Foster Friess

Tag Archive

Editorials: An upside-down campaign finance system | Jennifer Rubin/Washington Post

The Supreme Court argument in McCutcheon v. Federal Election Commission on aggregate limits on campaign donations was odd, to say the least. Justices who were inclined to uphold the limit seemed to agree that the limits on what an individual can give to all candidates and the national and state parties collectively is there to prevent a few billionaires from controlling elections. Justice Ruth Bader Ginsburg, for example, asked, “Is there any information on what percentage of all contributors are able to contribute over the aggregate?” Justice Elena Kagan later echoed this concern: “Now, having written a check for $3.5 million to a single party’s candidates, are you suggesting that that party and the members of that party are not going to owe me anything, that I won’t get any special treatment?” The solicitor general asserted the same: “Aggregate limits combat corruption both by blocking circumvention of individual contribution limits and, equally fundamentally, by serving as a bulwark against a campaign finance system dominated by massive individual contributions in which the dangers of quid pro quo corruption would be obvious and inherent and the corrosive appearance of corruption would be overwhelming.”

Full Article: An upside-down campaign finance system.

National: Super PAC donors may keep opening wallets, but public may not see it | CNN

When the super PAC backing Mitt Romney, Restore Our Future, files its June donation report on Friday with the Federal Election Commission, it is expected to show a six-figure contribution from Wyoming businessman Foster Friess, his first to the group. But an unwelcome scrutiny came to Friess, Nevada billionaire Sheldon Adelson and some of the other wealthy donors to these super PACs, and some are planning for much of their future generosity to be behind a cloak of anonymity. Friess said he has decided his financial donations in the future will mostly be to groups that do not have to disclose their donors. He said he is planning on contributing to five or six so-called 501(c)(4) groups named after the section of the tax code they are organized under. These are nonprofit organizations that can advocate on behalf of social welfare causes or to further the community. He refused to discuss which groups, but did say one recipient could be an affiliate of American Crossroads, the group founded by Karl Rove.

Full Article: Super PAC donors may keep opening wallets, but public may not see it – CNN Political Ticker - CNN.com Blogs.

National: Billionaires fall in line behind Romney | Kenneth P. Vogel/Politico.com

The super PAC mega-donors who dragged out the GOP primary are getting behind the establishment, rather than continuing to back rogue candidates and causes — as some in the Republican Party feared. Donors like Sheldon Adelson and Foster Friess, who gave millions to anti-establishment presidential primary campaigns, are starting to fall in line — promising to support Mitt Romney and cutting checks to groups fighting for congressional Republicans. Casino mogul Adelson and his wife, Miriam, who donated more than $15 million to a super PAC supporting Newt Gingrich’s presidential campaign, gave $5 million to a super PAC linked to House Speaker John Boehner in February — according to newly released filings. And Adelson is hosting a fundraiser next Friday at one of his Las Vegas hotels for a Boehner umbrella group that works closely with the Republican National Committee and the National Republican Congressional Committee, POLITICO has learned.

Full Article: Billionaires fall in line - Kenneth P. Vogel - POLITICO.com.

Editorials: The Virtues of the Super PAC | NYTimes.com

With the Republican primary season winding down, it’s time to celebrate two heroes of participatory democracy, two champions of the ordinary voter, two men who did everything in their power to make the ballot box matter as much as the fundraising circuit. I speak, of course, of Sheldon Adelson and Foster Friess. Adelson is the casino billionaire whose super PAC donations enabled Newt Gingrich to upset Mitt Romney in South Carolina and give him a scare in Florida. Friess is the investment manager whose super PAC donations enabled Rick Santorum to prolong the race through February and March. Both men are controversial; both have been cited as prime examples of the corrupting influence of great wealth on our politics. But both did more than anyone else to prevent the Republican primary from turning into a straightforward “money talks” affair.

Full Article: The Virtues of the Super PAC - NYTimes.com.

Editorials: Crankocracy In America – Who Really Benefitted From Citizens United? | Timothy Noah/The New Republic

In 2009, Ralph Nader published a fantasia titled Only the Super-Rich Can Save Us!, in which he imagined a group of maverick billionaires banding together to defeat corporate power in America. Declaring themselves “the Meliorists,” these enlightened oligarchs force Walmart to unionize, elect Warren Beatty governor of California, establish single-payer health insurance, raise the minimum wage to a livable salary, and in general breathe life back into liberalism. In 2012, something like Nader’s utopian scenario has begun to take shape, but with a radically different ideology. Super-rich, hard-right tycoons like Foster Friess (mutual funds), Harold Simmons (chemicals and metals), Bob Perry (home-building), and Sheldon Adelson (casinos) are, through the new vehicle called the super PAC, leveraging their fortunes to seize hold of the political process. Super PACs have made it so easy for millionaires and billionaires to spend unlimited sums on behalf of a particular candidate that these groups are now routinely outspending Republican presidential primary campaigns. Indeed, to a remarkable extent, these oligarch-controlled super PACs are the primary campaign. And, while both parties can create super PACs, so far GOP super PACs are burying their Democratic counterparts. Of the top ten individuals funding super PACs, only one—Jeffrey Katzenberg—is a Democrat.

Full Article: Timothy Noah: Who Really Benefitted From Citizens United? | The New Republic.

National: The Super PAC Paradox | Roll Call

When GOP presidential hopeful Rick Santorum gave his victory speech in Missouri after the primary there on Feb. 7, he shared the stage with a white-haired gentleman who stood practically at his elbow the entire time.
Investment fund manager Foster Friess probably did not strike audience members as someone special as he smiled merrily behind the former Pennsylvania Senator. But Friess is at the center of a growing controversy over unregulated money and alleged campaign finance violations in the 2012 campaign. At issue is whether unrestricted super PACs are illegally working hand-in-hand with the candidates they support. Campaign finance watchdogs say the collusion is flagrant. Super PAC organizers argue just as loudly that they are meticulously following the rules.

Full Article: The Super PAC Paradox : Roll Call Politics.

National: Super PACs, candidates blur lines ahead of Nov. 6 | USAToday.com

Presidential candidates and the super PACs accepting unlimited donations to help their campaigns cannot coordinate their activity, yet they are sharing consultants, donors and even advertising footage, raising new questions about the independence of outside groups. Campaign-finance experts say there’s little federal regulators can or will do to curb the activity ahead of November’s election.

Some recent examples:
•Restore Our Future, a super PAC backing Republican Mitt Romney, came under fire from a campaign-watchdog group this week for running the same commercial Romney aired in 2007 during his earlier presidential campaign. The super PAC, run by former Romney aides, also shares a direct-mail and polling consultant with the campaign, new federal disclosures show.

Full Article: Super PACs, candidates blur lines ahead of Nov. 6 – USATODAY.com.