Super PACs: $125 million spent -- and counting
(CBS News) With less than 100 days to go in the presidential race, nine single-candidate "super" PACs -- political action committees that can raise and spend unlimited sums on political expression - have spent $125 million advocating and advertising for their preferred candidate, a CBS News analysis of Federal Election Commission reports shows.
Through the first half of 2012, the pro-Mitt Romney Restore Our Future, was the most active super PAC, raising $81 million and spending $60 million through June 30. Two-thirds of its spending, or $40 million, went to negative ads attacking Republican primary opponents Newt Gingrich and Rick Santorum.
Super PACs established for six also-ran Republicans -- Gingrich, Santorum, Ron Paul, Rick Perry, Jon Huntsman, Herman Cain -- spent a combined $36 million dollars on advertising and advocacy during the primaries, which effectively ended when Santorum dropped out in April.
Related: Top 10 super PAC donors through June
The pro-President Obama super PAC Priorities USA Action raised $20.8 million and spent $18.3 million through June and entered July with $2.8 million cash on hand. American Bridge 21st Century, another pro-Obama super PAC, raised $10.6 million and spent $8.4 million.
Super PACs are permitted to spend unlimited sums raised from individuals, companies, and unions due to a pair of 2010 court decisions, most notably the "Citizens United" case adjudicated by the Supreme Court.
Through June, at least 22 people or companies contributed $1 million or more to pro-Romney Restore Our Future. Together, they provided 48 percent of the funds collected by the super PAC since its inception in 2011.
Casino mogul Sheldon Adelson leapfrogged to the top of the Restore Our Future donor list in June with a $10 million gift from him and his wife, Miriam. Houston homebuilder Bob Perry was next, with $5 million given to the group, including $2 million last month. Florida energy company president William Koch, a brother of the better known Charles and David Koch, gave $3 million by himself or through his business, including $1 million last month.
Adelson and Koch are among 20 billionaires who contributed to Restore Our Future by themselves or through their companies. Half the billionaire donors earned their fortune, like Romney, in the financial sector, such as Charles Schwab, Warren Stephens, and hedge fund founder Julian Robertson. The list included a pair of Marriott brothers and Walton siblings, a trio of real estate moguls, and one retail clothing chain founder.
Some pro-Romney donors didn't make it easy to identify them. For example, Bob Brockman, CEO of Reynolds and Reynolds Company, headquartered in Dayton, Ohio, became a million dollar donor by steering three contributions on May 22 in the names of three firms he controls -- Fairbanks Properties LLC, Waterbury Properties LLC, and CRC Information Systems, Inc.
Nine people and two unions contributed $1 million each to Priorities USA Action, providing the pro-Obama group 62 percent of the money it has raised since its inception. The latest seven-figure donors include Qualcomm founder Irwin Jacobs and Newsweb Corp. president Fred Eychaner, as well as a few with Hollywood ties: actor Morgan Freeman, comedian Bill Maher, movie producer Jeffrey Katzenberg, movie director Steven Spielberg and Hollywood mogul Haim Saban.
Billionaire investor George Soros, a historically huge Democratic donor, gave $1 million last month to American Bridge 21st Century, another pro-Obama super PAC, which had $2.4 million cash on hand entering July.
A dozen more super PACs not focused exclusively on the presidential race had banked more than $1 million through June.
Leading the pack was American Crossroads, with $40 million raised in 2012 and $31 million cash on hand entering July. Among the notable multi-million dollar donations: homebuilder Perry and former Univision owner Jerry Perenchio. And among American Crossroads' notable most recent $1 million contributors: Oklahoma oilman Joe Craft, Texas real estate developer Harlan Crow and Florida businessman Irving Moskowitz.
Its sister organization, Crossroads GPS, founded under a tax code designation that allows it to conceal its donors, has also raised and spent tens of millions of dollars primarily on TV ads criticizing president Obama's record.
The Sunlight Foundation, which tracks the super PAC money flow, found that conservative groups raised triple the amount of money as the liberal ones. Sunlight Foundation also found that companies donated double what unions did, and that 90 percent of the business cash went to conservative super PACS.