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Remember when President Obama’s re-election campaign and its allies complained about billionaire Sheldon Adelson giving cash to Republican super PACs? This time? Or this time? Or this time? Or this time? Or this time?
They apparently have no such qualms about radical left financier George Soros doing the same thing. Today, news broke that Soros is handing $1 million to Priorities USA Action, President Obama’s chief super PAC. He’s also giving $500,000 to two other super PACs backing Democrats for Congress. The announcement came at a luncheon headlined by former President Bill Clinton, and attended by Senator Chuck Schumer (D-NY), and House Minority Leader Nancy Pelosi (D-CA). Schumer announced plans back in February 2012 to investigate whether super PACs work with campaigns; Pelosi has pushed legislation to target super PACs. At the luncheon, Democratic-affiliated super PACs were expected to pick up some $10 million. Soros had already handed over $1 million to American Bridge, an organization that essentially does contracting work for super PACs, and is run by Soros favorite and Media Matters founder David Brock.
Soros Gives $1M to Obama Super PAC
Originally posted by Benevolent Heretic
I've gotta say... "So what"? This is what Super Pacs and Citizens United is all about. MANY millionaires and billionaires are donating money to both sides' Super Pacs. What is special about this donation?
Originally posted by xuenchen
Soros Gives $1M to Obama Super PAC
The professional international con artist and multi gazillionaire George Soros has all of a sudden decided to give $1 million to Priorities USA Action, an Obama supporting super-pac.
The billionaire energy titans, David and Charles Koch, plan to spend more than $100 million through their nonprofit Americans for Prosperity and other groups, none of which will disclose their donors, to defeat President Barack Obama.
Originally posted by Indigo5
Sheldon Adelson To Lavish $71 Million In Casino Money On GOP Super PACS, Nonprofits
www.huffingtonpost.com...edit on 27-9-2012 by Indigo5 because: (no reason given)edit on 27-9-2012 by Indigo5 because: (no reason given)
On June 12, 2012, Adelson donated $10 million tor the pro-Romney PAC Restore Our Future. In July, Adelson confirmed his support for Romney by attending a Romney fundraiser held in Jerusalem where he said he will donate millions to the Romney campaign. Romney believes that China should be called a "currency manipulator" because of its presumptively low fixed exchange rate policy, and supports pressuring China to drop the currency peg; according to Bloomberg, Adelson would benefit financially in US dollar terms through his interest in Chinese casinos if the Chinese yuan were to appreciate.
"Candidates don't have any legal right to possess that money at all," said Jan Witold Baran, a partner at Washington D.C.-based law firm Wiley Rein. The leftover money goes to the individual in charge of the super PAC, typically the treasurer, who is identified in the committee's FEC filing.
As Baran notes, the head of the PAC can do any number of things with the leftover cash. "The purpose of the PAC may change but they can continue operating as long as they have money," he said. "They may support the GOP nominee in the general election." Karl Rove's super PAC American Crossroads, for instance, supports a range of political candidates and issues.
But contributing to other campaigns isn't the only thing a super PAC is free to do. Unlike campaign money for presidential, senatorial or congressional campaigns, super PACs are allowed to use the leftover funds for personal expenditures, said Michael Toner, another partner at Wiley Rein. "The FEC has a prohibition on personal expenditures for campaign funds but it does not extend to super PACs," he said. "I could accept a yacht from a super PAC, for instance."
reply to post by SaturnFX
This seems to be the overall difference in party. the left counts on a bunch of small and medium donations the right leans on very few mega doners.