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There are headlines Wednesday about which millionaires donated big money to super PACS, the political action committees that a 2010 Supreme Court decision freed to raise unlimited cash for candidates.
Three hedge fund managers each gave million-dollar contributions to the pro-Mitt Romney super PAC Restore Our Future, which has already bought ad time in Nevada ahead of Saturday’s caucuses and has $23 million in cash to spend to blast rivals Newt Gingrich and President Obama.
In contrast, Winning Our Future, the super PAC that supports Gingrich, hasn’t bought any ad time in Nevada yet, and, outside of a $10 million donation from casino magnate Sheldon Adelson last month, Winning Our Future has only raised $2 million to keep Gingrich in the minds of voters.
But what’s behind the headlines is the money the nonprofit arms of those super PACS are raking in, such as Crossroads GPS, part of Karl Rove’s super PAC American Crossroads.
It’s out with a new ad Wednesday, attacking the Obama administration’s financial backing of now-bankrupt solar panel maker Solyndra.
American Crossroads and Crossroads GPS disclosed that they raised $51 million last year, but because it’s a tax-exempt 501(c)4 group, Crossroads GPS does not have to disclose its donors.