The fake smiles at Balch & Bingham cannot cover up the stark reality.
Another indicator of how the exodus of money-making partners appears to have impacted Balch & Bingham, Balch’s federal political action committee saw resources plummet by 13 percent during the 2018 election cycle, according to the Center for Responsive Politics.
An employee-supported PAC, partners and attorneys appear to contribute regular, automated amounts each payroll period based an a small percentage of income received. Through the PAC’s Federal Election Commission filings, we learned that Balch-made millionaire and convicted felon Joel I. Gilbert was still on the payroll through 2017.
In the six election cycles before 2018, the Balch PAC generated on average $218,700 in gross receipts. From a high of $227,400 in the 2010 election cycle to the low of $211,000 in 2014, 2018 was $189,600—a drop of almost $30,000.
Worse is how much less resources were spent.
During the 2006 and 2016 election cycles, the average amount spent was $217,200. In other words, 99% of monies raised were spent.
In 2018, only 82% of monies raised were spent—$155,800.
In August of 2017, we wrote about the political liability Balch & Bingham apparently had become.
Although we do not know specifically why less money was spent, many opine that the political liability of accepting contributions from Balch & Bingham could be a primary reason.
And, especially now that two Balch stooges were indicted in November following the 5-year sentencing of Gilbert.
Ah, the cold November rain.
As the classic song goes, nothing lasts forever, and Balch & Bingham’s top brass may need some time on their own.