Soros' $2M Gift Minuscule in Super PAC Race
NEW YORK (TheStreet) -- George Soros' $2 million donation to Democratic super PACs won't trouble his Republican equivalents.
The billionaire financier is expected to donate $1 million to super PAC American Bridge 21st Century, and a Soros spokesman said he would donate another $1 million to America Votes Action Fund, according to The Wall Street Journal.
"George is focusing his political giving in 2012 on grassroots organizing and holding conservatives accountable for the flawed policies they promote," Soros' spokesman said.Flawed policies or not, cash-laden conservatives have vastly outspent liberal power brokers, partly due to a bitter Republican primary that drew big GOP spenders from the sidelines to take large roles in the newly minted world of U.S. super PACs. Further, Barack Obama, who stuck to his criticism of the Supreme Court's Citizens United case by refusing to embrace the controversial "super" PACs, didn't flip his opinion until early February as Mitt Romney's biggest supporting PAC, Restore Our Future, rampaged over Newt Gingrich and his other GOP challengers. Soros' fresh $2 million infusion would tie him with DreamWorks (DWA) CEO Jeffrey Katzenberg as the biggest donor to a Democratic super PAC, but would leave both behind nine other Republicans. Sheldon Adelson of Las Vegas Sands (LVS) has donated the most at $25 million, according to OpenSecrets.org. >>See 13 'Millionaires' Who Control the Presidential Election American Bridge 21st Century had raised $5.8 million through March 31, while America Votes had raised $989,635 through the same period to rank them eighth and 24th, respectively, among all super PACs. By comparison, Restore Our Future had raised $51.9 million as American Crossroads -- Karl Rove's super PAC -- had raised $28.1 million, to make them the two wealthiest outside spending committees. Priorities USA Action, the richest Democratic super PAC supporting Obama, had raised about $9 million through March 31. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV