Billionaire Gives $1 Million to Obama Super-PAC

by InvestorPlace Staff | September 28, 2012 10:07 am

[1]Billionaire George Soros appears to have changed his mind about super PACs, and will give $1 million to the Barack Obama-supporting[2] Priorities USA Action.

In addition to that donation, he will give $500,000 to two other super PACs supporting Congressional Democrats. Soros’ donations came as part of a Thursday gathering of liberal donors called the Democracy Alliance, who typically have focused on grass-roots organizations and research institutes.

The gathering, headlined by an appearance by former President Bill Clinton, was seen by many as a way of convincing donors who were reluctant to give to super PACs to do so. Soros had said earlier this year he was unlikely to give money to Priorities USA Action, and many other Democratic donors had followed suit.

The meeting earned promises from other donors to give at least $10 million to Democratic super PACs. It’s a shot in the arm for those super PACs, who had only recently been receiving donations from other traditional Democratic donor groups, like Hollywood, trial lawyers, and unions.

That said, Soros and other Democratic donors have been dwarfed by donations to Republican super PACs, such as Romney’s Restore Our Future. Sheldon Adelson, Chairman and CEO of Las Vegas Sands (NYSE:LVS[3]), has pledged to give up to $100 million to defeat Obama and Congressional Democrats. The largest Democratic super PAC donor, James Simons, has given $4 million.

Democrats are hoping Soros’ donation will help them start stemming the tide of Republican Super PAC dollars, and let them keep the White House and Senate in 2012.

— Benjamin Nanamaker, InvestorPolitics Editor

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

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