GOP campaign financing: Part 3

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GOP campaign financing: Part 3 ~ Jeb!

Full disclosure: Conservative Treehouse (Sundance) is a blog that has come out in full support of Donald Trump. However, Sundance’s analyses of and reporting on other campaigns have been in depth and educational, especially when it is difficult to identify the donors. From an August 29, 2015 blog post:

It is always important to remember, in 2015/2016 there are two types of funds for each candidate now: traditional campaign finance (which has rules, laws and limits – albeit changed this year), and Super-PAC funding (no limits).

The campaign funding behind Jeb Bush falls primarily into the Super-PAC category, in this case, a Super-PAC called the Right to Rise Super PAC. 

From an earlier blog on August 16, Sundance reported that:

The Super-PAC [Right To Rise] that Jeb Bush constructed, well, Jeb and Tom Donohue, and Mitch McConnell and the Wall Street power brokers who planned the entire gig, prior to the announcement of his candidacy, have a plan.

And then comes the big question: “So who exactly is behind this Right To Rise USA Super-PAC?”

At least 20 individuals each wrote checks of $1 million or more to the super PAC. They include billionaire health care investor Miguel Fernandez, the group’s biggest donor; California billionaire William Oberndorf; Iranian-American diplomat Hushang Ansary and his wife Shahla; and hedge-fund manager Louis Bacon.

Right to Rise also got about 236 six-figure checks from several notable donors, including former Utah Gov. Jon Huntsman, Citadel Investment Group founder Kenneth Griffin and Houston businessman Robert McNair.  

Treehouse linked to a July 2015 Politico article that reported:

With help from two former presidents and hundreds of other wealthy Wall Street and K-Street donors, the pro-Jeb Bush super PAC raised a staggering $103 million in the first six months of the year.

The information at Treehouse and left-leaning Politico are consistent: Bush has the backing of Wall Street mega-financiers. The Bush campaign has been spending heavily on TV and direct mail. As of today, RealClear Politics shows Jeb is in 6th place (at 3.3%), behind Trump, Cruz, Rubio, Carson, and Christie.

For background on Chris Christie’s fund-raising, posted earlier on this blogsite, go here.

For background on Dr. Ben Carson’s fund-raising, posted earlier on this blogsite, go here.

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GOP campaign financing: Part 1

GOP campaign financing: Part 1 ~ Chris Christie

photo credit: blogs.wsj.com

ConservativeTreehouse concludes that the January GOP debate will narrow the field to six: Trump, Cruz, Rubio, Carson, Bush, and Christie.  As that number is considerably more manageable, we can start to look more closely at the candidates' campaign funding sources. Starting with Christie, from the factivist blog, a September 2014 New York Times article

featured a story about Chris Christie’s continued refusal to include New Jersey in a regional anti-climate change partnership that New Jersey itself helped found in 2005. The Regional Greenhouse Gas Initiative (RGGI) is a multi-state entity that seeks to reduce emissions in partner states to mitigate the damage of climate change. New Jersey’s legislature has voted twice for the state to rejoin RGGI, and Christie has vetoed that legislation both times – despite evidence that leaving the partnership has cost New Jersey more than $100 million.

Why?

Because the Big Money donors like the Koch Brothers that bankrolled his efforts – and he hopes will bankroll his presidential campaign – wanted him to.

Since then, OpenSecrets  identifies the America Leads PAC as Christie’s biggest source of funds, over $11 million to date. What is the America Leads PAC?

Open Secrets has a list of all the major PACS here. Most of the names sound generic or innocuous, so one has to dig a bit more. Fortunately, several major bloggers have been doing just that, and here’s what we know from a Politico blog about America Leads PAC: 

Donors to the America Leads PAC, which raised $11 million,  were disclosed for the first time Friday. Among them were several billionaires and several companies with million of dollars in state contracts would have been barred from giving to Christie’s gubernatorial campaigns. 

Winecup-Gamble Inc., a Nevada ranch owned by former Reebok CEO Paul Fireman, gave the group $1 million. Fireman, who lives outside Boston, plans a massive, $4.6 billion casino in Jersey City if state voters approve a constitutional amendment to allow gambling outside of Atlantic City. 

Christie said in May that he favors letting voters decide whether to allow gambling outside of Atlantic City, after he had previously opposed allowing it. Fireman, who with his family has begun making donations to many New Jersey candidates, made the donation to America Leads on June 25.

Las Vegas casino mogul Stephen Wynn, who is not currently involved in the New Jersey gambling industry, gave $25,000.

Hedge fund manager Steve Cohen and his wife Alexandra were the super PAC's biggest backers, giving a combined $2 million.

Another major donor was Quicken Loans chairman Daniel Gilbert, who gave $750,000.

Home Depot founder Ken Langone, who has been one of Christie’s biggest backers, gave $250,000, and Anheuser-Busch heir August Busch gave $100,000.

Hewlett-Packard CEO Meg Whitman chipped in $100,000. So did Christie’s brother Todd.

Wrestling mogul Linda McMahon, who ran twice for the U.S. Senate in Connecticut, donated $250,000.

George Harms Construction, which in 2014 had more than $100 million in contracts with several state agencies, gave $25,000. Ferreira Construction, which made more than $34 million from the New Jersey Turnpike Authority in 2014, gave $100,000.

Public Service Enterprise Group, which as a regulated utility also would have been barred from giving to Christie’s gubernatorial campaign, gave $250,000.

The link to the FEC source, hyperlinked above, is here. 

Christie has almost no chance of becoming the presidential candidate. According to Conservative Treehouse, his role in the primary campaign is the same as the many of the remaining candidates in the GOPe field (such as Fiorina, Huckabee, Kasich, Rubio) each of whose role is to split GOP primary votes in particular states to lead to a Jeb! nomination.

To be continued…