Political donations soar after Supreme Court rules against campaign contribution caps
By Catholic Online (NEWS CONSORTIUM)
9/2/2014 (3 years ago)
Catholic Online (www.catholic.org)
When the U.S. Supreme Court did away with financial restrictions on federal candidates and party committees in April 2014 during their hearing of the McCutcheon v. Federal Election Commission, wealthy individuals who frequently donate to party committees and candidates like Andrew Sabin were delighted.
In April the U.S. Supreme Court ruled that capping the amount of money a person contributes to a political campaign was unconstitutional.
LOS ANGELES, CA (Catholic Online) - Sabin, who owns a New York-based precious-metals refining business donated so much money in 2012 that he went over the financial limit on donations. Since those limits were removed, he-and many others like him-have been sending out floods of donations.
Sabin himself has been contributing to congressional campaigns in Colorado, Texas, Iowa and Alaska, something that top Republicans have noticed. Senator Ted Cruz (R. Tex) and Florida's governor Rick Scott have each paid him personal visits.
"You have to realize, when you start contributing to all these guys, they give you access to meet them and talk about your issues," said Sabin, who has given away more than $177,000. "They know that I'm a big supporter."
Among these financial contributors are Las Vegas casino titans, New York hedge fund managers, Silicon Valley investors and Texas oil barons. The most well-known among them are billionaires like George Soros, Sheldon Adelson, and Charles and David Koch.
310 donors have contributed a combined $11.6 million since June, and these donations favored Republicans over Democrats by 2 to 1.
According to an analysis published by the Washington Post, as soon as the Supreme Court issued its opinion on April 2, major political donors who had maxed out their contributions jumped to spend more. Doling out $1.8 million more before the month had ended.
As soon as the Supreme Court issued its opinion on April 2, major political donors who had maxed out jumped to take advantage, doling out $1.8 million more by the end of that month, according to a Washington Post analysis.
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