to be decided by a panel of former federal judges. In March 1988, after an extensive review, the judges awarded Laxalt $647,452.52 in fees and costs. One of the panelists, former U.S. Attorney General Griffin Bell, who had served under President Jimmy Carter, said that he would have preferred awarding $2 million, but he felt the final amount was "fair." The Washington Post described the judges' decision as a "slap" at the Bee newspapers. Laxalt was quoted as saying that the case had proven the Bees allegations to be without basis. 1988 presidential election Laxalt retired from the Senate in 1987 and was replaced by the man he had defeated in 1974, Harry Reid, who would go on to become the Senate Majority Leader and the longest-serving U.S. Senator from Nevada. Laxalt made a brief run for the Republican presidential nomination for the 1988 election in 1987. The campaign lasted only four months after Laxalt determined that the effort had fallen short of its fundraising goals. Political commentators at the time concluded that he had waited too long to enter the race, which meant that not only did his competitors have a leg up in organization, but also many of the top political strategists and fundraisers had already signed on with other camps. He was eventually named a co-chairman of George H. W. Bush's successful presidential campaign. Eight years later, he served in a similar capacity in Bob Dole's failed presidential bid in the 1996 election. After politics Laxalt was a partner in the New York City-based law firm of Finley, Kumble, Wagner, Underberg, Manley, Myerson & Casey and its successor law firm, Laxalt, Washington, Perito & Dubuc. He later formed a small government consulting firm known as The Paul Laxalt Group. After his retirement from the U.S. Senate, Laxalt was named by President George H. W. Bush to a prestigious deficit reduction panel that consisted of current and former members of Congress and other prominent Americans. The commission eventually deadlocked on how best to address federal budget deficits. Laxalt was honored in various ways both during and after his public service career. The Paul Laxalt Mineral Engineering Center, an $11 million building that was completed in 1983, has been described as a giant step forward for the University of Nevada-Reno and the School of Mines. The 60,000-square-foot building houses classrooms and laboratories for mining engineering, chemical and materials engineering,