Foley, who once worked at Citicorp Venture Capital, founded NTC in ‘85 to do leveraged buyouts. His first buyout was towel manufacturer Bibb Co., which he financed with pricey junk bonds. Unable to digest this costly financing, Bibb threw in the towel in ’96, declaring bankruptcy. Foley is a major investor in good government. He made the top-10 list of Bob Dole’s career patrons and was a big contributor to the failed re-election bid of ex-Connecticut Treasurer Paul Silvester, who was convicted in ‘99 for taking kickbacks for investing state pension funds with private investment managers (see Pioneer Wayne Berman).