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t r u t h o u t | Campaign Cash: The Independent Fundraising Gold Rush Since "Citizens United" Ruling
Here's the bottom line: we will no longer know which company provided funding for a campaign, and companies are pouring money into this mid-term election in amounts that dwarf the last Presidential race.
Anyone besides me see a problem?
....The increasing popularity of under-the-radar 501(c) groups is underscored by contrasting this years public disclosures with past election seasons. A recent study from Public Citizen shows that in 2004 and 2006, the large majority of outside groups revealed their donors. By contrast in 2008 only about half disclosed their donors and this year, to date, a scant 32 percent have made such disclosures.
.....Early this summer, the Chambers feisty chieftain, silver-haired Tom Donohue, told a gathering of about 100 trade group leaders at a posh resort in Rancho Palos Verdes, Calif., that the organization was going to spend $75 million on its election program more than double the $36 million it spent on the 2008 campaign.
.....Miller said corporate frustration is especially acute over four big issues that have had, could have, or will have very negative consequences for the business community. They are: financial services reform, health care reform, and the specter of both cap and trade and card check legislation that would make it easier for unions to organize. One mega-corporate donor has been identified: News Corp., whose CEO is billionaire Rupert Murdoch, reportedly has given $1 million to the Chamber for its political drive.
....Two companies in which Dallas-based billionaire Harold Simmons boasts major holdings Southwest Louisiana Land LLC and Dixie Rice Agricultural Corp. have plowed a total of almost $2 million into the 527 [for American Crossroads]. That makes the veteran conservative donors firms, one of the three biggest financial angels with Texas ties. Two other Lone Star moguls, Trevor Rees-Jones, who runs Dallas-based Chief Oil and Gas, and Robert Rowling, together with his company TRT Holdings, which owns Omni Hotels and Golds Gym, have each given $2 million to the group (and to a recently formed successor PAC).
.....Paul Singer, the New York-based founder and CEO of the $17 billion hedge fund Elliott Management Corp. has also written a seven-figure check to Crossroads GPS, say sources familiar with the group. Singer has also been a hefty donor and fundraiser for several GOP candidates and campaign committees this election season.
....American Crossroads has run a few direct advocacy ads in support of candidates, including one for former Rep. Rob Portman, who is making a bid for the Senate in Ohio, and it will be doing more express advocacy going forward, says Law, who besides his Hill background was deputy secretary at the Labor Department under McConnells wife, Labor Secretary Elaine Chao. Looking further ahead, Law and other leaders of the two groups stress that they expect to stay very active with issue advocacy and grassroots lobbying post-November and will also be a force in the 2012 elections.
Here's the bottom line: we will no longer know which company provided funding for a campaign, and companies are pouring money into this mid-term election in amounts that dwarf the last Presidential race.
Anyone besides me see a problem?