Note on ‘Super PAC’ Dollars
November 1, 2010 Leave a comment
The Super PAC’s will add to shaping future elections in the US by interested in both political parties. The Supreme Court has opened the flood gate for this kind of financing, whether we like it or not. What will hoped for democracy may be manipulated for groups with the money to do so–hopefully, voter will wake up and change our system of paid-for-politicians.
The independent-expenditure-only “Super PAC” committees are perfect for corporations and unions that want to spend for or against candidates. Former McCain ’08 counsel and FEC Chairman Trevor Potter described them as the “holy grail” of campaign finance to The Washington Post.
“There’s much less disclosure than even with 527s and there’s no danger in running afoul of the law by accepting large individual contributions, or contributions from previously prohibited sources–corporations and labor unions,” wrote Rick Hasen, the William H. Hannon Distinguished Professor of Law at Loyola Law School and author of the Election Law blog, in an email.
“Super PACs” do have to disclose their donors (unlike 501(c)(4) social welfare groups such as American Crossroads GPS), but many of them are simply too new. Ending Spending incorporated on Oct. 5, and voluntarily disclosed that its sole financier and founder was Joe Ricketts, owner of the Chicago Cubs and founder and former CEO of Ameritrade. The group is soliciting other donations as well.