WASHINGTON-The embattled Telecommunications Development Fund apparently is cutting ties with long-time executive Ginger Lew, but will keep the former Clinton administration official on its payroll as a consultant for several months, according to a knowledgeable source.
TDF, funded with spectrum auction-related money, wracked up a miserable track record in wireless and high-tech startup investments since being created in the 1996 telecom act. The organization, championed by Rep. Edolphus Towns (D-N.Y.), received nearly $50 million from interest on upfront payments by bidders in wireless license auctions between 1996 and 2002.
President Bush recommended TDF be eliminated in his fiscal 2006 budget plan.
TDF declined to characterize Lew’s status at TDF.
“TDF has a policy of not discussing HR [human resources] issues outside of the organization. We continue to be very focused on our business objectives and look forward to working with the administration on issues pertaining to TDF,” said Chief Executive Officer James Pastoriza said in an e-mail to RCR Wireless News.
