New Breed Of "Mega-Bundlers" Supercharged Campaign Finance

Through Oct. 15, the two presidential candidates had raised a total of $350 million in their joint fund-raising accounts, about equally. In 2004, President George W. Bush and Democratic Sen. John Kerry raised a combined $51.4 million for joint fund-raising accounts, up from a combined $5.2 million in the 2000 presidential race.

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Donors are allowed to give as much as $70,000 to the accounts. The accounts legally skirt fund-raising limits because the money doesn't go directly to candidates. Instead, it is split in legal-size chunks between national and state political parties that then spend it on behalf of the presidential candidates.

The study found that Sen. McCain had 84 mega-bundlers. They include Hess Corp. CEO John Hess, who was credited with $256,500 in contributions from himself and nine Hess employees. Mr. Hess declined to comment.

Henry Kravis, of Kohlberg, Kravis, Roberts & Co., raised $322,000 from himself and 11 people in his office. Mr. Kravis declined to comment.

Read the full story here

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Comments

[Sumocat]

This article is rather misleading. It points out that bundlers donate money to political groups, not the candidates, but then names the candidates as the recipients of the bundles. Bundlers brought money to parties on state and national levels, but neither McCain nor Obama received that money directly. Obama operated largely without the DNC, while the DNC focused on the smaller races, while McCain and the GOP, well, I can't say I saw much coordination between them.

[blowhard]

The Barbarian at the gate...

[Changeizgood]

It was bound to come out. We have the internet now, nothing is secret. Yeahhhhhhh!!

[PT6]

This is Outrageous and must be stopped!

We do not need the flood of TV ads paid for by Mega-Bundlers!

It should not be legal to have the candidate's Party separately fund a presidential campaign or buy ads for a presidential campaign!

Also, all limits should be consistent with a max donation CAP of $2,300!

[wendynyc]

Scumbags like these wield too much power!

[Dystopic]

money is power. get used to it.