George Soros pours $2.5 million into new advocacy group
Here comes Big George again. Billionaire George Soros is weighing in heavily with more cash, delivering $2.5 million to a new political organization called Fund for America.
According to a year-end campaign report filed with the Internal Revenue Service and uncovered by The Times' Dan Morain, Fund for America was organized by Taco Bell heir Rob McKay, former Clinton White House Chief of Staff John Podesta and Anna Burger of the Service Employees International Union. The SEIU matched Soros with another $2.5 million, too. Other major donors include investor Donald Sussman, who has given $1 million and AKT Development of Sacramento.
Although it cannot get directly involved in advocacy for or against candidates, Fund for America is expected to air television ads and take other political action aimed at helping Democrats claim the White House and retain control of Congress.The group is organized as a "527," so named for the revenue code section that defines it.
Fund for America is the liberal answer to the conservative Freedom's Watch, organized by former political aides to President Bush and funded by wealthy Republicans including billionaire Sheldon Adelson of Las Vegas. But as a nonprofit corporation, Freedom's Watch is not required to disclose its donors.