Billionaire Gives $5.5M to Gingrich Super-PAC

by InvestorPlace Staff | March 21, 2012 6:26 pm

investorpoliticsletters2 Billionaire Gives $5.5M to Gingrich Super PAC[1]Fresh off a distant fourth place finish in yesterday’s Illinois GOP primary[2] and stinging second place finishes in Mississippi and Alabama[3] last week, Newt Gingrich’s campaign seems to be on its last legs.

That hasn’t stopped his biggest Super-PAC donor from giving heavily to his cause.

According to Federal Election Commission documents filed Tuesday, casino owner and billionaire Sheldon Adelson gave $5.5 million to the Gingrich-supporting Super-PAC Winning Our Future[4] in February. All together, Adelson has given more than $16 million to the Super-PAC.

In contrast, Gingrich’s own campaign only raised $2.5 million in February and spent $2.8 million during the month, leaving the campaign’s total debt at $1.5 million since campaigning began. Despite this, Gingrich claims that the campaign isn’t dependent on Adelson and Super-PAC funding.

Whether or not Gingrich is dependent on Adelson, the fact remains that it will likely take a miracle beyond his current donor base ponying up more money to his campaign for Gingrich to win the Republican nomination.

– Benjamin Nanamaker, InvestorPlace Money & Politics

The opinions contained in this column are solely those of the writer.

Want to share your own views on money, politics and the 2012 elections? Drop us a line at letters@investorplace.com and we might reprint your views in our InvestorPolitics blog! Please include your name, city and state of residence. All letters submitted to this address will be considered for publication

Endnotes:
  1. [Image]: mailto:letters@investorplace.com
  2. yesterday’s Illinois GOP primary: http://investorplace.com/investorpolitics/after-illinois-gop-game-over/
  3. stinging second place finishes in Mississippi and Alabama: http://investorplace.com/investorpolitics/santorum-to-romney-and-gingrich-kiss-my-grits/
  4. gave $5.5 million to the Gingrich-supporting Super-PAC Winning Our Future: http://thehill.com/blogs/ballot-box/gop-primaries/217201-billionaire-sheldon-adelson-gives-additional-55-million-to-pro-gingrich-super-pac

Source URL: http://investorplace.com/investorpolitics/billionaire-gives-5-5m-to-gingrich-super-pac/
Short URL: http://invstplc.com/1nyvatZ