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Frank Lautenberg, the long-serving (retired once, then returned) Democratic senator from New Jersey, died today at the age of 89. He died at New York-Presbyterian Hospital/Weill Cornell Medical Center, according to his office, due to complications from viral pneumonia.
Prior to his political career, Lautenberg was a co-founder of payroll processing giant Automatic Data Processing (ADP), based in Roseland, NJ. One of the earliest pioneers in the computer services industry, ADP had $10.7 billion in revenue in its FY 2012 and has a market capitalization of almost $34 billion.
Lautenberg became CEO of ADP, which he first joined in 1954, in 1975 before being elected to the Senate in 1982.
Lautenberg’s financial disclosure filings gave him a net worth in the range of $55 million to $116.1 million in 2010. But his children and a charitable foundation he established reportedly lost millions in the Bernard Madoff ponzi scheme.