Thanks to the Supreme Court decision allowing unlimited campaign contributions by corporations and wealthy folks, incredible amounts were spent by wealthy financiers to defeat Democrat candidates who were working to stop the transfer of wealth from the Middle Class to the wealthy.
The newly created independent political groups known as super PACs, which raised and spent millions of dollars on last month's elections, drew much of their funding from private-equity partners and others in the financial industry, according to new financial disclosure reports.
The 72 super PACs, all formed this year, together spent $83.7 million on the election. The figures provide the best indication yet of the impact of recent Supreme Court decisions that opened the door for wealthy individuals and corporations to give unlimited contributions.
The financial disclosure reports also underscore the extent to which the flow of corporate money will be tied to political goals. Private-equity partners and hedge fund managers, for example, have a substantial stake in several issues before Congress, primarily the taxes they pay on their earnings.
More: http://www.washingtonpost.com/wp-dyn/content/article/2010/12/03/AR2010120306995.html?hpid=topnews
