W. Va. Democratic Leaders Skipping Convention

Jun 19, 2012, 5:32 pm EDT

West Virginia may be a red state, but there is some blue mixed in here and there. Just don’t expect to see it all represented in the Democrats’ convention in September.

According to a press release from yesterday, Sen. Joe Manchin, Gov. Earl Ray Tomblin, and Rep. Nick Rahall will skip the event. This follows news that the state party requires all Democratic candidates to support the full party ticket. Manchin and Tomblin have publicly stated they might not endorse Obama in the election.

Manchin, however, says this is not to blame for his missing the event in Charlotte on September 4-6. He said the reason he will not be there is because he will be working to represent West Virginia, and not working on behalf of national politics. Read 

Casino Magnate Doubles Down On GOP

Jun 18, 2012, 11:39 am EDT

Sheldon Adelson appears to be further hedging his bets on the Republican party.

Having already given $36 million to super PACs supporting Newt Gingrich and Mitt Romney (with some help from his family), Adelson has reportedly forked over more cash in support of the GOP: at least $35 million, according to fundraisers familiar with his plans.

The groups benefitting from these donations include Karl Rove-affiliated Crossroads GPS, a nonprofit linked to the Koch brothers, and an organization linked to House Majority Leader Eric Cantor, R-Va. Read 

Most Congressional Leaders Lost Money In 2011

Jun 15, 2012, 11:39 am EDT
Most Congressional Leaders Lost Money In 2011

The economy’s struggle to regain its past strength was no stranger to many on Capitol Hill. According to financial disclosure forms released by many (but not all) members of Congress yesterday, a large number of Congressional leaders lost net worth from 2010 to 2011.

House Speaker John Boehner, R-Ohio, saw his net worth drop from $2.1 million to $1.7 million. Senate Majority Leader Harry Reid, D-Nev., lost $800,000 from his total net worth, mostly from a decrease in one of his property’s values.

Nancy Pelosi, D-Ca., the richest leader in Congress, also lost the most money last year. Worth $26.4 million in 2011, her net worth was down $8 million. Much of that loss came from a failed investment in the United Football League and one of the league’s teams by Pelosi’s husband. He lost as much as $10 million in those deals. Read 

Wealthy Lawmakers Get Extension on Revealing Finances

Jun 14, 2012, 12:48 pm EDT
Wealthy Lawmakers Get Extension on Revealing Finances

Several wealthy members of Congress caught a break today. Today was the day all members of Congress were slated to file financial disclosure forms, but many prominent — and rich — politicians received extensions on filing.

Among those receiving extensions to file were the following Congress members:

    Sen. John Kerry, D-Mass. Sen. Mark Warner, D-Va. Sen. Richard Blumenthal, D-Conn. Rep. David Rivera, R-Fla. Rep. Maxine Waters, D-Calif.

Others who were late to file included Reps. Michelle Bachman (R-Minn.), Allen West (R-Fla.), Steve King (R-Iowa), and Ben Quayle (R-Ariz.). No word on whether or not these Congress members requested or received extensions to file. Read 

What Is Carried Interest, Anyway?

Jun 14, 2012, 8:00 am EDT
What Is Carried Interest, Anyway?

If you do a Google search for “Mitt Romney carried interest,” 9,770 results appear.

That’s not a huge amount in the world of search. Yet it’s clearly going to be a big topic of conversation as we move closer to November. Obama wants to get rid of it, and Romney won’t say what he thinks, though it’s pretty clear he knows which side his bread is buttered on.

Regardless of who believes what, it’s constructive for voters to understand the issue before they step into the voting booth. Knowing how carried interest is created and when taxing it at lower rates is warranted should be important to all Americans — not just those directly affected by it. Read 

Sheldon Adelson Gives $10M to Romney Super PAC

Jun 13, 2012, 12:48 pm EDT
Sheldon Adelson Gives $10M to Romney Super PAC

After practically bankrolling Newt Gingrich’s run for the GOP presidential nomination, casino billionaire Sheldon Adelson is splashing his cash on behalf of Mitt Romney.

According to sources, Adelson is planning on donating $10 million to the Romney-backing super PAC Restore Our Future. During the Republican primaries, Adelson and his family gave $20 million to Gingrich’s super PAC, who fell short of the nomination.

This donation further boosts Romney’s already healthy fundraising numbers, and should worry Obama. Obama’s supporters don’t seem to have nearly as deep of pockets as Romney backers. Adelson is the eighth-richest man in the world, with an estimated net worth of $25 billion, so this $10 million may well be just the beginning of his generosity to Romney. Read 

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