Common Cause/NY Releases Analysis of NYSDC Soft Money Fundraising, Top Donors
For Immediate Release:
Contact:
June 16, 2013
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
Amount
Industry
Affiliated Individuals/Subsidiaries
Renaissance Technologies
$1,000,000.00
FINANCE — HEDGE FUND
James Simons
Soros Fund Management
$750,000.00
FINANCE — HEDGE FUND
George Soros
Educators United
$250,000.00
LABOR — EDUCATION (UFT AFFILIATE)
Hospitals Insurance Company
$200,000.00
INSURANCE — MEDICAL MALPRACTICE
Glenwood Management (Leonard Litwin)
$200,000.00
REAL ESTATE
79th Street Realty LLC, 80th Realty LLC, Arwin 74th St LLC, East 77th Realty LLC, East 85th Realty LLC, River York Barclay LLC
Tishman Speyer
$200,000.00
REAL ESTATE
TS/TSCE Indian Nominee LLC
IBE Trade
$150,000.00
FERTILIZER; REAL ESTATE
Alexander Rovt
The Arker Companies
$102,000.00
REAL ESTATE
New Yorkers for Affordable Housing
Empire Merchants
$100,000.00
ALCOHOLIC BEVERAGES
Empire Merchants North LLC
Access Industries
$100,000.00
OIL & GAS; REAL ESTATE; MEDIA; CHEMICALS
Ben Barnes Group
$100,000.00
PUBLIC AFFAIRS; POLITICAL CONSULTING
Extell Development
$100,000.00
REAL ESTATE
Gary Barnett
The Related Companies
$100,000.00
REAL ESTATE
Improvement Fund LLC
The Witkoff Group
$100,000.00
REAL ESTATE
Mugrabi Family
$50,000.00
ART DEALERS
Albert Mugrabi
Competitive Power Ventures
$50,000.00
ENERGY — NATURAL GAS POWER PLANTS
CPV Valley, LLC
Physicians Reciprocal Insurers
$50,000.00
INSURANCE — MEDICAL MALPRACTICE
Sony Pictures Entertainment
$50,000.00
MEDIA; ENTERTAINMENT
Rivergate Development LLC
$50,000.00
REAL ESTATE
RXR Realty
$50,000.00
REAL ESTATE
Deborah Rechler
HNTB Corporation
$35,000.00
ENGINEERING; CONSTRUCTION
Paul Yarossi, Kenneth Graham
AECOM
$25,000.00
ENGINEERING; CONSTRUCTION
Parsons
$25,000.00
ENGINEERING; CONSTRUCTION
Tishman Construction
$25,000.00
ENGINEERING; CONSTRUCTION
Ostroff Hiffa and Associates
$25,000.00
LOBBYIST
Richard Ostroff
Paramount Pictures
$25,000.00
MEDIA; ENTERTAINMENT
Brack Capital
$25,000.00
REAL ESTATE
180 Orchard Owner LLC
Forest City Ratner
$25,000.00
REAL ESTATE
Omni New York
$20,000.00
REAL ESTATE
OMP Office LLC
Click here for spreadsheet of all NYSDC contributions and expenditures.