Common Cause/NY Releases Analysis of NYSDC Soft Money...

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8/19/13 3:02 PM

Common Cause/NY Releases Analysis of NYSDC Soft Money...

http://www.commoncause.org/site/apps/nlnet/content2.aspx?c=...

National Home > State Archives Home > New York - Archive > New York Press Releases
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For Immediate Release: June 16, 2013

Contact: Susan Lerner, (212) 691-6421

Common Cause/NY Releases Analysis of NYSDC Soft Money Fundraising, Top Donors
$5.9 million in first-half 2013 is already the largest sum ever raised by a soft money account in a single year Today, Common Cause/NY release an analysis of the $5.9 million in soft money raised by the New York State Democratic Committee (NYSDC) so far in 2013. This sum is already the largest amount ever raised by a soft money committee in a single year in New York State. During the entire five year period from 2008-2012, the NYSDC raised a total of $4.3 million in soft money. As widely reported in the press, the NYSDC's record-breaking soft money fundraising in 2013 is the result of Governor Cuomo's decision to use it as the fundraising vehicle for an advertising campaign promoting his policy agenda. The NYSDC soft money account has spent nearly $5.3 million on television advertising so far in 2013. Common Cause/NY recognizes the improved transparency in utilizing the official party committee for this purpose rather than an outside entity. But we remain concerned about the influence afforded to wealthy special interests by the soft money loophole and the ability of donors to contributed unlimited sums to New York's political parties. "These figures confirm, yet again, the need for a complete overhaul of our campaign finance system. Ordinary New Yorkers can't help but question the kind of access and influence donors who can contribute limitless amounts to party accounts have and contrast it, unfortunately unfavorably, with their own," said Susan Lerner, Executive Director of Common Cause/NY Highlights In the first half of 2013, the NYSDC raised $5.9 million in soft money, a new single year record for a New York party committee. The previous record holder was the New York Republican State Committee which raised $4.9 million in 2002 under Governor Pataki. The average donation to the NYSDC so far in 2013 is $58,414. From 2008-2012, the average donation to NYSDC was $12,375. The majority of the funds raised in 2013 ($4.1 million out of $5.9 million) come from 46 new donors who did not contribute at all during the five year period from 2008-2012 Nearly 85% of NYSDC's 2013 fundraising comes from a handful of interests in finance, real estate, telecom, medical malpractice insurance, healthcare, engineering/construction, media, and lobbying/political consulting. The largest donation in 2013 is a $1 million check from the founder of hedge fund Renaissance Technologies, James Simons. The only other $1 million single check ever donated in New York State (other than self-funding candidates) is also from a Renaissance Technologies executive, Robert Mercer's 2010 gift to the State Conservative Party's soft money account. From 2008-2012, the largest donation to NYSDC was $125,000 from Time Warner Cable NEW YORK STATE DEMOCRATIC COMMITTEE TOP NEW DONORS 2013 Donor Name Renaissance Technologies Soros Fund Management Educators United Amount $1,000,000.00 $750,000.00 $250,000.00 Industry FINANCE -- HEDGE FUND FINANCE -- HEDGE FUND LABOR -- EDUCATION (UFT AFFILIATE) INSURANCE -- MEDICAL MALPRACTICE 79th Street Realty LLC, 80th Realty LLC, Arwin 74th St LLC, East 77th Realty LLC, East 85th Realty LLC, River York Barclay LLC TS/TSCE Indian Nominee LLC Alexander Rovt New Yorkers for Affordable Housing Affiliated Individuals/Subsidiaries James Simons George Soros

Hospitals Insurance Company $200,000.00

Glenwood Management (Leonard Litwin)

$200,000.00

REAL ESTATE

Tishman Speyer IBE Trade The Arker Companies

$200,000.00 $150,000.00 $102,000.00

REAL ESTATE FERTILIZER; REAL ESTATE REAL ESTATE

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8/19/13 3:02 PM

Common Cause/NY Releases Analysis of NYSDC Soft Money...

http://www.commoncause.org/site/apps/nlnet/content2.aspx?c=...

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