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World Map / Upcoming Elections / US Presidential election 2016 / US Election Updates / Corporations and the wealthy behind party convention funding

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US Election Updates - October 19, 2012

Corporations and the wealthy behind party convention funding

Companies including AT&T and Bank of America spent millions of dollars to help stage both the Republican and Democratic conventions, according to financial disclosures released on Wednesday.

The revelations come despite restrictions by the Democrats on corporate funding for their event.

Last month’s Democratic convention marked the first time the party had set limits on sources of funding. This included barring donations from corporations and lobbyists and capping individual donations at $100,000.

Technically complying with the ban, it was found that several corporations contributed free-of-charge goods and services to the Democratic National Convention.

Meanwhile, the Republicans imposed no such restrictions for their convention in August. They raised money from dozens of corporations as well as individual donations from the likes of billionaire casino mogul Sheldon Adelson.

Adelson donated $5 million, the largest sum, to the GOP event. The second-largest amount came in at $4.4 million from Florida financier William Edwards and one of his companies, Marketing Solutions Publications.

The biggest financial backers of the Democratic convention in Charlotte, North Carolina, where President Barack Obama officially accepted his party's renomination on September 6, were labor unions with contributions of around $3 million. Unions are seen as a traditional source of funds for the Democrats.

Obama is being challenged in the November 6 election by former Massachusetts Governor Mitt Romney, who accepted his party’s nomination at the Republican convention in Tampa, Florida, on August 30.

In total, Republicans raised $55.3 million for their convention while the Democrats raised $24.2 million.