Former Senator Pat Toomey Has Walked Through the Revolving Door of Politics and Finance
Following a career in the Senate championing private equity, Pennsylvania Republican Pat Toomey has left office to join the board of a private equity giant in yet another instance of the cozy relationship between Washington and the finance industry.
Pat Toomey walks to a policy luncheon with Senate Republicans at the US Capitol building on September 7, 2022 in Washington, DC. (Anna Moneymaker / Getty Images)
For years, Republican Pennsylvania senator Pat Toomey led the fight to protect one of the most controversial provisions in the entire tax code — a loophole criticized by presidents of both parties that allows a handful of private equity executives to pay a lower tax rate than other high earners.
Now, Toomey is being rewarded with a seat on the board of a private equity giant that has lobbied to preserve that tax loophole.
On February 22, Apollo Global Management announced that Toomey, who retired from the Senate in January, will serve on the firm’s board of directors. In 2021, Bloomberg reported that new directors at Apollo are granted $600,000 in restricted stock, in addition to a baseline $150,000 salary.
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