72 super PACs spent $83.7 million on election, financial disclosure reports show

[FreeStateDemocrat]

Source: jWashington Post

By T.W. Farnam
Washington Post Staff Writer
Friday, December 3, 2010; 10:22 PM

The newly created independent political groups known as super PACs, which raised and spent millions of dollars on last month's elections, drew much of their funding from private-equity partners and others in the financial industry, according to new financial disclosure reports.

The 72 super PACs, all formed this year, together spent $83.7 million on the election. The figures provide the best indication yet of the impact of recent Supreme Court decisions that opened the door for wealthy individuals and corporations to give unlimited contributions.

The financial disclosure reports also underscore the extent to which the flow of corporate money will be tied to political goals. Private-equity partners and hedge fund managers, for example, have a substantial stake in several issues before Congress, primarily the taxes they pay on their earnings.

"Super PACs provide a means for the super wealthy to have even more influence and an even greater voice in the political process," said Meredith McGehee, a lobbyist for the Campaign Legal Center, which advocates for tighter regulation of money in politics.



Read more: http://www.washingtonpost.com/wp-dyn/content/article/2010/12/03/AR2010120306995.html?hpid=topnews

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Another good reason why slimy pukes and dems will continue to support tax breaks for the obscenely wealthy. There is only one real political force in this country and that is bought and owned by the rich. Bliden runs his mouth but it is pure political theater along with the House vote. Cut Social Security and Medicare and give tax breaks to the suuper wealthy because that's the thing to do if you want to be re-elected, but at the end of the day that’s the only thing that matters to politicians. Sadly this includes BO who is the handmaiden to this entire mockery. Government continues to be a government of the rich, by the rich and for the rich.

[Thor_MN]

1. Individuals should be limited in donations, including the corporate "persons"

If a corporation has First Ammendment rights, then they should have the same responsibilites as people, including donation limits, liability and taxes.

[gratuitous]

2. The spent nearly $84 million to buy the election

I don't think these people are stupid; what do they think the return on their investment is going to be?

[glinda]

3. Less taxes and more profits to buy more elections.

[aggiesal]

4. In a follow up story,

it was determined that $83.69 million was spent helping Republican candidates.

I have 1 question.
Isn't it illegal to use foreign money in our elections?
No doubt that quite a bit of these dollars came from foreign entities.

If it is illegal I hope someone goes after these people.