Politics Of The Billionaires
Andrew Farrell and Brian Wingfield 08.18.08,
Washington, D.C. - It's election season, which means over-hyped political conventions, negative TV ads and, of course, money.
And no one can toss it around like America's billionaires. While the U.S.' richest people aren't making quite the news splash they did during the 2004 presidential contest--remember financier George Soros' $26 million effort to put Sen. John Kerry in the White House?--they're still staying plenty involved in politics, whether it's directly through the election, or as part of some broader cause.
Since U.S. law caps individual contributions to candidates for federal office at $2,300, one of the most popular ways for billionaires to flex their political muscle is through donations to advocacy groups like "527" committees. Lightly regulated groups that are named after a section of the U.S. tax code, 527s can sway an election but are not officially associated with a specific candidate.
In Pictures: Billionaires And Their Causes
According to the Center for Responsive Politics, Soros, Las Vegas Sands (nyse: LVS - news - people ) Chief Sheldon Adelson and Cincinnati businessman Carl Lindner are among the billionaires who have contributed most to advocacy groups during this election cycle.
Soros has contributed nearly $4.7 million to these organizations, including $3.5 million to the now defunct Fund for America, a group closely aligned with Democrats. Adelson, popular with Republicans, has dropped almost $3.6 million on American Solutions for Winning the Future, a group that's lobbying for domestic oil and natural gas drilling. Lindner has donated at least $660,000 to the same organization.
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http://www.forbes.com/business/2008/08/18/billionaires-washington-politics-biz-billies-0818billiepols.htmlThe article also mentions oilman T. Boone Pickens and Blackstone Group (nyse: BX - news - people ) co-founder and former commerce secretary Peter G. Peterson.
