Later that year, Mr. Ricchetti and a dozen advisers – including Mr. Biden’s sister, Valerie and Mr. Donilon, a specialist in shy advertising messages whose appointment as senior advisor was also announced on Tuesday. – organized a network of vice-presidency positions. nonprofits to provide an outlet for Mr. Biden’s political interests and a launching pad for a final presidential race.
Mr. Ricchetti also served as Mr. Biden’s commercial director, negotiating his seven-figure book deal and helping to organize a $ 100 per head book tour that helped the Bidens earn $ 15.6 million over the years. last three years, according to people familiar with its activities.
The presidential transition
Mr. Ricchetti’s goal was to ensure Mr. Biden’s financial security “in the cleanest way possible, without doing anything he would never have to apologize for,” as Mr. Ricchetti told a friend this year.
Mr. Ricchetti, a native of the Cleveland area whose earthy and chatty demeanor reflects Mr. Biden’s discursive style, came to Washington straight out of college to work in the health insurance industry. He quickly showed an aptitude for fundraising, which propelled him through a series of government jobs and lobbying.
He found himself wealthy, running a lucrative lobbying firm with a list of clients including General Motors, Experian, the American Hospital Association, AT&T, Eli Lilly, Nextel, Novartis and Pfizer, which is developing a vaccine against the coronavirus, before to join Mr. Biden’s. Staff.
Public accounting alone of his income and assets, recorded in federal disclosure documents in 2012, revealed an annual profit of about $ 2 million from his business, with assets, much of it in cash accounts. , in the range of $ 3 million to $ 12 million.
Mr Ricchetti’s K Street and Clinton connections were initially too important to President Barack Obama’s advisers, including Jim Messina and David Plouffe, who tried to stop Mr Biden from hiring him, according to people familiar with the situation. .