Billionaires Boost

Ka-Ching! Sheldon Adelson and Fellow Billionaires Boost Republican Senate 

by Gregory Giroux  

Republicans defending their Senate majority next year got a big boost from a handful of mega-donors, who helped propel the party’s May cash haul ahead of the Democrats’ fundraising.

Billionaire investment executive Paul Singer and Arkansas businessman Warren Stephens each gave the maximum $233,800 to the National Republican Senatorial Committee, the party’s campaign arm. Close behind: Billionaire casino executive Sheldon Adelson his wife, Miriam.The Adelsons kicked in $226,800 apiece, according to filings released this week by the Federal Election Commission. Sheldon Adelson, with a net worth of $26.8 billion, is world’s 26th richest person, according to Bloomberg Billionaires Index.

Each of the Adelsons also gave $226,800 last month to the National Republican Congressional Committee, the group charged with preserving, if not enhancing, Republicans 246-188 majority in the House. Ken Griffin, billionaire founder of Chicago-based hedge fund firm Citadel, maxed out to the NRCC at $233,800. Griffin ranks 238th on the Bloomberg Billionaires Index, with a net worth of $6.2 billion.

The cash gushers helped the Republican Senate campaign committee raise $4.5 million in May, compared with $3.6 million for the Democratic Senatorial Campaign Committee.

Republicans are defending 54-46 a voting majority in the 2016 presidential election year.

The House and Senate campaign committees can raise as much as $33,400 a year from an individual donor in their main accounts, plus an additional $100,200 per donor toward a new building fund and another $100,200 in a new recount fund. The limits were set by a campaign finance provision of an omnibus spending law enacted in December.