery Jr., a man who can list both cable company executive and professional race-car driver on his resume.
Hindery, the managing partner of InterMedia Partners LP, a private equity firm, provided Daschle a very soft landing after the Democratic senator lost his bid for re-lection in 2004.
Daschle signed on with InterMedia Partners LP as an advisory board member and consultant in 2005 for a salary of $1 million a year, plus car and driver.
The car service has proved to be an embarrassing perk for Daschle, who has been nominated by President Barack Obama to be secretary of health and human services.
Daschle failed to report its value as earned income on his tax returns for 2005, 2006 and 2007.
He reportedly realized his error last June, and six months later, on Jan. 2 of this year, filed amended tax returns for the three years.
He then paid just over $140,000 in back taxes and interest on unreported income and disallowed donations of $355,552. (About two-thirds of that sum was for the car and driver.)
Members of the Senate Finance Committee reviewing the nomination have asked for more details from Daschle before they vote on his nomination.
Hindery, 61, started InterMedia in 1988, but it’s just one of several ventures he’s been involved in over the years.
He’s the former president and CEO of AT&T Broadband, and he founded the YES Network, the television home of the New York Yankees.
When he hasn’t been buying and selling companies, Hindery has been risking his life driving cars at speeds well over 100 mph.
“You can distract yourself in business and at worst lose a deal,” Hindery told Bloomberg News before winning his category at the 24-hour Le Mans race in 2005. “If you distract yourself in here you are dead. I find that exhilarating.”
Hindery has made more than $1.6 million in campaign contributions to Democrats since 1998.
In addition, he served as the senior economic policy adviser to John Edwards’ 2008 presidential campaign.
After Edwards dropped out, Hindery endorsed Obama and served as an economics adviser to the Obama campaign.
Recently, Hindery was part of a group that unsuccessfully bid to buy the Chicago Cubs.
Former senators Bob Kerrey, a Democrat, and Slade Gorton, a Republican, serve on InterMedia’s advisory board with Daschle.
Kerrey is the president of the New School in New York City. Hindery serves on that institution’s board of trustees.
Click here to sign up for the Muckety Newsletter
0 Comments
There are no comments yet, be the first by filling in the form below.
Leave a Comment