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'Super PACs' largely funded by a wealthy few
A few super-rich individuals are using their personal and corporate wealth to influence American politics in an unprecedented manner.
By Matea Gold, Tom Hamburger and Maloy Moore, Washington Bureau
February 1, 2012, 10:02 p.m.
Reporting from Washington and Los Angeles—
When it comes to big money in politics, Dallas billionaire Harold Simmons' influence has long been apparent in Texas, where he has plowed more than $1 million into Rick Perry's gubernatorial campaigns.
Now Simmons has found a new outlet for his outsize political giving — the explosion this election cycle of "super PACs," independent political organizations that can accept massive contributions to influence the presidential race and other federal elections.
Simmons and his privately held holding company, Contran Corp., dumped $8.6 million into a series of GOP-allied super PACs last year, according to campaign finance records released late Tuesday night. That propels Simmons into the top tier of a newly minted millionaires' club — super-rich individuals who are using their personal and corporate wealth to influence American politics in an unprecedented manner.
Seventeen people or companies gave at least $1 million each to super PACs last year, according to an analysis by the Los Angeles Times data desk. The infusion ushered in an era of Texas-style unlimited donations at the national level. The organizations have emerged as heavyweights in this year's presidential contest, at times outstripping the influence of the candidates' own campaigns.
http://www.latimes.com/news/nationworld/nation/la-na-big-donors-20120202,0,3986284.story
By Matea Gold, Tom Hamburger and Maloy Moore, Washington Bureau
February 1, 2012, 10:02 p.m.
Reporting from Washington and Los Angeles—
When it comes to big money in politics, Dallas billionaire Harold Simmons' influence has long been apparent in Texas, where he has plowed more than $1 million into Rick Perry's gubernatorial campaigns.
Now Simmons has found a new outlet for his outsize political giving — the explosion this election cycle of "super PACs," independent political organizations that can accept massive contributions to influence the presidential race and other federal elections.
Simmons and his privately held holding company, Contran Corp., dumped $8.6 million into a series of GOP-allied super PACs last year, according to campaign finance records released late Tuesday night. That propels Simmons into the top tier of a newly minted millionaires' club — super-rich individuals who are using their personal and corporate wealth to influence American politics in an unprecedented manner.
Seventeen people or companies gave at least $1 million each to super PACs last year, according to an analysis by the Los Angeles Times data desk. The infusion ushered in an era of Texas-style unlimited donations at the national level. The organizations have emerged as heavyweights in this year's presidential contest, at times outstripping the influence of the candidates' own campaigns.
http://www.latimes.com/news/nationworld/nation/la-na-big-donors-20120202,0,3986284.story
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