Bank Of America And Billionaires Funded Republican & Democratic Conventions

by on Thursday, October 18, 2012 at 5:05 pm in Election 2012, Politics, one of the best sites for tracking money in politics, just tallied up the major funders of the Republican and Democratic national conventions, and their findings are revealing.

No surprises with the Republicans — the ones they are beholden to for having funded their extravaganza are mostly billionaires and huge corporations.

The biggest revelations came from the Democratic Party tally. As some anticipated, unions came up short for Obama’s Convention this year. Having shelled out $8.3 million in 2008, they gave nearly 30% less. 

But not to worry, Obama had taken care of one moneyed interest group who was all too happy to step up. Bank of America practically self-funded the event, underwriting approximately 1/3 of its entire expense. And just to be sure they covered their bases, Bank of America also tossed the GOP $1.1 million for theirs in Tampa. 

This may provide a clue as to why bankers, whose fraudulent activities brought down the entire world economy, still seem to enjoy an unspoken immunity from any criminal prosecutions.

Small donors, incidentally, contributed a mere .00002% — not joking — of the RNC’s funds. And only 6 people — you read that right — donated between $200 and $500. Hands-down, the RNC is an event entirely funded by the wealthiest few individuals and corporations in the nation.

The Democratic Party did better with small donors, as they provided 2.5% of the DNC’s funds. And they did much better with donors contributing between $200 and $500: 1,558 contributed. Though the Democrats are still lopsidedly dependent on influence-peddlers, when compared to the Republicans’ donor list they might actually tout these numbers.

Money Behind The Two Parties’ Parties

The Republican Party, which held its 2012 convention in Tampa, FL, raised $55.8 Million. The following were some key contributors:

  • Sheldon Adelson (Las Vegas casino mogul, fanatically pro-Israel) : $5 million (9% of total)
  • Bill Edwards (CEO of Mortgage Investor’s Corp.): $4.6 million (8.24%)
  • AT&T (in addition to $3M, gave in-kind donations for phone service): $3 million (5.4%)
  • American Petroleum Institute: $2 million (3.6%)
  • Microsoft: $1.6 million (2.9%)
  • Bank of America: $1.1 million (2%)
  • David Koch (billioinaire Koch brother): $1 million (1.8%)
  • Paul Singer (Elliott Management): $1 million (1.8%)
  • Robert Mercer (of hedge fund, Renaissance Technologies): $1 million (1.8%)
  • Paulson & Company (hedge fund run by John Paulson): $1 million (1.8%)
  • James S. Davis (chairman of shoe company New Balance): $1 million (1.8%)
  • Florida Power and Light: $1 million (1.8%)
  • United Health Care Services: $522,000 
  • American Indian tribes (2 tribes contributed): $450,000
  • America’s Natural Gas Alliance: $400,000
  • New York Yankees: $150,000
  • Small donors (Total unitemized contributions of $200 or less): $1,200 (.00002%)
  • Number of donors giving between $200-$500: Six donors

The Democratic Party, which held its convention in Charlotte, NC, raised $35 Million. The following were some key contributors:

  • Bank of America$10.9 million (31.14% of total)
  • Unions: $5.9 million (17%)
  • Duke Energy (lobbied H.R.910 to keep EPA from regulating emissions of green house gases): $1.5 million (4.3%)
  • American Indian tribes (4 tribes contributed): $400,000 
  • James Rogers (Duke Energy CEO): $339,000
  • Tides Foundation (partially funded by Soros’ Open Society Institute) : $310,000
  • Small donors (Total unitemized contributions of $200 or less): $866,000 (2.5%)
  • Number of donors giving between $200-$500: 1,558 donors


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