Sunday, January 13, 2013

Which Billionaires Got Their Money's Worth in the Election?

Original Link: http://www.theatlanticwire.com/politics/2012/11/which-billionaires-got-their-moneys-worth-election/58786/

By Alexander Abad-Santos

Figures of Romney/Obama donors are from this AP report unless otherwise noted.

Romney's Top Donors:

Sheldon Adelson, Owner of Las Vegas Sands

Net Worth: $25 Billion
The Bill: He spent somehwere betwen $70 million and $100 million, which is no more than 0.4 percent of his net worth.
  • $34.2 Million to Romney/super PACs supporting Romney 
  • $10 million to Restore our Future
  • $24 million to committees backing one-time Republican hopeful Newt Gingrich
  • $10 million promised to Karl Rove's American Crossroads
  • $5 million to Boehner super PACs
  • $5 million to Cantor super PACs
Why He Said He Spent It:
  • He's Likes to Win: "I suppose you could say that I live on Vince Lombardi’s belief: ‘Winning isn’t everything, it’s the only thing.’ So, I do whatever it takes, as long as it’s moral, ethical, principled, legal." Adelson was quoted as saying in a profile by Politico
  • He Really Liked Newt Gingrich and Wanted to Use the Word "Islamofacism": "I’m in favor of Newt Gingrich, because I like people who make decisions. He’s a decision-maker. You don’t have to worry about using the word ‘Islamofascism’ or ‘Islamoterrorist’ when that’s what they are," Adelson said at a Las Vegas event back in March. 
  • He Thinks Obama Dissed Las Vegas: Obama, had said something to the effect that Wall Streeters shouldn't be taking free trips to Vegas on taxpayer's dime around three weeks after his inauguration. This did not go over well with Adelson. "From that point on, Vegas started to go down ...And he’s got the nerve, the chutzpah, to come here and raise money here. He should follow his own advice and not come to Vegas. He hurt me. He hurt 200,000 people working in the hospitality industry in this town." Adelson said in the Politico profile. 
The Payoff: If Adelson likes to win, he obviously is not going to be happy sinking close to $60 million on two losers. His money didn't even help Romney win Nevada, which probably made him more mad.

Harold "The Ice Man" Simmons, owner of Contran Corp, a Dallas-based waste/chemical management company

Net Worth: $9 Billion
The Bill : Between $30 million and $50 million which is between 0.3 percent and 0.5 percent of his net worth.
Why He Said He Spent It: 
Karl Rove Told Him To: In February, Simmons saw the Santorum surge. And then he called Karl Rove, and it was a done-deal from there, as per The Wall Street Journal's Monica Langley:
Watching a TV news report that Republican presidential candidate Rick Santorum was rising in polls last month, Mr. Simmons wondered about the prospects of the former Pennsylvania senator. He called his personal political muse, Republican strategist Karl Rove.
He Believed/ Believes Obama Was/Is a Socialist: "Any of these Republicans would make a better president than that socialist, Obama ... Obama is the most dangerous American alive…because he would eliminate free enterprise in this country." Simmons told the Langley
He Didn't Care, He Just Wanted Obama Out: "That helps explain why the biggest chunk of his political contributions in this election cycle have gone not to individual candidates but to Mr. Rove-advised super PAC American Crossroads—its stated mission to defeat Mr. Obama and elect "majorities in both the House and the Senate'" writes Langley.
The Payoff: Well, the Republicans retained power in the House. That's something to hang your hat on right?

The Koch Brothers

Net Worth: William ("Bill")- $4 Billion, Charles and David-$31 Billion
The Bill: ????
  • Charles and David Koch are special.  As Rolling Stone's Tim Dickins pointed out, Charles and David have promised to spend $60 million to defeat President Obama, but "but their off-the-book contributions don't appear in any FEC filings." And Politico had reported they promised to spend $400 million this term in elections across the country. But because they fund tons of things through their PACs, like Americans For Prosperity, it's hard to tabulate exactly how much of their money is going where. And then there's shady stuff like this new piece of news that a secret $11 million donation in California actually has ties to them, which we only found out because of a tricky legal hearing. It all underscores the term "dark money."
Why They Said They Did It:
They're Libertarians: "The Kochs are longtime libertarians who believe in drastically lower personal and corporate taxes, minimal social services for the needy, and much less oversight of industry—especially environmental regulation." wrote The New Yorker's Jane Mayer in 2010.
They're In It for Themselves: "Rather, they are giving to support what they see as being in their business or personal financial interest: lower taxes, less regulation, smaller government," wrote the Washington Post's Carter Eskew.
The Payoff: Well, Republicans kept control of the House. And Scott Walker, who the AFP backed during his recall, kept his gubernatorial seat. So that's good right? But Obama is still in office and whatnot, which is a total $400 million bummer.

The Top Four Obama Donors:

Jeffrey Katzenberg: $2.566 million
Irwin Jacobs: $2.122 million
Fred Eychaner: $2.066 million
Jon Stryker: $2.066 million
Combined Total: $8.82 million (about a quarter  of what Adelson gave Romney and Romney-affiliated super PACs)
The Payoff: Well, obviously.

"I don't believe that there's ever been an effort in our party that can compare with what you have done over these past years," Romney said in concession speech last night referring to "the volunteers, the fundraisers, the donors, the surrogates." And he's right, on the last part at least. As the Sunlight Foundation reported on November 1, $213 million has been spent on "dark money" groups to influence election—$172 million of which was spent to help Republicans and just $35.7 million to help Democrats. Taking those numbers into account, Romney's concession speech might be the nicest way to gloss over the fact that outside conservative groups spent so much and tried so hard and couldn't even manage to get a Senate majority—a massive fail.

Now, this isn't to say the Obama campaign didn't spend a ton of money on its own. It did. As our John Hudson reported, $874.6 million went toward the Obama campaign this season "with the Obama campaign burning through $553.2 million, the DNC spending $263.2 million, and the biggest Obama Super PACS spending $58 million."  It's just, that, well, some money is just better spent than others.

Saturday, January 12, 2013

Harold Simmons Calls Obama a ‘Socialist’

Original Link: http://www.texasobserver.org/harold-simmons-calls-obama-a-socialist/

By

Meanwhile, Simmons is set to open a monopolistic radioactive waste dump.

Harold Simmons in today’s Wall Street Journal:
“Any of these Republicans would make a better president than that socialist, Obama,” said Mr. Simmons during two days of rare interviews at his Dallas home and office. “Obama is the most dangerous American alive…because he would eliminate free enterprise in this country.”
In other news: Today, a state commission gave permission to Waste Control Specialists, a Texas company owned by Simmons, to import and bury radioactive waste from 36 states.
Facts:
  • The state of Texas will own the waste and be responsible for managing it for the next few millennia. 
  • A team of state engineers and geologists have warned that the dump is likely to leak into nearby water tables.
  • Waste Control stands to pull in billions in revenue.
  • The primary financial assurance for the dump is stock in one of Simmons’ own companies. The Texas Legislature privatized radioactive waste disposal in Texas for Simmons after he pumped millions into state elections and hired an army of lobbyists.
  • Waste Control faces no real competition in its bid to become the nation’s one-stop radioactive waste dump.
  • The construction of the dump was financed, in part, by the people of Andrews County.
In short, by plying polticians with dollars Simmons engineered himself a monopoly business that privatizes profits and socializes the risk.

You tell me, is this “free enterprise” or corporate socialism?

Texas Billionaire Simmons Bankrolling Multiple Republican Causes

Original Link: http://www.bloomberg.com/news/2012-02-01/texas-billionaire-simmons-bankrolling-multiple-republican-causes.html

By Julie Bykowicz & Greg Giroux

Harold Simmons, a Texas billionaire, gave $8.5 million in the last six months of 2011 to support two Republican presidential contenders and a political action committee founded with help from Karl Rove, U.S. Federal Election Commission filings released yesterday show.

The donations make Simmons, 80, a standout in a roster of executives and wealthy investors who are taking advantage of loosened campaign-finance regulations to sink millions of dollars into political committees seeking to influence the 2012 presidential race, according to the disclosure reports.

Such donors include Jon Huntsman Sr., a chemical company executive and father of candidate Jon Huntsman Jr.; Paul Singer, president and founder of hedge fund Elliott Management Corp.; and Steven Spielberg, co-principal of DreamWorks Animation SKG. (DWA)
 
The four main Republican presidential super-PACs raised $34 million and spent $8.5 million in 2011, FEC reports show. A super-PAC backing former Massachusetts Governor Mitt Romney, Restore Our Future, raised $30.2 million of that $34 million, or 89 percent.

Simmons’ donations differ from other contributors in that he gave to super-PACs backing presidential candidates and American Crossroads, the group backed by Rove, a former adviser to President George W. Bush, that plans to run ads to defeat President Barack Obama. American Crossroads will also weigh in on House and Senate races.

Swift Boat Ads

Long active in Texas politics, Simmons has a history of using his money to influence politics outside the traditional party and candidate structures. In 2004, he gave $4 million to Swift Boat Veterans for Truth, a group that questioned Democratic nominee John Kerry’s Vietnam War service.

E-mails to Simmons and his assistant weren’t returned last night.

Simmons and his Contran Corp. holding company were the single-largest contributors to American Crossroads and to independent committees backing former House Speaker Newt Gingrich and Texas Governor Rick Perry during the filing period covered in yesterday’s release.

The $7 million that Simmons and Contran gave American Crossroads accounted for 60 percent of the group’s total haul between Oct. 4 and the end of the year. He also gave the group $1 million in 2010, disclosure reports show.

Gingrich, Perry Donations

Simmons gave $500,000 to a pro-Gingrich group, Winning Our Future, on Dec. 15, and his company wrote two $500,000 checks to a pro-Perry group, Make Us Great Again, on Sept. 23 and Oct. 24.
Dallas-based Contran (CTRW), which has stakes in companies that produce chemicals and manage waste, gave the most to Make Us Great Again: $1 million in two donations, including the one in October. Perry quit his presidential bid on Jan. 19.

Simmons and Perry have a record of supporting each other. Simmons donated more than $1.2 million to Perry’s gubernatorial campaigns. Under Perry’s watch in Austin, Simmons’ company was granted a permit to build a radioactive waste dump -- a move that prompted at least three members of the Texas Commission on Environmental Quality to resign in protest.

The pro-Gingrich Winning Our Future’s latest backer, Las Vegas casino mogul Sheldon Adelson, didn’t contribute to the committee in the period documented by yesterday’s FEC filing. He and his wife gave $10 million to the committee last month, according to Rick Tyler, the super-PAC’s spokesman.

Family Ties

Other Las Vegas residents with family ties to Adelson, Oren and Yasmin Lukatz and Sivan Ochshorn, gave a combined $1 million in December to Winning Our Future, about half the committee’s total receipts for December, the period the committee reported yesterday.

Tyler, a former Gingrich campaign spokesman, said yesterday on Bloomberg Television that he has “no knowledge” of whether more money from Adelson, chairman of Las Vegas Sands Corp. (LVS), is on the way to the super-PAC.

The super-PAC supporting Romney, the winner of yesterday’s Florida primary, also listed large contributions from business backers in the final three months of 2011.

Among them were checks for $1 million written by Robert Mercer, co-chief executive officer of hedge fund Renaissance Technologies; Singer, Elliott Management’s president; and Julian Robertson, co-founder and president of hedge fund Tiger Management LLC.

Democratic Donors

Priorities USA Action, a super-PAC backing Obama, gained the high-dollar support of several Hollywood fixtures.

Spielberg, the movie director, contributed $100,000 in July, and William Little Jr., chairman of George Little Management LLC in New York, contributed $150,000 in December. Almost half of Priorities’ $1.2 million donations in the final six months of the year came from a $500,000 Dec. 28 contribution by the Service Employees International Union’s Committee on Political Education.

Priorities was founded in April. Among its first contributions was a $2 million check from Jeffrey Katzenberg, chief executive officer of DreamWorks Animation, a July FEC filing shows.

Bill Burton, co-founder of Priorities USA Action, said in a telephone interview yesterday that he is seeking money from “a community of Democrats” who fear the damaging messages expected to come from Republican-backed super-PACs such as American Crossroads.

‘Open Checkbook’

Foster Friess, a fund manager and evangelical Christian who told Bloomberg Television in a Jan. 27 interview that he has an “open checkbook” for anyone who opposes Obama, contributed $331,000 to a committee supportive of Santorum.

The Red White and Blue Fund also collected $250,000 from John Templeton Jr. to assist Santorum, who on Jan. 14 was endorsed by a group of religious leaders. Templeton runs his late father’s philanthropy, the John Templeton Foundation.

Endorse Liberty, a super-PAC backing U.S. Representative Ron Paul of Texas, reported raising $1,020,055 last year, the majority of it from two December contributions totaling $900,000 made by Peter Thiel, Clarium Capital Management investor and active Republican donor.

Former Utah Governor Huntsman’s candidacy, which ended Jan. 16, was supported by $1.9 million from his father. The money accounted for about 70 percent of super-PAC Our Destiny’s receipts last year. Huntsman dropped out of the race after placing third in the New Hampshire primary and endorsed Romney.

Congressional Donations

Big donors also are pouring money into Senate and House races.
Majority PAC, which supports Senate Democrats saw contributions of $500,000 in November from James H. Simons, a philanthropist with Euclidean Capital LLC; $100,000 in December from George Soros; and $100,000 in August from Portland publisher Win McCormack. House Majority PAC took in $150,000 in October from Fred Eychaner, a frequent donor.

Bernard Schwartz, a major donor to Bill Clinton’s 1992 election and re-election, made $100,000 contributions to both groups. Schwartz is chief executive officer of BLS Investments, a private investment firm based in New York and was chief executive officer of Loral Space & Communications Inc. in New York.

Harold Clark Simmons Wants To Buy A New President: Seven And A Half Things To Know

Original Link: http://www.huffingtonpost.com/2012/03/21/seven-and-a-half-things-you-need-to-know_n_1371610.html

By Mark Gongloff

The sun needs about 250 million years to orbit around the center of the Milky Way, but you only need to know seven and a half things each day. Here they are:

Thing One: Killing With Cash: Obama is a dangerous socialist! Without America's helpful campaign finance laws, the only way you could get this important message out would be by screaming it at a Tea Party rally or on a nationally syndicated radio show. Now, thanks to the Supreme Court's Citizens United ruling, you can spend a small fortune to make sure the whole world knows it.

That's what 80-year-old Texas chemical-and-metal magnate Harold Clark Simmons has been doing, according to a Wall Street Journal profile. He and his wife have been tossing off million-dollar checks to Republican campaigns like most of us pay water and garbage bills. No other individual has spent more on this election than Simmons, who has dropped $18 million so far and plans to spend another $18 million by November, all to get rid of "that socialist, Obama," who Simmons says is "the most dangerous American alive."

Nothing inflammatory about that at all, just like there's nothing at all inflammatory about him telling the WSJ that "we could have killed Obama" in 2008. He's talking, of course, about using ads to metaphorically "kill" the president, not anything serious, you guys. He paid money for ads in 2008 tying Obama to Bill Ayers, just as he bankrolled the Swift Boat Veterans for Truth in 2004. He obviously can't wait to start making some ads again in this election cycle, probably beneath this patriotic American painting of Obama burning the Constitution, which, again, is not inflammatory in the slightest.

Thing Two: About That Rally: The stock market is a little bit like one of those shows you used to watch and then forgot about and didn't realize was still running. "'Survivor?' That's still on?" People are studiously not putting new money to work in the stock market, which is now cared about mainly by traders and excitable financial journalists. While you were not looking, the stock market recently jumped to new multi-year highs, but in the past few days has struggled. China's economic data have suddenly come a-cropper, as they did again this morning, with weaker-than-expected manufacturing numbers. That has European stocks down this morning and could hit U.S. stocks again. Oh, and Spanish bond yields are jumping, so that whole European debt crisis thing may not be totally solved, either. Just so you know.

Thing Three: Claims On Your Attention: U.S. economic data have been a little mixed lately, too -- not bad or anything, but just not great enough to help keep the stock rally going. We get more today, in the form of weekly unemployment claims data, the FHFA's house-price index and a measure of leading economic indicators from the Conference Board, a private research firm.

Thing Four: Deutsche Bank Dodge: Banks hate the new Dodd-Frank financial-reform law, but European banks seem to have found an easy way out of it: They can simply declare their U.S. units to no longer be "bank holding companies," et voila, they don't have to raise more capital to comply with Dodd-Frank. That's what Deutsche Bank and Barclays have done with their U.S. units, the Wall Street Journal writes, and other banks will probably follow suit.

Thing Five: Tweeting Banks: All that pesky compliance with new financial regulations is going to distract banks from their halting embrace of this new thing called "The Twitters." The New York Times writes that banks are tiptoeing into social media, but are still kept from really cutting loose by, um, compliance with regulations.

Thing Six: That's What Friends Are For: China is so darn good at spying on its citizens that it wants to share its knowledge with the world, Reuters reports: "A Chinese telecommunications equipment company has sold Iran's largest telecom firm a powerful surveillance system capable of monitoring landline, mobile and internet communications, interviews and contract documents show."

Thing Seven: Squid Loses Court Fight: As if Goldman Sachs didn't have enough headaches, it lost a court fight yesterday to throw out a lawsuit alleging it stuffed securities full of subprime garbage that it planned to bet against and then tried to sell those garbage-stuffed securities to clients. Goldman has already paid the SEC $550 million to settle such charges.

Thing Seven And One Half: Timmy And The Jets: So Tim Tebow is a New York Jet now. Tebow's new teammates were, let's say, nonplussed. In happier news, you've probably already seen this, but wouldn't you like to watch the Mitt Romney-as-Eminem mashup again?

Big Super PAC Donor Harold Simmons Pays Government To Make His Dump Profitable

Original Link: http://www.republicreport.org/2012/big-super-pac-donor-harold-simmons-pays-government-to-make-his-dump-profitable/

By

Harold Simmons has spent $16 million so far this election season, making him one of the biggest presidential super PAC sugar daddies. Simmons recently said he was prepared to spend at least $36 million to beat President Obama, “for the good of the country.”

But Simmons isn’t just spreading his wealth to help others. He’s hoping to profit from the millions of dollars he’s using to influence the government. Specifically, he wants the government to help him fill a radioactive waste dump he built in West Texas.

According to BusinessWeek, Simmons can’t find enough of the specific kind of radioactive waste to fill his dump, which is bigger than 1,000 football fields. So he’s asking the Obama administration for some help:
To turn it into a profitable enterprise, the Texas billionaire hired lobbyists to urge the Obama administration to expand the types of nuclear waste, including depleted uranium, the dump can accept and award his company disposal contracts. If the Nuclear Regulatory Commission changes the rule, it could open access to a market worth billions. The deadline for a decision is in 2014.
Most of Simmons’ donations have gone to American Crossroads, the Karl Rove-guided super PAC devoted to defeating Obama and other Democrats in 2012. He’s also given money to Restore Our Future, the Mitt Romney-backing super PAC. Romney has called for a “fast-tracked permitting process for new nuclear plants” that could help Simmons and his company, Waste Control Specialists LLC.

Naturally, spending that much means sometimes you make pretty stupid investments. The PAC associated with Simmons’ firm, Contran, gave money to the Rick Perry 2012 Victory Committee, which is an invention of “the nation’s oddest super PAC treasurer,” Josue Larose, and not actually supportive of the Texas governor and former Republican presidential candidate.

Biggest GOP Donor in 2012 Makes Habit of Buying Political Favors

Original Link: http://governmenttalk.com/news/biggest-gop-donor-2012-makes-habit-buying-political-favors

Harold Simmons is a Texas pollutant-mogul with deep pockets, deep enough to fund almost every GOP candidate and campaign this year.

“Follow the money”, is one of the only truisms in politics. If you want to know how a politician is likely to vote, find out who has donated to their campaign. If you want to know why a particular idea is getting a lot of support of opposition, look at who is backing it. If you want to know why one party seems to be unreasonably opposed to things that sound like common sense, look at who is backing their candidates. In this latest case, the person is Harold Simmons, a Texas billionaire who has funded Republican Super PACs to the tune of more than $18 million, making him the greatest single GOP backer in the country in an election cycle that is breaking records for a being big-dollar, low accountability affair.

Harold Simmons has made his money by taking advantage of Texas’ lack of environmental oversight, starting or taking over companies in everything from oil to incineration to waste management; anything that pollutes and makes lots of money doing it. In 2004, according to Mariah Blake of Salon.com, Simmons applied for a permit to build a nuclear waste dump on the Texas/New Mexico border. The problem was  that this dump was directly over the Ogallala Aquifer, the largest freshwater underground water source in the world and the major supplier of irrigation water for the American Midwest’s bread basket. However, after the Texas Water Development Board “redrew” the official boundaries of the aquifer, it showed that Simmons’ nuclear waste dump was not over the aquifer. Of course, five of the six members of that board authority were appointees of the Rick Perry administration, who had received $1.2 million in campaign donations for his gubernatorial run. Once again, if you follow the money, and you’ll find out what’s going on.

Simmons’ nuclear waste dump is still not operating, because when the Obama administration took over the Nuclear regulatory Commission started impeding his progress. As a result, Simmons seems to have made Obama’s defeat in 2012 a personal vendetta. “Any of these Republicans would make a better president than that socialist, Obama,” Simmons complained to the Wall Street Journal, “Obama is the most dangerous American alive.” As a result Simmons has given to many Republican Super PACs and candidates, not favoring any single one.” However, Simmon’s use of campaign dollars for preferential treatment is part of his business hallmark. In 2004, he gave the Bush inaugural ball $100,000. Afterward, the Department of Energy under Bush’s administration awarded Simmons’ company, Waste Control Specialists (the same one attempting to open the nuclear waste dump), a $15 million contract to clean up nuclear waste at an Ohio plant that had enriched uranium for nuclear weapons. The conflict of interest comes clear when you realize that the Ohio plant was owned by another one of Simons’ companies, NL Industries.

I think it’s fair to say that conservative fund-raising is a shady proposition to begin with, and that there’s little questions as to why the conservative-leaning Supreme Court, with their Citizens United decision, made it increasingly so. Dollars do not necessarily win elections, that’s true. However, it certainly allows a right-wing political bloc the opportunity to hide their dirty laundry and frame the national discourse in their favor. Read the rest of the sordid details around Harold Simmons’ and the dark side of his political donations at The GOP’s nuke-dump donor.

Billionaire Harold Simmons Donations Go Beyond Super PACs

Original Link: http://www.citizensforethics.org/blog/entry/billionaire-harold-simmons-donations-go-beyond-super-pacs

Billionaires giving to presidential super PACs have been getting a lot of media attention in the last few weeks as the extent of their influence emerges in new Federal Election Commission filings. Among the most prominent: Contran CEO Harold Simmons. So far, Mr. Simmons, known for opening his checkbook for conservative causes, is the biggest donor to super PACs. He’s donated $14 million so far, with recipients including Republican-focused American Crossroads and groups backing three different GOP presidential candidates.

Mr. Simmons’ donations to Republican congressional campaigns, though, are getting a lot less attention this cycle. Since 2011, Mr. Simmons and his wife, Annette, have given $96,200 to 14 Republican congressional candidates. They have donated an additional $111,600 to the National Republican Senatorial and Congressional Committees.

The largest congressional recipient, by far, of the Simmons’ funds is Rep. Eric Cantor (R-VA). Mr. and Mrs. Simmons have contributed $32,500 to Rep. Cantor, the House Majority Leader, through his campaign committee, leadership PAC, and a state committee affiliated with his joint fundraising committee. Coming in second is the current lieutenant governor of Texas, David Dewhurst, who is running for Sen. Kay Hutchison’s (R-TX) seat. The couple have poured $20,000 into Dewhurst for Texas so far this election cycle. The couple seem to be prioritizing non-incumbents this time around – more than 40% of the Simmons’ contributions have gone to non-incumbent Republicans, including four of the top six recipients. Presidential super PAC fundraising is obviously a huge story this year, but we shouldn’t lose sight of the fact that plenty of money is still flowing into congressional campaigns.

Here is the complete list of the couple’s donations to congressional candidates in this election cycle, according to data tracked by the Center for Responsive Politics:

Eric Cantor (R-VA) $32,500
David Dewhurst (R-TX) $20,000
Josh Mandel (R-OH) $10,000
Michael Williams (R-TX) $5,000
Pete Sessions (R-TX) $5,000
Marco Rubio (R-FL) $5,000
Roger Williams (R-TX) $4,800
John Thune (R-SD) $4,000
Kenny Marchant (R-TX) $2,500
Kay Bailey Hutchison (R-TX) $2,400
Mike Conaway (R-TX) $2,000
Michelle Bachmann (R-MN) $1,000
Lamar Smith (R-TX) $1,000
Jeb Hensarling (R-TX) $1,000