A rich pleads, “Stop me before I donate!”
...90-year-old investor Bernard Schwartz in his Manhattan office on Thursday. Four days earlier, new federal filings showed he gave $1 million to a super-PAC supporting presidential candidate Hillary Clinton, making him one of her top backers and part of the campaign-finance system that her rival Bernie Sanders calls undemocratic and corrupt.
Schwartz, a former head of satellite maker Loral Space & Communications who’s no stranger to hefty political donations and was once a target of suspicion about the favors they buy, mostly agrees with the Vermont senator.
“PACs are a bad thing, it distorts the political process,” said Schwartz, who now manages his money as chairman of BLS Investments. “Rich people have the opportunity to get access.”
But dollars do not necessarily sway elections, something even the LA Times finally noticed.
Money may yet prevail in this year’s presidential election, but the failure so far of big donors to propel candidates to the top of the heap has shown the limitations of even huge stockpiles of cash and put some critics of lax campaign finance laws on the defensive.
Former Florida Gov. Jeb Bush, who has collected more super-PAC money than any candidate, finished with less than 3% of the vote in Iowa, where his super PAC spent about $3,000 on television ads for every vote he won. Although he says he hopes for a “reset” in New Hampshire, Bush has lagged badly in polls leading up to Tuesday’s primary there.
California has watched Meg Whitman, Michael Huffington and others blow millions of dollars in losing campaigns. So you’d think this isn’t news.
Bernie’s bunch likes to rail against wealth because rich people are convenient villains.