Money, as we know, talks.
And in this Presidential Primary season it’s not just talking, it’s filibustering.
The new Super PACs ushered in by a pair of federal court rulings allows for single donors whether individuals or unions or companies to make unlimited contributions.
Super PACs aren’t allowed to coordinate directly with the campaigns, but many are making their feelings known.
Three billionaires have made no secret of their support of specific candidates: Meet Sheldon Adelson. The casino king has a net worth of $21.5 billion.
According to Forbes, his company, the Las Vegas Sands, has scored by developing casino properties in Singapore and Macau. But you may be familiar with his American properties — the Venetian and the Palazzo , both in Vegas. He’s also known for developing Comdex, the marquee computer conference event.
Adelson is the son of a taxi driver and dropped out of the City College of New York. His donation of five million to Newt Gingrich helped resuscitate the Speakers’ campaign after the Iowa Caucus.
Then there’s Jon Huntsman Senior, the father of candidate Jon Huntsman, who founded Huntsman Chemical. He has a net worth of more than $1.5 billion.
Huntsman — the company — was once the largest privately held chemical company in the nation, and Huntsman Senior built it acquisition by acquisition.
Spiking oil prices forced the billionaire to sell just under half the company, but he turned that around last year, taking the company public. His investments in the Super PAC backing his son is said to be in the millions.
Finally, Foster Friess, the mutual fund king, is the major financial backer of a Super PAC supporting Rick Santorum. Friess founded his own management firm, Friess Associates, which grew to a nearly $16 billion fund under the name Brandywine. In the 1990’s, it was a top performer posting average annual gains of 20 percent.
Friess is a long time donor to social conservative causes that Santorum has championed. More information on Super PACs and their donors will be made public at the end of the month.
We’ll report on all those numbers, even the wealthy folks contributing to the President’s re-election campaign.
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