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Obama and McCain Skirt Campaign Finance Laws

HeadlineOct 21, 2008

In other campaign news, the New York Times reports many wealthy supporters of both Obama and McCain have managed to skirt campaign finance laws by giving tens of thousands of dollars to joint fundraising committees that benefit the candidates as well as their respective parties. The Times analyzed donors who wrote checks of $25,000 or more to the candidates’ main joint fundraising committees. The biggest portion of money for both candidates came from the securities and investments industry, including executives at various firms embroiled in the recent financial crisis like Bear Stearns, Lehman Brothers and AIG. All told, each candidate has had about 2,000 people give $25,000 or more to his various joint fundraising committees. The Times reveals that in September more than 600 donors contributed $25,000 or more to Obama, roughly three times the number who did the same for McCain. Obama raised a record-shattering $150 million in September.

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