Money Managers And Their Donation Dollars
Soros Pledges $1.5 Million To Democratic PACs

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.


In Depth

The Benefits Of Private Debt Investing

May 7 2015 | 10:43am ET

Jeffrey Haas is chief operating officer of Old Hill Partners Inc., an SEC-registered...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

How To Generate 6% Yield In A Volatile World

May 22 2015 | 6:41am ET

Private credit comes in many different flavors, all with the common themes of over...

 

Editor's Note