Fmr. Lehman exec. hosts Brown fundraiser

FALMOUTH, Mass. (AP) -- U.S. Sen. Scott Brown is heading to Cape Cod for a fundraiser co-hosted by Lawrence McDonald, a former vice president at Lehman Brothers.

In a note to potential donors, McDonald said that "as a New Yorker, working in the finance industry, I think it's of paramount importance Scott is re-elected."

The event is on Saturday.

McDonald, who also wrote a behind-the-scenes look at why the investment bank collapsed in September 2008, said he supports Brown because the country doesn't need more rules and regulation, but effective regulators instead.

He also said Brown's Democratic challenger Elizabeth Warren would be "the wrong choice for what's left of the financial industry."

A Brown spokeswoman said Brown's fundraising is "no different than President Obama, Senator Kerry or Elizabeth Warren," noting Warren has taken donations from liberal billionaire financier George Soros.