Singer Drops a Million Into Rove’s Super-PAC for MidtermsGreg Giroux
Billionaire Paul Singer donated $1 million last month to American Crossroads, a super-political action committee advised by Republican strategist Karl Rove.
Singer, who leads New York-based investment firm Elliott Management Corp., provided most of the $1.7 million that the super-PAC raised in May, according to a filing today with the Federal Election Commission in Washington.
American Crossroads, which is aiding the Republican campaign to hold the party’s U.S. House majority and gain control of the Senate, has raised more than $11 million for the 2014 election. Singer gave $250,000 to the super-PAC in March.
With a net worth of $4.2 billion, according to the Bloomberg Billionaires Index, Singer is among the biggest political donors in the 2014 election. Two years ago, he helped found American Unity PAC, a super-PAC that’s urging Republicans to support same-sex marriage.
American Crossroads has mainly targeted Democrats seeking re-election to the Senate, where Republicans need a net gain of six seats for a majority.
The super-PAC also has spent more than $772,000 to help Republican Elise Stefanik, a former White House aide to President George W. Bush, in a June 24 primary in the district of retiring Democratic Representative Bill Owens of New York.
A related nonprofit 501(c)(4) organization, Crossroads Grassroots Policy Strategies, also has aired issue ads in some states where Democratic senators are in difficult re-election campaigns. Crossroads GPS doesn’t disclose its donors.
Super-PACs are permitted to accept donations in unlimited amounts so long as their spending isn’t coordinated with the candidates they’re backing. Federal court rulings and regulatory action in 2010 cleared the way for individuals, corporations and labor unions to make unlimited contributions in federal races through outside groups.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Uber Victim Stepped Suddenly in Front of Self-Driving Car
- Facebook Sued by Investors Over Voter-Profile Harvesting
- Cambridge Analytica's Board Suspends CEO Nix Amid Inquiry
- How Facebook Made Its Cambridge Analytica Data Crisis Even Worse
- Facebook Just Lost More Than Tesla's Entire Market Cap in Two Days