Billionaires keep pouring millions into ‘super PACs’

This article highlights the amounts each of the GOP candidates have brought in through the Super PACs versus how much President Obama has brought in through them…his amounts pale in comparison, which, even though we know he needs to raise funds to win, is a good thing in our eyes. The GOP is attracting major money from billionaires – that should be a red flag to voters. 

Reporting from Washington— Billionaire political patrons filled the coffers of the presidential “super PACs” last month, spotlighting once again the enormous influence a tiny cadre of wealthy donors is having on the 2012 race.

The biggest donations came from casino magnate Sheldon Adelson and his family, who pumped an additional $5.5 million into the pro-Newt Gingrich super PAC Winning Our Future in February — 95% of the money the group raised, according to documents filed Tuesday with the Federal Election Commission.

Altogether, the Las Vegas Sands chief executive and his relatives have given Winning Our Future $16.5 million of the $18.8 million the super PAC has brought in.

Adelson’s massive contributions were rivaled by those of conservative Dallas investor Harold Simmons, who with his wife, Annette, and company, Contran Corp., has given a total of $15.4 million to a variety of GOP super PACs. In February, Annette Simmons gave $1 million to Red White and Blue Fund, a super PAC backing Rick Santorum. Her donation exceeded that of Santorum’s most public backer, Wyoming mutual fund executive Foster Friess, who kicked in $600,000 in February. (Friess remains the group’s largest overall donor, contributing $1.27 million through this election cycle.)

Read the full article: http://www.latimes.com/news/nationworld/nation/la-na-campaign-money-20120321,0,5326934.story

2012-08-24T02:01:50+00:00

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