The problem is, they are more than just "moderates". Look back about 5 years and you find all the major donors used to be registered other than Republican and were donating to Gore, et al. Folino is just one example. Burkle is another. Warren Hellman, another. The list goes on and on.
The Republican Party in California has been infiltrated by big-money "moderates" (i.e. ex-Democrats) who do not share the most basic principles of the party.
They lost their own party to the communists and now want to make the GOP their new home and jettison everything it has traditionally stood for.
Close ....
The reason that moderate businessman fled the Democrat Party in California was the rise of union influence in the legislature. Prior to the Wilson administration, unions were allowed freedom to play but business profits were protected by unwritten, but clearly understood, agreements. With the reemergence of Democrat power in the mid 90's and the redistricting that resulted, th paradigm shifted as unions, especially public employee unions, flexed their power.
Those previously Democrat businessmen jumped at the chance to support the New Majority and finance a resurrection of the old system.
Another gold plated observation of historical FACT!!!