Soros helps pro-Clinton Super PACs to $24 million haul
American Bridge 21st Century, an opposition research super PAC founded by Clinton enforcer David Brock, raised $7.7 million — including $1 million from Soros — an official with the group said Wednesday. A linked non-profit group called American Bridge 21st Century Foundation – which is not required to disclose its donors – raised an additional $1 million, the official said.
The super PAC numbers are an encouraging development for Clinton, whose campaign for the Democratic presidential nomination announced Wednesday that it had
raised $45 million during her first three months in the race.
Clinton is a fundraiser par excellence, and her ability to raise money for her own campaign was never in doubt.
The fundraising ability of the pro-Clinton super PACs, however, was less clear.
Clinton’s allies early this year had privately fretted that supportive super PACs were
struggling to raise money amidst
internecine squabbling and reluctance among some of the Democratic Party’s
wealthiest backers.
But the early fundraising details from Priorities and American Bridge — which will be fleshed out more completely in mandatory reports due at the Federal Election Commission before a July 15 deadline — suggest some of the party’s core mega-donors are stepping up to the plate.
According to sources in Democratic finance ciricles, Priorities collected big checks from Democratic Hollywood stalwarts including DreamWorks Animation CEO Jeffrey Katzenberg and producer J.J. Abrams and his wife Katie McGrath, and cause donors like California investor Herb Sandler and Boston philanthropist Barbara Lee. It got some organized labor cash as well, with a check coming from the union representing plumbers and pipefitters.
Soros’s checks in particular send an important signal. The Hungarian-born investor is one of the few Democratic donors who has shown a willingness to drop eight-figures in an election cycle, having donated more than $20 million in
2004 to groups that tried to oust then-President George W. Bush. After the failure of that effort, Soros dialed back his big-money political spending, but he is still closely watched by other rich Democrats as a
bellwether donor.
An adviser to Soros said his boss also gave $1 million this year to America Votes, a liberal non-profit group that mobilizes voters around issue and election campaigns. But Soros has not decided how much to donate overall in 2016, or how to divvy up his big political checks among groups, the adviser said.
The $7.7-million super PAC haul for American Bridge — which has played a key role in defending Clinton against GOP attacks — marks its largest six-month fundraising haul since the group was formed in 2011. The cash came from 55 donors, for an average contribution of $140,000, and it came at an important time in the preliminary stages of the big-money cash race.
Guy Cecil, Priorities’ chief strategist, wrote supporters Thursday morning stressing the importance of raising big money more than six months before the first nominating contests.
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“It may seem early to many of us, but with the amount of money pouring in from the far right wing, the time has come for our side to kick things into high gear,” Cecil wrote in an email
first reported by The New York Times. “We have a lot of work to do in the months ahead, but we are starting to see some real momentum.”
The super PACs supporting Clinton’s prospective GOP rivals like former Florida Gov. Jeb Bush and Sens. Marco Rubio of Florida and Ted Cruz of Texas are raking in huge checks or commitments from their side’s billionaires. New York hedge fund manager Bob Mercer is the leading backer behind a network of pro-Cruz super PACs that
boasted of raising $31 million while Miami businessman
Norman Braman is considering donating as much as $25 million to a super PAC backing Rubio. Mega-donor cultivation is shaping up an essential aspect of the 2016 presidential campaign because super PACs have begun assuming some of the roles traditionally played by campaigns.
Unlike campaigns – which are limited to maximum donations of $5,400 this election cycle – super PACs can accept checks of unlimited amounts, thanks to the Supreme Court’s
2010 Citizens United ruling and a subsequent lower court decision that struck down key political spending restrictions.
While super PACs are still
barred from coordinating their spending strategies with the campaigns they’re trying to help, operatives in recent years have pioneered techniques for ensuring complementary efforts.
American Bridge 21st Century, for instance, in 2013 launched a project called
Correct the Record, that has been filling many of the functions of a traditional campaign rapid-response operation, providing real-time push-back against GOP attacks on its website and via email for use by Clinton’s defenders. The group became a stand-alone super PAC in May, splitting off from American Bridge, and hinting at plans to
work even more closely with Clinton’s campaign.
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Soros helps pro-Clinton Super PACs to $24 million haul
