Rich donors have blown $200 million on failed candidates so far
By Rick Newman
If you’ve got money to burn, get into politics—as a donor giving millions to the big-money groups known as super PACs.
Rich donors have transformed politics since the 2010 Citizens United Supreme Court decision cleared the way for unlimited spending on behalf of favored candidates. Super PACs spent $609 million in the 2012 presidential election, with even greater spending expected in 2016. Most candidates feel it’s essential to woo 1 percenters and spend considerable time persuading them to give big.
But a fat bank account doesn’t automatically buy victory, a lesson being hammered into wealthy donors this year. Wisconsin Gov. Scott Walker was one early favorite of big donors—especially Wall Streeters—yet he flamed out last August months before voting ever began. Jeb Bush raised more super PAC money than anyone, yet he quit in February without winning a single primary. Many rich donors then turned to Marco Rubio, who won just one state—Minnesota—before he bailed out on March 15.
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All told, GOP donors have spent more than $200 million on super PACs supporting candidates who are out of the race. That money bought essentially nothing. Most donors realize they’re gambling with their money, since there can only be one winner in a presidential race and most candidates are destined to lose. But the popularity of Donald Trump and Bernie Sanders—who have both eschewed super PACs—shows that ordinary voters still matter, at least a little.
http://finance.yahoo.com/news/rich-political-donors-have-blown--200-million-on-failed-candidates-172041720.html
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