Friday, 27 February 2015
Last updated 1 hour ago
Sep 28 2012 | 12:22pm ET
George Soros may not like Super PACs—the controversial political-action committees that can raise and spend as much as they want, per a two-year-old Supreme Court ruling—but he isn't going to let that distaste stand in the way of his goal to see President Barack Obama reelected.
At least, not anymore: The Soros Fund Management founder, who has shunned giving to Super PACs backing Obama and the Democratic Party, has pledged $1.5 million to them now. He'll give $1 million to Priorities USA Action, which supports Obama, and $500,000 to two PACs supporting Democratic Congressional candidates.
Soros' decision to follow Renaissance Technology founder James Simons into Super PACs—Simons has given about $4 million to the PACs—comes with just weeks left before Election Day and with Republican Super PACs holding a huge financial advantage, even as polls show the fortunes of both G.O.P. presidential nominee Mitt Romney and Congressional Republicans falling.
Soros' pledge coincided with a lunch hosted yesterday by Democracy Alliance. All told, the meeting, which featured former President Bill Clinton, raised at least $10 million for Democratic Super PACs. Soros did not attend the lunch.
Soros told The New York Times that he had decided to give to the Super PACs because he is "appalled by the Romney campaign, which is openly soliciting the money of the rich to starve the state of the money it needs to provide social services."
Republican hedge fund titans have been much less reticent about giving to Republican and Romney Super PACs.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…