This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Barack Obama Embraces the Super PAC

NEW YORK ( TheStreet) -- However Jim Messina, Barack Obama's campaign manager, wants to spin it he can't avoid that he and the president have given into the age of the Super PAC.

In a letter to supporters late Monday, Messina wrote the president had decided to support Priorities USA, a Super PAC created independently for Obama's re-election efforts, so as to counter attacks the campaign expects from opposition special-interest spending.

Obama Campaign Manager Jim Messina

"We decided to do this because we can't afford for the work you're doing in your communities, and the grassroots donations you give to support it, to be destroyed by hundreds of millions of dollars in negative ads," Messina said in a statement.

The move could come as a surprise to some voters as the Obama campaign has repeatedly slammed Republicans for having accepted money from special-interest groups.

As recently as Jan. 11, Messina touted in a video to supporters that the campaign had not taken money from lobbyists or special-interest PACs, but he warned that Obama needed more donations to win the election.

Apparently Messina and campaign leadership saw a potential threat from Republican Super PACs like the Mitt Romney-supporting PAC Restore Our Future, which has raised some $17.9 million and has thoroughly spoiled Newt Gingrich's once-surging campaign.

The Supreme Court's 2010 "Citizens United" case created a loophole that allowed for Super PACs to accept unlimited funds from corporations and individuals. Obama opposed the decision, but it appears he will play by the new rules.

In his letter, Messina estimated some $50 million had been raised for the "sole purpose of defeating the president."

Obama, who raised about $745 million in 2008, will again look to out-raise his Republican opponent on the front end, but growing momentum from independent funds that will likely be used against the president has forced his camp to ditch a cornerstone message.

The president has entered the Super PAC era.

-- Written by Joe Deaux in New York.

>Contact by Email.

>Follow Joe Deaux on Twitter. Subscribe on Facebook.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
AAPL $130.28 0.00%
FB $81.53 0.00%
GOOG $565.06 0.00%
TSLA $218.42 0.00%
YHOO $44.52 0.00%


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs