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Common Cause/NY Releases Analysis of NYSDC Soft Money... http://www.commoncause.org/site/apps/nlnet/content2.aspx?c=...

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National Home > State Archives Home > New York - Archive > New York Press Releases

 

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 f rom Time Warner Cable

 

NEW YORK STATE DEMOCRATIC COMMITTEE – TOP NEW DONORS 2013

Donor Name Amount IndustryAffiliated

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 ESTATETS/TSCE Indian

Nominee LLC

IBE Trade $150,000.00 FERTILIZER; REAL ESTATE Alexander Rovt

The Arker Companies $102,000.00 REAL ESTATENew Yorkers for 

 Affordable Housing

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Common Cause/NY Releases Analysis of NYSDC Soft Money... http://www.commoncause.org/site/apps/nlnet/content2.aspx?c=...

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