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Changing Fortunes of a Politically Wired Firm

Valley Forge Asset Management, a company formerly owned by Main Line businessmen Richard Ireland and Brian McElwee, has made millions investing Pennsylvania Treasury Department funds since 2000. For connecting that company to state Treasurer Barbara Hafer — and later to some of her successors — the two men have taken in millions a year in finder’s fees. Overall, they donated more than $475,000 to Hafer’s campaign fund. When Robin Wiessmann became treasurer, she drastically cut the amount of state work given to Valley Forge.

 

Pennsylvania funds

overseen by

Valley Forge Asset

Management

June 2005

$2.13

billion

Contributions

to Pa. treasurers

Dec. 2007

$2.05

billion

$10,000

$2.0 billion

The company landed its first Treasury contract in 2000. Figures before June 2003 were not available.

$50,000

They gave

a $2,500 donation

to Casey’s campaign

for treasurer.

1.5

$100,000

$300,000

1.0

Dec. 2013

$707.5 million

Ireland and McElwee each gave $150,000 to Hafer on Aug. 31, 2001.

Dec. 2008

$386.2 million

Dec. 2015

$189.0

million

0.5

$100,000 from top executives working for Ireland and McElwee

No contributions

to Wiessmann

2000

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

0

Barbara Hafer

(took office in 1997)

Robin

Wiessmann

Rob McCord

(Resigned in 2015)

Bob Casey

Pa. state treasurers

SOURCE: Pennsylvania campaign-finance reports

Staff Graphic

Story: How Main Line political insiders made millions placing billions in public funds with outside firms