Thursday, August 1, 2013

Libertarian-leaning super PAC raising big money

Libertarian-leaning super PAC raising big money | The Center for Public Integrity - Adam Wollner:

July 30, 2013 - "A super PAC quietly formed this spring by a prominent libertarian has rushed to a quick fundraising start thanks to a small network of wealthy, like-minded donors.

"Purple PAC, a super PAC led by former Federal Election Commission Chairman Brad Smith and Cato Institute founder Ed Crane, raised $575,000 from the time the group launched in early May through the end of June, new FEC filings show.

"Only four donors contributed, but they provided significant cash. The group received two $250,000 contributions — one from Richard Masson, a Kentucky horse breeder, and another from Pennsylvania-based options trader Jeffrey Yass, who also sits on the board of the Cato Institute.

"Washington, D.C., entrepreneur Philip Harvey donated an additional $50,000 to Purple PAC, while New York real estate developer Howard Rich chipped in $25,000, according to FEC records.

"Smith, who currently serves as the chairman of the anti-campaign finance regulation group Center for Competitive Politics, said Purple PAC plans to make independent expenditures promoting 'freedom-oriented' candidates who are fiscally conservative and socially moderate."

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