Contrary to expectations, the much-criticized court decisions that gave us “super PACs” have not led to a tsunami of contributions flowing from the treasuries of Fortune 500 corporations — at least not yet anyway.
What the Citizens United decision and a lower court ruling have done is make household names out of a bunch of relatively unknown, very wealthy conservatives. Of the top 10 donors to super PACs so far in the 2012 election cycle, seven are individuals — not corporations — and four of those individuals are billionaires.
The top 10 contributors gave more than a third, or $68 million of the nearly $202 million reported by the outside spending groups this election, according to a Center for Public Integrity analysis of Federal Election Commission records.
Rounding out the top 10 are two labor unions and a physicians’ medical malpractice insurance group.
The top donor list is mostly Republican, which is not surprising given the competitive GOP presidential primary season. Even so, Democrats have had less success in raising money for super PACs so far.
In 2010, the U.S. Supreme Court and a lower court set the stage for the new super PACs.
Such organizations can accept unlimited contributions from corporations, unions and individuals to spend on advertising supporting or opposing a candidate, but are not permitted to coordinate their spending with campaigns, though many employ former campaign operatives.