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If two dozen billionaire families were combining their wealth to effectively buy the 2012 election, it would be time for patriots to mount a bold response on behalf of democracy itself.
Well, that time has come.
US Senator Bernie Sanders, I-Vermont, revealed for the first time in Senate testimony Tuesday that at least twenty-three billionaire families have contributed a minimum of $250,000 each so far in this year's campaigns.
The subcommittee's "Taking Back Our Democracy: Responding to Citizens United and the Rise of Super PACs" hearing provided an important point of reflection on the crisis created in the 2012 election cycle by what the progressive reformers of a century ago described broadly--and accurately--as "the money power." In addition to Sanders, testimony was provided by other backers of amending the Constitution, including Congresswoman Donna Edwards, D-Massachusetts, and Harvard Law School professor Lawrence Lessig.
Sanders, who has emerged as an outspoken challenger of "the money power" not just in politics but in public life more generally, was characteristically blunt about the role that campaign spending is playing not just in politics but in the expansion of economic inequality in America--a country where the wealthiest 400 individuals own more wealth than the bottom 150 million Americans.
"What the Supreme Court did in Citizens United is to say to these same billionaires and the corporations they control: 'You own and control the economy, you own Wall Street, you own the coal companies, you own the oil companies. Now, for a very small percentage of your wealth, we're going to give you the opportunity to own the United States government.'
"That is the essence of what Citizens United is all about--and that's why it must be overturned," said Sanders, who has proposed to amend the Constitution to restore equal free-speech rights to all citizens.
The senator's Saving American Democracy Amendment (along with a House measure sponsored by Congressman Ted Deutch, D-Florida), would affirm "that for-profit corporations are not people, that they are not entitled to any rights under the Constitution, that they are subject to regulation by state legislatures consistent with free press protections, and that they are prohibited from making contributions or expenditures in political campaigns."
In addition, the amendment would restore tha authority of the elected representatives of the American people--at the national and state levels--to regulate and limit all political expenditures and contributions.
"I'm proud to say the American people are making their voices heard on this issue--they are telling us loud and clear it is time to reverse the trend," said Sanders, who noted that Vermont and five other states have adopted resolutions asking Congress for a constitutional amendment to overturn the Citizens United decision, as have more than 200 local governments nationwide.
To learn more about grassroots efforts to generate support for amending the Constitution to restore equal free speech for Americans, visit Democracy Is For People, which has been active in organizing in Vermont (where 60 towns backed amendment resolutions) and other states. Or check out the work of Move to Amend and Free Speech for People.
Echoing Sanders's themes, activists seeking to amend the Constitution have adopted a "United for the People" common statement of purpose tha sums things up well.
"The Supreme Court's ruling in Citizens United v. FEC has focused America's attention on the dangerous influence of corporate power in our democracy and the urgency of taking all necessary measures to undo that influence, including amending the Constitution," the statement declares. "Generations of Americans have amended the Constitution over the years to ensure that 'We the People' means all the people, not just the privileged few. The Citizens United case, which opened the floodgates to unlimited corporate spending to influence elections at all levels of government, has brought home the importance of amending the Constitution to ensure that 'We the People' does not mean we the corporations. We believe that America works best when our government is of, by and for the people. Although we have differences in scope and tactics, all of us are united in the understanding that the Court's decision in Citizens United and related cases must be remedied by amending the Constitution in order to restore the democratic promise of America."
* * *
According to the report, America for Sale: A Report on Billionaires Buying the 2012 Election, here are the 26 billionaires who are trying to buy your government:
1). Sheldon Adelson, owner of the Las Vegas Sands Casino, is worth nearly $25 billion, making him the 14th wealthiest person in the world and the 7th richest person in America. While median family income plummeted by nearly 40% from 2007-2010, Mr. Adelson has experienced a nearly eightfold increase in his wealth over the past three years (from $3.4 billion to $24.9 billion). Forbes recently reported that Adelson is willing to spend a "limitless" amount of money or more than $100 million to help defeat President Obama in November.
2. The Kochs (David, Charles, and William) are worth a combined $103 billion, according to Forbes. They have pledged to spend about $400 million during the 2012 election season. The Kochs own more wealth than the bottom 41.7 percent of American households or more than 49 million Americans.
3. Jim Walton is worth $23.7 billion. He has donated $300,000 to super PACs in 2012.
4. Harold Simmons is worth $9 billion. He has donated $15.2 million to super PACs this year.
5. Peter Thiel is worth $1.5 billion. He has donated $6.7 million to Super PACs this year.
6. Jerrold Perenchio is worth $2.3 billion. He has donated $2.6 million to super PACs this year.
7. Kenneth Griffin is worth $3 billion and he has given $2.08 million to super PACs in 2012.
8. James Simons is worth $10.7 billion and he has given $1.5 million to super Pacs this year.
9. Julian Robertson is worth $2.5 billion and he has given $1.25 million to super PACs this year.
10. Robert Rowling is worth $4.8 billion and he has given $1.1 million to super PACs.
11. John Paulson, the hedge fund manager who made his fortune betting that the sub-prime mortgage market would collapse, is worth $12.5 billion. He has donated $1 million to super PACs.
12. Richard and J.W. Marriott are worth a combined $3.1 billion and they have donated $2 million to super PACs this year.
13. James Davis is worth $1.9 billion and he has given $1 million to super PACs this year.
14. Harold Hamm is worth $11 billion and he has given $985,000 to super PACs this year.
15. Kenny Trout is worth more than $1.2 billion and he has given $900,000 to super PACs this year.
16. Louis Bacon is worth $1.4 billion and he has given $500,000 to super PACs this year.
17. Bruce Kovner is worth $4.5 billion and he has given $500,000 to super PACs this year.
18. Warren Stephens is worth $2.7 billion and he has given $500,000 to super PACs this year.
19. David Tepper is worth $5.1 billion and he has given $375,000 to super PACs this year.
20. Samuel Zell is worth $4.9 billion and he has given $270,000 to super PACs this year.
21. Leslie Wexner is worth $4.3 billion and he has given $250,000 to super PACs this year.
22. Charles Schwab is worth $3.5 billion and he has given $250,000 to super PACs this year.
23. Kelcy Warren is worth $2.3 billion and he has given $250,000 to super PACs this year.
© 2023 The Nation
If two dozen billionaire families were combining their wealth to effectively buy the 2012 election, it would be time for patriots to mount a bold response on behalf of democracy itself.
Well, that time has come.
US Senator Bernie Sanders, I-Vermont, revealed for the first time in Senate testimony Tuesday that at least twenty-three billionaire families have contributed a minimum of $250,000 each so far in this year's campaigns.
The subcommittee's "Taking Back Our Democracy: Responding to Citizens United and the Rise of Super PACs" hearing provided an important point of reflection on the crisis created in the 2012 election cycle by what the progressive reformers of a century ago described broadly--and accurately--as "the money power." In addition to Sanders, testimony was provided by other backers of amending the Constitution, including Congresswoman Donna Edwards, D-Massachusetts, and Harvard Law School professor Lawrence Lessig.
Sanders, who has emerged as an outspoken challenger of "the money power" not just in politics but in public life more generally, was characteristically blunt about the role that campaign spending is playing not just in politics but in the expansion of economic inequality in America--a country where the wealthiest 400 individuals own more wealth than the bottom 150 million Americans.
"What the Supreme Court did in Citizens United is to say to these same billionaires and the corporations they control: 'You own and control the economy, you own Wall Street, you own the coal companies, you own the oil companies. Now, for a very small percentage of your wealth, we're going to give you the opportunity to own the United States government.'
"That is the essence of what Citizens United is all about--and that's why it must be overturned," said Sanders, who has proposed to amend the Constitution to restore equal free-speech rights to all citizens.
The senator's Saving American Democracy Amendment (along with a House measure sponsored by Congressman Ted Deutch, D-Florida), would affirm "that for-profit corporations are not people, that they are not entitled to any rights under the Constitution, that they are subject to regulation by state legislatures consistent with free press protections, and that they are prohibited from making contributions or expenditures in political campaigns."
In addition, the amendment would restore tha authority of the elected representatives of the American people--at the national and state levels--to regulate and limit all political expenditures and contributions.
"I'm proud to say the American people are making their voices heard on this issue--they are telling us loud and clear it is time to reverse the trend," said Sanders, who noted that Vermont and five other states have adopted resolutions asking Congress for a constitutional amendment to overturn the Citizens United decision, as have more than 200 local governments nationwide.
To learn more about grassroots efforts to generate support for amending the Constitution to restore equal free speech for Americans, visit Democracy Is For People, which has been active in organizing in Vermont (where 60 towns backed amendment resolutions) and other states. Or check out the work of Move to Amend and Free Speech for People.
Echoing Sanders's themes, activists seeking to amend the Constitution have adopted a "United for the People" common statement of purpose tha sums things up well.
"The Supreme Court's ruling in Citizens United v. FEC has focused America's attention on the dangerous influence of corporate power in our democracy and the urgency of taking all necessary measures to undo that influence, including amending the Constitution," the statement declares. "Generations of Americans have amended the Constitution over the years to ensure that 'We the People' means all the people, not just the privileged few. The Citizens United case, which opened the floodgates to unlimited corporate spending to influence elections at all levels of government, has brought home the importance of amending the Constitution to ensure that 'We the People' does not mean we the corporations. We believe that America works best when our government is of, by and for the people. Although we have differences in scope and tactics, all of us are united in the understanding that the Court's decision in Citizens United and related cases must be remedied by amending the Constitution in order to restore the democratic promise of America."
* * *
According to the report, America for Sale: A Report on Billionaires Buying the 2012 Election, here are the 26 billionaires who are trying to buy your government:
1). Sheldon Adelson, owner of the Las Vegas Sands Casino, is worth nearly $25 billion, making him the 14th wealthiest person in the world and the 7th richest person in America. While median family income plummeted by nearly 40% from 2007-2010, Mr. Adelson has experienced a nearly eightfold increase in his wealth over the past three years (from $3.4 billion to $24.9 billion). Forbes recently reported that Adelson is willing to spend a "limitless" amount of money or more than $100 million to help defeat President Obama in November.
2. The Kochs (David, Charles, and William) are worth a combined $103 billion, according to Forbes. They have pledged to spend about $400 million during the 2012 election season. The Kochs own more wealth than the bottom 41.7 percent of American households or more than 49 million Americans.
3. Jim Walton is worth $23.7 billion. He has donated $300,000 to super PACs in 2012.
4. Harold Simmons is worth $9 billion. He has donated $15.2 million to super PACs this year.
5. Peter Thiel is worth $1.5 billion. He has donated $6.7 million to Super PACs this year.
6. Jerrold Perenchio is worth $2.3 billion. He has donated $2.6 million to super PACs this year.
7. Kenneth Griffin is worth $3 billion and he has given $2.08 million to super PACs in 2012.
8. James Simons is worth $10.7 billion and he has given $1.5 million to super Pacs this year.
9. Julian Robertson is worth $2.5 billion and he has given $1.25 million to super PACs this year.
10. Robert Rowling is worth $4.8 billion and he has given $1.1 million to super PACs.
11. John Paulson, the hedge fund manager who made his fortune betting that the sub-prime mortgage market would collapse, is worth $12.5 billion. He has donated $1 million to super PACs.
12. Richard and J.W. Marriott are worth a combined $3.1 billion and they have donated $2 million to super PACs this year.
13. James Davis is worth $1.9 billion and he has given $1 million to super PACs this year.
14. Harold Hamm is worth $11 billion and he has given $985,000 to super PACs this year.
15. Kenny Trout is worth more than $1.2 billion and he has given $900,000 to super PACs this year.
16. Louis Bacon is worth $1.4 billion and he has given $500,000 to super PACs this year.
17. Bruce Kovner is worth $4.5 billion and he has given $500,000 to super PACs this year.
18. Warren Stephens is worth $2.7 billion and he has given $500,000 to super PACs this year.
19. David Tepper is worth $5.1 billion and he has given $375,000 to super PACs this year.
20. Samuel Zell is worth $4.9 billion and he has given $270,000 to super PACs this year.
21. Leslie Wexner is worth $4.3 billion and he has given $250,000 to super PACs this year.
22. Charles Schwab is worth $3.5 billion and he has given $250,000 to super PACs this year.
23. Kelcy Warren is worth $2.3 billion and he has given $250,000 to super PACs this year.
If two dozen billionaire families were combining their wealth to effectively buy the 2012 election, it would be time for patriots to mount a bold response on behalf of democracy itself.
Well, that time has come.
US Senator Bernie Sanders, I-Vermont, revealed for the first time in Senate testimony Tuesday that at least twenty-three billionaire families have contributed a minimum of $250,000 each so far in this year's campaigns.
The subcommittee's "Taking Back Our Democracy: Responding to Citizens United and the Rise of Super PACs" hearing provided an important point of reflection on the crisis created in the 2012 election cycle by what the progressive reformers of a century ago described broadly--and accurately--as "the money power." In addition to Sanders, testimony was provided by other backers of amending the Constitution, including Congresswoman Donna Edwards, D-Massachusetts, and Harvard Law School professor Lawrence Lessig.
Sanders, who has emerged as an outspoken challenger of "the money power" not just in politics but in public life more generally, was characteristically blunt about the role that campaign spending is playing not just in politics but in the expansion of economic inequality in America--a country where the wealthiest 400 individuals own more wealth than the bottom 150 million Americans.
"What the Supreme Court did in Citizens United is to say to these same billionaires and the corporations they control: 'You own and control the economy, you own Wall Street, you own the coal companies, you own the oil companies. Now, for a very small percentage of your wealth, we're going to give you the opportunity to own the United States government.'
"That is the essence of what Citizens United is all about--and that's why it must be overturned," said Sanders, who has proposed to amend the Constitution to restore equal free-speech rights to all citizens.
The senator's Saving American Democracy Amendment (along with a House measure sponsored by Congressman Ted Deutch, D-Florida), would affirm "that for-profit corporations are not people, that they are not entitled to any rights under the Constitution, that they are subject to regulation by state legislatures consistent with free press protections, and that they are prohibited from making contributions or expenditures in political campaigns."
In addition, the amendment would restore tha authority of the elected representatives of the American people--at the national and state levels--to regulate and limit all political expenditures and contributions.
"I'm proud to say the American people are making their voices heard on this issue--they are telling us loud and clear it is time to reverse the trend," said Sanders, who noted that Vermont and five other states have adopted resolutions asking Congress for a constitutional amendment to overturn the Citizens United decision, as have more than 200 local governments nationwide.
To learn more about grassroots efforts to generate support for amending the Constitution to restore equal free speech for Americans, visit Democracy Is For People, which has been active in organizing in Vermont (where 60 towns backed amendment resolutions) and other states. Or check out the work of Move to Amend and Free Speech for People.
Echoing Sanders's themes, activists seeking to amend the Constitution have adopted a "United for the People" common statement of purpose tha sums things up well.
"The Supreme Court's ruling in Citizens United v. FEC has focused America's attention on the dangerous influence of corporate power in our democracy and the urgency of taking all necessary measures to undo that influence, including amending the Constitution," the statement declares. "Generations of Americans have amended the Constitution over the years to ensure that 'We the People' means all the people, not just the privileged few. The Citizens United case, which opened the floodgates to unlimited corporate spending to influence elections at all levels of government, has brought home the importance of amending the Constitution to ensure that 'We the People' does not mean we the corporations. We believe that America works best when our government is of, by and for the people. Although we have differences in scope and tactics, all of us are united in the understanding that the Court's decision in Citizens United and related cases must be remedied by amending the Constitution in order to restore the democratic promise of America."
* * *
According to the report, America for Sale: A Report on Billionaires Buying the 2012 Election, here are the 26 billionaires who are trying to buy your government:
1). Sheldon Adelson, owner of the Las Vegas Sands Casino, is worth nearly $25 billion, making him the 14th wealthiest person in the world and the 7th richest person in America. While median family income plummeted by nearly 40% from 2007-2010, Mr. Adelson has experienced a nearly eightfold increase in his wealth over the past three years (from $3.4 billion to $24.9 billion). Forbes recently reported that Adelson is willing to spend a "limitless" amount of money or more than $100 million to help defeat President Obama in November.
2. The Kochs (David, Charles, and William) are worth a combined $103 billion, according to Forbes. They have pledged to spend about $400 million during the 2012 election season. The Kochs own more wealth than the bottom 41.7 percent of American households or more than 49 million Americans.
3. Jim Walton is worth $23.7 billion. He has donated $300,000 to super PACs in 2012.
4. Harold Simmons is worth $9 billion. He has donated $15.2 million to super PACs this year.
5. Peter Thiel is worth $1.5 billion. He has donated $6.7 million to Super PACs this year.
6. Jerrold Perenchio is worth $2.3 billion. He has donated $2.6 million to super PACs this year.
7. Kenneth Griffin is worth $3 billion and he has given $2.08 million to super PACs in 2012.
8. James Simons is worth $10.7 billion and he has given $1.5 million to super Pacs this year.
9. Julian Robertson is worth $2.5 billion and he has given $1.25 million to super PACs this year.
10. Robert Rowling is worth $4.8 billion and he has given $1.1 million to super PACs.
11. John Paulson, the hedge fund manager who made his fortune betting that the sub-prime mortgage market would collapse, is worth $12.5 billion. He has donated $1 million to super PACs.
12. Richard and J.W. Marriott are worth a combined $3.1 billion and they have donated $2 million to super PACs this year.
13. James Davis is worth $1.9 billion and he has given $1 million to super PACs this year.
14. Harold Hamm is worth $11 billion and he has given $985,000 to super PACs this year.
15. Kenny Trout is worth more than $1.2 billion and he has given $900,000 to super PACs this year.
16. Louis Bacon is worth $1.4 billion and he has given $500,000 to super PACs this year.
17. Bruce Kovner is worth $4.5 billion and he has given $500,000 to super PACs this year.
18. Warren Stephens is worth $2.7 billion and he has given $500,000 to super PACs this year.
19. David Tepper is worth $5.1 billion and he has given $375,000 to super PACs this year.
20. Samuel Zell is worth $4.9 billion and he has given $270,000 to super PACs this year.
21. Leslie Wexner is worth $4.3 billion and he has given $250,000 to super PACs this year.
22. Charles Schwab is worth $3.5 billion and he has given $250,000 to super PACs this year.
23. Kelcy Warren is worth $2.3 billion and he has given $250,000 to super PACs this year.