RGA Raises $30 Million

Written by FrumForum News on Sunday October 17, 2010

The Wall Street Journal reports:

The Republican Governors Association raised more than $30 million in the past three months with the help of sizable donations from Wall Street investors, the oil and gas industry, the Michigan Chamber of Commerce and other companies.

Fund-raising reports covering July through September showed that the Republican governors group had one of its best fund-raising periods ever, with donations ranging from $1, from one of its own employees, to nearly $3 million from the Michigan business association. News Corp., publisher of The Wall Street Journal, donated $250,000.

The Republican haul overwhelmed the $10 million raised by its counterpart, the Democratic Governors Association. Both groups plan to spend record amounts on the gubernatorial elections. The Democratic Governors Association says it will spend $50 million this election, while the Republican Governors Association could spend about $65 million.

The stakes are huge in this year's campaigns for governor. For one, there are more gubernatorial elections this year—37 in all—than ever before. The governors who win next month's elections will help decide how new congressional districts will be drawn as a result of the recent Census. Both sides say this redistricting process could help swing as many as 30 seats in the U.S. House.

Among the top donors were Paul Singer, the head of hedge fund Elliott Management, and several of his colleagues. Singer donated $1.6 million to the Republican Governors Association during the period and a total of $2 million for the year. Seven of his colleagues kicked in an additional $250,000, records show.

The largest donor was the Michigan Chamber of Commerce, which donated $2.8 million in the three-month period and a total of $5.4 million for the year.

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