Wealthy few provide cash for independent political groups
WASHINGTON -- They're millionaires and billionaires, some from old-money families and others self-made entrepreneurs.
They're also real estate and hedge fund barons, media moguls and philanthropists, homebuilders and oil tycoons.
Meet the handful of people who have bankrolled millions of dollars in advertising to influence presidential elections.
Independent groups that aren't controlled by political parties or candidates have raised more than $120 million this election cycle, according to the non-partisan Center for Responsive Politics. These outside groups probably will raise and spend many more millions on TV and radio advertising, automated phone calls, mailed brochures, Internet sites and other politicking. Total spending by them was more than $433 million during the 2004 presidential campaign.
A study by the non-profit Campaign Finance Institute says much of that money comes from just a few wealthy people.
"They are wealthy individuals who come from the top positions in our economy or are heirs to those positions, and they are the very same people who are giving major contributions to candidates and parties, and then supplementing them with these unlimited contributions," says the institute's Stephen Weissman.
Susie Tompkins Buell, co-founder of the Esprit clothing line, has given $1.3 million to outside groups since 2003.
Buell said she first got involved in Democratic politics during Bill Clinton's 1992 presidential campaign. She stays involved, in part, to help women candidates "who are really committed to supporting women's issues, like child care, health care, the environment and education."
No limits
Independent political groups multiplied after a new campaign-finance law in 2002 banned unlimited donations to political parties for their party-building efforts. Unlimited donations are allowed to two main kinds of non-profit political groups, both named after sections of the tax code governing them:
•527s must report their donors to the IRS but can raise and spend unlimited amounts.
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