Oligarchy Of Super PAC Megadonors Have Conquered American Politics

Huffington Post ^ | 07/31/2015 | Paul Blumenthal

[Mount Athos]

A new oligarchic era of American politics came into full view on Friday, as super PACs disclosed fundraising details showing billionaires bankrolling the 2016 presidential race to an unprecedented degree.

The unlimited-money super PACs account for one-third of all federal election funds raised in the first half of 2015 -- up from 4 percent at this time in the last presidential election. Three-quarters of all super PAC money came from more than 500 wealthy donors, corporations and unions in contributions above $100,000. More than half the money in the presidential race so far -- to super PACs and to campaigns -- came from donors who have given at least $100,000.

For the first time in more than a century, the majority of funding for a presidential election is coming in six-figure or larger checks from corporations and the wealthiest Americans. The presidential campaigns, limited to a maximum of $5,400 from a single donor, raised a combined $128 million. Super PACs supporting those candidates pulled in $260 million, with $208 million from those giving $100,000 or more.

Overall, super PACs raised $314 million through the end of June, compared with $26 million at the same time in 2011. More than 500 donors have given at least $100,000, for a total of $238 million -- 75 percent all super PAC donations.

The super PAC expansion appears likely to take over much of the political fundraising system, especially at the presidential level.

Frontrunner Hillary Clinton’s super PAC, Priorities USA Action, a hand-me-down from President Barack Obama, raised $15.6 million, with 99 percent of it coming from $100,000-plus donors. Her group raised nine $1 million checks from George Soros, Haim and Cheryl Saban, Jeffrey Katzenberg, Steven Spielberg, Herbert Sandler, Donald Sussman, a union for plumbers and pipefitters, and a union-backed political group.

[Jim Noble]

It is of some interest that the two “inevitable” candidates are the two nobody wants. Money only goes so far.

[BenLurkin]

It gives us the choice of voting for Tweedle-Dum OR Tweedle-Dee

[rstrahan]

Dems didn’t complain when it was only Soros’s Media Matters group and Unions contributing to Democrats. And they still dominate on the Dem side. It’s all those pesky Conservative/Republican donations they don’t like

[RIghtwardHo]

With two exceptions (Trump and Sanders), the billionaires own them all. They will own whoever wins. No, it won’t be one of those 2 in the WH.

[St_Thomas_Aquinas]

Thank you McCain-Feingold.

[hosepipe]

Remember: THE Oligarchs BOUGHT the 2012 republican primary's..
and will AGAIN unless something " HAPPENS "...
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[hosepipe]

Set-it and forget it...

[CincyRichieRich]

Planned Parenthood gets 550M each year and funnels it to Dems...that’s a PAC...

SEIU
NEA

How about EPA funding...care to guess how many non-Dems are there and how much funding of EPA goes to Dems’ coffers?