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cartergramiak

Opinion | Ron DeSantis Is the Republican Autopsy - The New York Times - 0 views

  • After the Republican Party suffered a surprising (well, to Republicans) defeat in the 2012 election, the Republican National Committee famously commissioned an autopsy that tried to analyze how the party had fallen short. It made a range of recommendations, but they were distilled by the headlines — and the wishful thinking of certain party elites — into a plan for the G.O.P. to win back the presidency mostly by shifting left on immigration.
  • But just because there hasn’t been a formal reckoning, thick with focus groups and bullet points, doesn’t mean that G.O.P. elites don’t have a theory of how to fix their party’s problems in time for the next presidential cycle. It’s just that this time the theory is less a message than a man: Right now, the party’s autopsy for 2020, and its not-Trump hopes for 2024, are made flesh in the governor of Florida, Ron DeSantis.
  • So DeSantis has a good narrative for the Covid era — but his appeal as a post-Trump figure goes deeper than just the pandemic and its battles. The state he governs isn’t just a test case for Covid policy. It’s also been an object lesson in the adaptability of the Republican Party in the face of demographic trends that were supposed to spell its doom.
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  • DeSantis’s career has been a distillation of this Florida-Republican adaptability. Born in Jacksonville, he went from being a double-Ivy Leaguer (Yale and Harvard Law) to a Tea Party congressman to a zealous Trump defender who won the president’s endorsement for his gubernatorial campaign. A steady march rightward, it would seem — except that after winning an extremely narrow victory over Andrew Gillum in 2018, DeSantis then swung back to the center, with educational and environmental initiatives and African-American outreach that earned him 60 percent approval ratings in his first year in office.
  • The donor-class hope that Trump will simply fade away still seems naïve. But the donors circling DeSantis at least seem to have learned one important lesson from 2016: If you want voters to say no to Donald Trump, you need to figure out, in a clear and early way, the candidate to whom you want them to say yes.
katherineharron

Trump donor Stephen Schwarzman plans private fundraiser with Mitt Romney - CNNPolitics - 0 views

  • Stephen Schwarzman, an informal adviser and donor to President Donald Trump, is hosting a fundraiser with Sen. Mitt Romney in support of several Republicans colleagues seeking reelection, according to two people with knowledge of the event.
  • Helping Romney bolster his standing in the party as he attempts to cement his position as a self-described "renegade Republican" during an impeachment inquiry is notable because of Schwarzman's support for Trump. Since the 2016 election, Schwarzman has donated a total of about $850,000 to Trump's inauguration and political action committees, based on records compiled by CNN and the Center for Responsive Politics.
  • Romney also took a shot at Trump's character in an interview with The Atlantic where he criticized Trump for "berating another person, or calling them names, or demeaning a class of people, not telling the truth."
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  • "That's simply not true. As I point out, the idea that any one senator, even me — even Mitch McConnell — is not going to convince other senators to reach a different conclusion than they would reach on their own," said Romney in the interview.
  • Schwarzman has also contributed to Romney's various political campaigns over the years. Since 1993, Schwarzman, along with his wife Christine, have contributed around $94,200 to Romney's federal campaigns or Romney linked groups, according to Center for Responsive Politics. Most recently, the couple each donated the maximum to Romney's Senate bid in 2018.
  • Schwarzman reportedly visited the White House this summer at Kushner's request, who convened a dinner to discuss his father-in-law's campaign fundraising strategy.
mariedhorne

The 2020 election for the White House and Congress poised to hit record-shattering $14 billion, updated estimate shows - CNNPolitics - 0 views

  • The cost of this year's federal elections will hit close to $14 billion, shattering records and doubling the amount of money spent to influence presidential and congressional contests four years ago, according to an estimate released Wednesday.
  • And the 2020 election also has seen a dramatic reversal in the financial fortunes of the two men vying for the White House
  • Donations to the Biden campaign alone through mid-October -- the most recent public filings -- already have topped $930 million.
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  • Bloomberg and California hedge-fund founder Tom Steyer -- Democratic candidates and groups spent $5.5 billion in this cycle; Republicans, $3.8 billion. That marks an unprecedented financial advantage for Democrats.Small-dollar donors account for 22% of the money raised this cycle, up from 15% in the last presidential election cycle.
  • "Ten years ago, a billion-dollar presidential candidate would have been difficult to imagine. This cycle, we're likely to see two," the center's executive director Sheila Krumholz said in a statement.
  • race in South Carolina, out-of-state money accounted for 93% of Harrison's money and about 87% of the campaign funds collected by Graham.Women donors have stepped up their giving, accounting for 44% of contributions, a new high. And women donors have donated $1.3 billion to Democrats, compared to roughly $570 million to Republicans.
anonymous

The White Supremacist And Extremist Donors To Trump's 2020 Campaign | HuffPost - 0 views

  • President Donald Trump’s 2020 campaign has repeatedly accepted donations from well-known white supremacists, extremists
  • The Trump campaign, which did not respond to HuffPost’s request for comment on this story, has been aware of at least some of the white supremacists’ donations, past media reports show
  • it is common practice for political campaigns to voluntarily forfeit donations from extremists.
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  • American Bridge 21st Century found 30 extremist donors giving money directly to the Trump reelection campaign
  • Overall, the extremists’ donations added up to more than $120,000 dating back to 2015, including about $50,000 given to Trump’s 2020 bid.
  • Just this week, yet another White House official, this time deputy communications director Julia Hahn, was exposed as having deep ties to white supremacists. 
  • The Southern Poverty Law Center, which monitors extremists, calls Geller “probably the best known — and the most unhinged — anti-Muslim ideologue in the United States.” 
  • In 2011, after Norwegian white supremacist Anders Breivik killed 77 people to promote his manifesto against the “Islamization of Europe,” it was revealed that Breivik had cited Geller’s writings 12 times in that document.
Javier E

How the AI apocalypse gripped students at elite schools like Stanford - The Washington Post - 0 views

  • Edwards thought young people would be worried about immediate threats, like AI-powered surveillance, misinformation or autonomous weapons that target and kill without human intervention — problems he calls “ultraserious.” But he soon discovered that some students were more focused on a purely hypothetical risk: That AI could become as smart as humans and destroy mankind.
  • In these scenarios, AI isn’t necessarily sentient. Instead, it becomes fixated on a goal — even a mundane one, like making paper clips — and triggers human extinction to optimize its task.
  • To prevent this theoretical but cataclysmic outcome, mission-driven labs like DeepMind, OpenAI and Anthropic are racing to build a good kind of AI programmed not to lie, deceive or kill us.
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  • Meanwhile, donors such as Tesla CEO Elon Musk, disgraced FTX founder Sam Bankman-Fried, Skype founder Jaan Tallinn and ethereum co-founder Vitalik Buterin — as well as institutions like Open Philanthropy, a charitable organization started by billionaire Facebook co-founder Dustin Moskovitz — have worked to push doomsayers from the tech industry’s margins into the mainstream.
  • More recently, wealthy tech philanthropists have begun recruiting an army of elite college students to prioritize the fight against rogue AI over other threats
  • Open Philanthropy spokesperson Mike Levine said harms like algorithmic racism deserve a robust response. But he said those problems stem from the same root issue: AI systems not behaving as their programmers intended. The theoretical risks “were not garnering sufficient attention from others — in part because these issues were perceived as speculative,” Levine said in a statement. He compared the nonprofit’s AI focus to its work on pandemics, which also was regarded as theoretical until the coronavirus emerged.
  • Critics call the AI safety movement unscientific. They say its claims about existential risk can sound closer to a religion than research
  • And while the sci-fi narrative resonates with public fears about runaway AI, critics say it obsesses over one kind of catastrophe to the exclusion of many others.
  • Other skeptics, like venture capitalist Marc Andreessen, are AI boosters who say that hyping such fears will impede the technology’s progress.
  • Among the reputational hazards of the AI safety movement is its association with an array of controversial figures and ideas, like EA, which is also known for recruiting ambitious young people on elite college campuses.
  • The foundation began prioritizing existential risks around AI in 2016,
  • there was little status or money to be gained by focusing on risks. So the nonprofit set out to build a pipeline of young people who would filter into top companies and agitate for change from the insid
  • Colleges have been key to this growth strategy, serving as both a pathway to prestige and a recruiting ground for idealistic talent
  • The clubs train students in machine learning and help them find jobs in AI start-ups or one of the many nonprofit groups dedicated to AI safety.
  • Many of these newly minted student leaders view rogue AI as an urgent and neglected threat, potentially rivaling climate change in its ability to end human life. Many see advanced AI as the Manhattan Project of their generation
  • At Stanford, Open Philanthropy awarded Luby and Edwards more than $1.5 million in grants to launch the Stanford Existential Risk Initiative, which supports student research in the growing field known as “AI safety” or “AI alignment.
  • Mukobi joined Stanford’s club for effective altruism, known as EA, a philosophical movement that advocates doing maximum good by calculating the expected value of charitable acts, like protecting the future from runaway AI. By 2022, AI capabilities were advancing all around him — wild developments that made those warnings seem prescient.
  • Despite the school’s ties to Silicon Valley, Mukobi said it lags behind nearby UC Berkeley, where younger faculty members research AI alignment, the term for embedding human ethics into AI systems.
  • from the start EA was intertwined with tech subcultures interested in futurism and rationalist thought. Over time, global poverty slid down the cause list, while rogue AI climbed toward the top.
  • In the past year, EA has been beset by scandal, including the fall of Bankman-Fried, one of its largest donors
  • Another key figure, Oxford philosopher Nick Bostrom, whose 2014 bestseller “Superintelligence” is essential reading in EA circles, met public uproar when a decades-old diatribe about IQ surfaced in January.
  • Programming future AI systems to share human values could mean “an amazing world free from diseases, poverty, and suffering,” while failure could unleash “human extinction or our permanent disempowerment,” Mukobi wrote, offering free boba tea to anyone who attended the 30-minute intro.
  • Open Philanthropy’s new university fellowship offers a hefty direct deposit: undergraduate leaders receive as much as $80,000 a year, plus $14,500 for health insurance, and up to $100,000 a year to cover group expenses.
  • Student leaders have access to a glut of resources from donor-sponsored organizations, including an “AI Safety Fundamentals” curriculum developed by an OpenAI employee.
  • Interested students join reading groups where they get free copies of books like “The Precipice,” and may spend hours reading the latest alignment papers, posting career advice on the Effective Altruism forum, or adjusting their P(doom), a subjective estimate of the probability that advanced AI will end badly. The grants, travel, leadership roles for inexperienced graduates and sponsored co-working spaces build a close-knit community.
  • Edwards discovered that shared online forums function like a form of peer review, with authors changing their original text in response to the comments
  • Mukobi feels energized about the growing consensus that these risks are worth exploring. He heard students talking about AI safety in the halls of Gates, the computer science building, in May after Geoffrey Hinton, another “godfather” of AI, quit Google to warn about AI. By the end of the year, Mukobi thinks the subject could be a dinner-table topic, just like climate change or the war in Ukraine.
  • Luby, Edwards’s teaching partner for the class on human extinction, also seems to find these arguments persuasive. He had already rearranged the order of his AI lesson plans to help students see the imminent risks from AI. No one needs to “drink the EA Kool-Aid” to have genuine concerns, he said.
  • Edwards, on the other hand, still sees things like climate change as a bigger threat than rogue AI. But ChatGPT and the rapid release of AI models has convinced him that there should be room to think about AI safety.
  • Interest in the topic is also growing among Stanford faculty members, Edwards said. He noted that a new postdoctoral fellow will lead a class on alignment next semester in Stanford’s storied computer science department.
  • The course will not be taught by students or outside experts. Instead, he said, it “will be a regular Stanford class.”
Javier E

What Does Peter Thiel Want? - Persuasion - 0 views

  • Of the many wealthy donors working to shape the future of the Republican Party, none has inspired greater fascination, confusion, and anxiety than billionaire venture capitalist Peter Thiel. 
  • Thiel’s current outlook may well make him a danger to American democracy. But assessing the precise nature of that threat requires coming to terms with his ultimate aims—which have little to do with politics at all. 
  • Thiel and others point out that when we lift our gaze from our phones and related consumer products to the wider vistas of human endeavor—breakthroughs in medicine, the development of new energy sources, advances in the speed and ease of transportation, and the exploration of space—progress has indeed slowed to a crawl.
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  • It certainly informed his libertarianism, which inclined in the direction of an Ayn Rand-inspired valorization of entrepreneurial superman-geniuses whose great acts of capitalistic creativity benefit all of mankind. Thiel also tended to follow Rand in viewing the masses as moochers who empower Big Government to crush these superman-geniuses.
  • Thiel became something of an opportunistic populist inclined to view liberal elites and institutions as posing the greatest obstacle to building an economy and culture of dynamistic creativity—and eager to mobilize the anger and resentment of “the people” as a wrecking ball to knock them down. 
  • the failure of the Trump administration to break more decisively from the political status quo left Thiel uninterested in playing a big role in the 2020 election cycle.
  • Does Thiel personally believe that the 2020 election was stolen from Trump? I doubt it. It’s far more likely he supports the disruptive potential of encouraging election-denying candidates to run and helping them to win.
  • Thiel is moved to indignation by the fact that since 1958 no commercial aircraft (besides the long-decommissioned Concorde) has been developed that can fly faster than 977 kilometers per hou
  • Thiel is, first and foremost, a dynamist—someone who cares above all about fostering innovation, exploration, growth, and discovery.
  • the present looks and feels pretty much the same as 1969, only “with faster computers and uglier cars.” 
  • Thiel’s approach to the problem is distinctive in that he sees the shortfall as evidence of a deeper and more profound moral, aesthetic, and even theological failure. Human beings are capable of great creativity and invention, and we once aspired to achieve it in every realm. But now that aspiration has been smothered by layer upon layer of regulation and risk-aversion. “Legal sclerosis,” Thiel claimed in that same book review, “is likely a bigger obstacle to the adoption of flying cars than any engineering problem.”
  • Progress in science and technology isn’t innate to human beings, Thiel believes. It’s an expression of a specific cultural or civilizational impulse that has its roots in Christianity and reached a high point during the Victorian era of Western imperialism
  • Thiel aims to undermine the progressive liberalism that dominates the mainstream media, the federal bureaucracy, the Justice Department, and the commanding heights of culture (in universities, think tanks, and other nonprofits).
  • In Thiel’s view, recapturing civilizational greatness through scientific and technological achievement requires fostering a revival of a kind of Christian Prometheanism (a monotheistic variation on the rebellious creativity and innovation pursued by the demigod Prometheus in ancient Greek mythology)
  • Against those who portray modern scientific and technological progress as a rebellion against medieval Christianity, Thiel insists it is Christianity that encourages a metaphysical optimism about transforming and perfecting the world, with the ultimate goal of turning it into “a place where no accidents can happen” and the achievement of “personal immortality” becomes possible
  • All that’s required to reach this transhuman end is that we “remain open to an eschatological frame in which God works through us in building the kingdom of heaven today, here on Earth—in which the kingdom of heaven is both a future reality and something partially achievable in the present.” 
  • As Thiel put it last summer in a wide-ranging interview with the British website UnHerd, the Christian world “felt very expansive, both in terms of the literal empire and also in terms of the progress of knowledge, of science, of technology, and somehow that was naturally consonant with a certain Christian eschatology—a Christian vision of history.”
  • JD Vance is quoted on the subject of what this political disruption might look like during a Trump presidential restoration in 2025. Vance suggests that Trump should “fire every single midlevel bureaucrat, every civil servant in the administrative state, replace them with our people. And when the courts stop [him], stand before the country, and say, ‘the chief justice has made his ruling. Now let him enforce it.’”
  • Another Thiel friend and confidante discussed at length in Vanity Fair, neo-reactionary Curtis Yarvin, takes the idea of disrupting the liberal order even further, suggesting various ways a future right-wing president (Trump or someone else) could shake things up, shredding the smothering blanket of liberal moralism, conformity, rules, and regulations, thereby encouraging the creation of something approaching a scientific-technological wild west, where innovation and experimentation rule the day. Yarvin’s preferred path to tearing down what he calls the liberal “Cathedral,” laid out in detail on a two-hour Claremont Institute podcast from May 2021, involves a Trump-like figure seizing dictatorial power in part by using a specially designed phone app to direct throngs of staunch supporters (Jan. 6-style) to overpower law enforcement at key locations around the nation’s capital.  
  • this isn’t just an example of guilt-by-association. These are members of Thiel’s inner circle, speaking publicly about ways of achieving shared goals. Thiel funded Vance’s Senate campaign to the tune of at least $15 million. Is it likely the candidate veered into right-wing radicalism with a Vanity Fair reporter in defiance of his campaign’s most crucial donor?
  • As for Yarvin, Thiel continued to back his tech start up (Urbit) after it became widely known he was the pseudonymous author behind the far-right blog “Unqualified Reservations,” and as others have shown, the political thinking of the two men has long overlapped in numerous other ways. 
  • He’s deploying his considerable resources to empower as many people and groups as he can, first, to win elections by leveraging popular disgust at corrupt institutions—and second, to use the power they acquire to dismantle or even topple those institutions, hopefully allowing a revived culture of Christian scientific-technological dynamism to arise from out of the ruins.  
  • Far more than most big political donors, Thiel appears to care only about the extra-political goal of his spending. How we get to a world of greater dynamism—whether it will merely require selective acts of troublemaking disruption, or whether, instead, it will ultimately involve smashing the political order of the United States to bits—doesn’t really concern him. Democratic politics itself—the effort of people with competing interests and clashing outlooks to share rule for the sake of stability and common flourishing—almost seems like an irritant and an afterthought to Peter Thiel.
  • What we do have is the opportunity to enlighten ourselves about what these would-be Masters of the Universe hope to accomplish—and to organize politically to prevent them from making a complete mess of things in the process.
Javier E

Politico: Karl Rove, Koch brothers lead charge to control Republican data :InlandPolitics.com - 1 views

  • Now, they’ve got lots of answers — possibly too many — and a feisty rivalry is brewing between tea party upstarts, nonpartisan data geeks, operatives linked to the Koch brothers and insiders like Karl Rove
  • Rove earlier this month spoke with major donors in New York about a voter data project that he has estimated could cost between $15 million and $20 million. He has been working with San Francisco-based private-equity investor Dick Boyce, who is fronting a political data concept called Liberty Works, sources tell POLITICO.
  • in a very real way, it’s about who controls the party through its most precious asset — its voter data — and the multimillion-dollar contracts that could follow.
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  • The public relationship between Rove and Boyce has been complicated, according to several sources familiar with the project. Rove has openly embraced Boyce’s work, touting it at an invitation-only conference that drew some of the GOP’s biggest names to a swanky Georgia resort in March. But Boyce has established distance from Rove, indicating to prospective donors that he’s not simply a front for the latest project from the Rove-conceived Crossroads groups, which sponsored one of Rove’s New York meetings this month.
  • Multiple sources said that Boyce’s effort has collided with Themis, adding to the rivalry between two of the deepest-pocketed factions in conservative politics — Crossroads and the Koch political operation
rachelramirez

Even Trump's Kids Haven't Donated to His Campaign - The Daily Beast - 0 views

  • Even Trump’s Kids Haven’t Donated to His Campaign
  • With less than two weeks until the election, Donald Trump has amassed an impressive army of small donors, fueling his bid with individual contributions of $200 or less. But noticeably absent from the list of contributors is basically anyone with the last name Trump, many of the surrogates who represent The Donald on national television, and members of his own campaign staff.
  • On Sept. 7, 2016, Eric Trump appears to have contributed $376.20 listed only as “meeting expense: meals.”
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  • Ben Carson, another staunch Trump defender, gave Mitt Romney $1,000 in April 2012 but nothing to Trump this cycle.
  • t. Gen. Michael Flynn, the former Defense Intelligence Agency director turned Trump warm-up act, has not given the candidate a dime. Neither has Governor Chris Christie
  • Many of Trump’s surrogates, who have been generous in previous campaigns, this year have kept their wallets closed to The Donald.
  • Ivanka Trump, who previously contributed to Hillary Clinton and John McCain in 2007 and 2008 respectively, does not appear to have given to her father.
  • And contributions below $200 are not required to be reported by presidential campaigns.
  • The kind of anything goes rule when it comes to donations applies evenly to both candidates in the race and some of Clinton’s team is not on record providing contributions either.
  • However, Clinton’s campaign chairman John Podesta appears to have given $2,700 on April 16, 2015. And Chelsea Clinton gave her mother’s campaign $2,700 on Jan. 21, 2016. There are also documented contributions from newly-appointed Democratic National Committee chair Donna Brazile, Clinton’s campaign manager Robby Mook, and former strategist for President Obama David Axelrod.
  • One major Clinton surrogate who is noticeably absent from her extensive list of contributors is billionaire Mark Cuban who has been a public thorn in Trump’s side.
  • And by September, Trump had paid his own businesses around $8.2 million, comprised of rent, food, and facilities and payroll for corporate staffers. He even used tens of thousands of dollars in campaign donations to buy copies of his own book.
  • Meanwhile, Trump is still asserting that he will invest $100 million in his own campaign
drewmangan1

Clinton Foundation's Fundraisers Pressed Donors to Steer Business to Former President - WSJ - 0 views

  • The Clinton campaign has refused to confirm or deny the authenticity of any of the hacked emails and, along with top U.S. intelligence officials, blamed Russia for stealing them from the account of Mrs. Clinton campaign manager John Podesta.
  • The charitable arm of Gems has given the Clinton Foundation between $1 million and $5 million. The for-profit education company has paid Bill Clinton about $6.2 million since 2010 for consulting work, according to tax returns released by the campaign of Mrs. Clinton.
alexdeltufo

Donald Trump Seeks Republican Unity but Finds Rejection - The New York Times - 0 views

  • A hasty effort to make peace between Donald J. Trump and Republican Party leaders veered toward the point of collapse on Friday as Jeb Bush announced he would not back Mr. Trump in the general election
  • Mr. Trump has struggled to make peace with senior lawmakers and political donors whom he denounced during the Republican primaries, and upon whose largess he must now rely.
  • Republican control of the Senate said in a briefing for lobbyists and donors on Thursday that the party’s
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  • The strategist, Ward Baker, the executive director of the National Republican Senatorial Committee, said conventions were a distracting spectacle every four years,
  • ndrea Bozek, a spokeswoman for the National Republican Senatorial Committee, said it was up to “each individual campaign” to decide whether to attend the convention.
  • . In a statement, Mr. Bush said his former opponent lacked the “temperament or strength of character” to serve as president.
  • The populist Manhattan businessman responded with a statement savaging Mr. Graham, a senior spokesman for the party on national security. Mr. Trump boasted that he had
  • He has appeared uncertain of how to respond to the prospect of mass defections from inside the Republican Party. He has said in recent weeks that he favors party unity as a practical matter,
  • “They’re still trying to project this mind-set that they’re blowing up the place, blowing up the institution,”
  • Mr. Ryan said Thursday that he was not ready to endorse Mr. Trump, a statement widely interpreted as signaling to Republicans that they would face no pressure to close ranks around Mr. Trump
  • Most Republican campaign contributors face less immediate pressure to count themselves as with or against Mr. Trump, but strategists expect Mr. Trump to face considerable skepticism
mrflanagan17

Donald Trump's inauguration comes with menu of access - CNNPolitics.com - 0 views

  • supporters will have prime access to the administration and first families.
  • The inaugural committee is a separate entity from the campaign and the transition, and can raise money as it sees fit, though donors and bundlers of $200 or more will be made public.
  • All the packages include travel bookings and tickets to various events, with decreasing amounts of tickets and less access.
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  • donors will get tickets to a luncheon with Cabinet appointees and congressional leadership, dinner with the Vice President-elect and his wife, lunch with the first families, tickets to an "elegant" "candlelight dinner"
  • any and all funds raised above amounts needed to fund the Inaugural events will be donated to charitable organizations
  • "On November 9th our country began the peaceful transition to power that will culminate on January 20th, when our country will unite in celebrating freedom and democracy."
  • though he pledged to spend $100 million of his own money, never met that amount, giving less than $60 million
Javier E

Hedge Funds Faced Choppy Waters in 2015, but Chiefs Cashed In - The New York Times - 0 views

  • Those riches came during a year of tremendous market volatility that was so bad for some Wall Street investors that the billionaire manager Daniel S. Loeb called it a “hedge fund killing field.”
  • The 25 best-paid hedge fund managers took home a collective $12.94 billion in income last year,
  • top hedge fund managers earn more than 50 times what the top executives at banks are paid.
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  • Their firms do more business in some corners of the financial world than many banks, including lending to low-income homeowners and small businesses. They lobby members of Congress. And they have put large sums of money behind presidential candidates, at times pumping tens of millions of dollars into super PACs.
  • The hedge fund industry has now ballooned in size, to $2.9 trillion, from $539 billion in 2001. So, too, has the pay of the industry’s leaders.
  • When Institutional Investor first started ranking hedge fund pay 15 years ago, George Soros topped the Alpha list, earning $700 million. In 2015, Mr. Griffin, who started trading as a Harvard sophomore out of his dorm room, and James H. Simons, a former math professor, each took home $1.7 billion
  • his own personal wealth has grown exponentially, and is estimated by Forbes at $7.5 billion.
  • Mr. Griffin’s firm, Citadel, has grown from a hedge fund that managed family and pension fund money into a $25 billion firm
  • He recently made headlines when he paid $500 million for two pieces of art. In September, Mr. Griffin, 47, reportedly paid $200 million to buy several floors in a new luxury condo tower that is being built at 220 Central Park South, in Manhattan.
  • He was the biggest donor to the successful re-election campaign of Mayor Rahm Emanuel of Chicago. More recently he has poured more than $3.1 million into the failed presidential campaigns of Marco Rubio, Jeb Bush and Scott Walker, as well as the Republican National Committee
  • Citadel’s flagship Kensington and Wellington hedge funds returned 14.3 percent over 2015
  • Mr. Simons, 78, has been a major political donor of the Democrats, donating $9.2 million in 2016, including $7 million to Priorities USA Action, a super PAC supporting Hillary Clinton.
  • Among 2015’s top hedge fund earners are five men who actually lost money for some investors last year but still made handsome profits because their firms are so big
  • For many managers, collecting large pay, even when performance was not tops, has become a side effect of growing bigger. Advertisement Continue reading the main story “Once a hedge fund gets to be large enough to produce incredibly outsized remuneration, the hardest part of due diligence is determining whether the investment process is affected,
  • “Is the goal to continue to make money in a risky environment or is the goal to preserve assets on which you collect fees?”
  • Michael Platt, the founder of BlueCrest Capital Management, took home $260 million, according to Alpha. It was a difficult year for his firm, once one of the biggest hedge funds in Europe with $37 billion in investor money. He lost investors in his flagship fund 0.63 percent over the year and then told them he was throwing in the towel.
Javier E

Trumpism and Clintonism Are the Future - The New York Times - 0 views

  • The presidential election of 1968 was a milestone in partisan realignment — the breakup of the mid-20th-century Democrats and Republicans and the reshuffling of voter blocs among the two parties
  • In 2016, this half-century process of partisan realignment is all but complete. What we are seeing instead of partisan realignment is policy realignment — the adjustment of what each party stands for to its existing voter base.
  • For a while, the strength of the religious right allowed elite Republicans to trade tax cuts for the rich for support for banning abortion and gay marriage. But as religious conservatism declines, a kind of European-style national populism is rising, for which protectionism and immigration restriction are central issues, not peripheral concerns.
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  • Although he benefited from the support of working-class whites who resented affirmative action, busing, mass immigration, sexual liberation and cultural liberalism, Reagan himself was animated by an optimistic individualism that had more in common with Chamber of Commerce boosterism than it did with the defensive and combative communitarianism of conservative populism.
  • in the midterm election of 1994, when the Republican party captured both houses of Congress, many centrist and conservative Democrats, particularly in the South and West, were replaced by Republicans. The Democrats who survived the slaughter were concentrated in New England and the West Coast, big cities and college towns, and majority black or majority Latino districts. The midterm elections of 2010 wiped out much of the remnant of centrist-to-conservative “Blue Dog” Democrats in the House.
  • Today’s Democratic base is, to simplify somewhat, an alliance of Northern, Midwestern and West Coast whites from the old Rockefeller Republican tradition with blacks and Latinos.
  • For their part, the Republicans of 2016 rely for their votes on the Southern white and Northern white working-class constituencies that were once the mainstays of the other party. With this partisan realignment over, the policy realignment has begun — the closing of the gap between the inherited program of a political party and the values and interests of its present-day voters.
  • In the Republican Party, the inherited program shared by much of the conservative movement and the party’s donors, with its emphasis on free trade and large-scale immigration, and cuts in entitlements like Social Security and Medicare, is a relic of the late 20th century, when the country-club wing of the party was much more important than the country-and-western wing.
  • We are accustomed to thinking of the election of Ronald Reagan in 1980 as the beginning of a new era. But from the vantage point of 2016, both Reagan and Bill Clinton look more like transitional figures. During this period, the migration from the Democratic Party to the Republican Party of socially conservative, economically populist Democrats, like the supporters of the segregationist Democrat George Wallace’s independent presidential campaign in 1968, was not yet complete. Neither was the flow of moderate Rockefeller Republicans in the opposite direction.
  • Long before Mr. Trump threw his hat into the ring in 2015, the economic libertarians who are overrepresented in the donor class and Republican think tanks and magazines were losing to the populists. Opposition to illegal immigration went from being a fringe issue associated with Patrick Buchanan in the 1990s to a central test of whether one was a “true conservative” or a Republican in Name Only.
  • Mr. Trump exposed the gap between what orthodox conservative Republicans offer and what today’s dominant Republican voters actually want — middle-class entitlements plus crackdowns on illegal immigrants, Muslims, foreign trade rivals and free-riding allies
  • notwithstanding the enthusiasm of the young for Bernie Sanders, the major tension is not between Mr. Sanders and Hillary Clinton. It is between Hillary Clinton and the legacy of Bill Clinton.
  • the success of the Democrats in winning the popular vote for the presidency in every election since 1992 except 2004 has convinced most Democratic strategists that they don’t need socially conservative, economically liberal Reagan or Wallace Democrats any more. Many Democrats hope that the long-term growth of the Obama coalition, caused chiefly by the growth of the Latino share of the electorate, will create an all but inevitable Democratic majority in the executive branch
  • The Clintonian synthesis of pro-business, finance-friendly economics with social and racial liberalism no longer needs to be diluted, as it was in the 1990s, by opportunistic appeals to working-class white voters.
  • on the social and racial issues that are important to today’s Democratic base, it is Mr. Sanders, not Mrs. Clinton, who has had to modify his message. At the beginning of his campaign, Mr. Sanders the democratic socialist focused in the manner of a single issue candidate almost exclusively on themes of class, inequality and political corruption. But because he is running for the Democratic presidential nomination, he has had to put greater emphasis on other issues, including racial disparity in policing and sentencing and the environment and immigration.
  • For all of these reasons, it is likely that the future of the Democrats will be Clintonism — Hillary Clintonism, that is, a slightly more progressive version of neoliberalism freed of the strategic concessions to white working-class voters associated with Bill Clintonism.
Javier E

Campaign Finance Reports Show 'Super PAC' Donors - NYTimes.com - 0 views

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    Good ammunition for a Marxist analysis of American politics.
rachelramirez

Bernie Sanders Narrows Fund-Raising Gap With Hillary Clinton - The New York Times - 0 views

  • Bernie Sanders Narrows Fund-Raising Gap With Hillary Clinton
  • Mrs. Clinton, who has been able to tap into one of the most successful fund-raising networks in American politics, reported raising more than $28 million for her primary campaign since the beginning of July, while Mr. Sanders, who has largely eschewed fund-raising from large donors, reported raising about $26 million.
  • when she brought in a total of $47.5 million, almost all of it for the primary campaign.
grayton downing

Ruling in Lhota Bid Is Blow to New York Law Limiting Donations - NYTimes.com - 0 views

  • A federal appeals court ruled on Thursday that a conservative group supporting the mayoral candidacy of Joseph J. Lhota may accept contributions of any size, saying New York State’s limit on donations to independent political groups was probably unconstitutional.
  • The case was brought by New York Progress and Protection PAC, which said that a conservative donor from Alabama, Shaun McCutcheon, pledged to donate at least $200,000 to the group, and that other donors were likely to do the same.
  • “This was a very good and clear decision by the court, and it’s consistent with courts all across the United States.”
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  • “This could usher in an era where super PACs call the shots in campaigns all over the state, not just in the city,”
  • “Today’s decision will empower the right-wing billionaires, like the Koch brothers, and Tea Party groups who support Joe Lhota to drown out the voices of New Yorkers,” said Lis Smith, a spokeswoman for the de Blasio campaign. “The stakes are too high to let the same Republican extremists who shut down the government hijack the mayoral election.”
  • But the ruling on Thursday, by a three-judge panel of the United States Court of Appeals for the Second Circuit, said the group’s challenge of the contribution limit had a “substantial likelihood of success,” noting that many other courts had struck down similar laws.
  • “With this decision, New York City voters will now get a more democratic mayoral race, one with an even financial playing field,” Mr. Pell said. “This will result in a campaign where ideas speak rather than money.”
  • “Elections should empower the free expression of all voices, and not just act as auctions where office is sold to the highest bidder,” she said.
  • “Attorney General Schneiderman believes that every voter should have an equal voice in our democracy, and that New York’s campaign finance laws are essential to protecting the integrity and fairness of our elections,” Mr. LaVera said.
Javier E

How Billionaire Oligarchs Are Becoming Their Own Political Parties - NYTimes.com - 0 views

  • In 2010, the Citizens United decision by the Supreme Court effectively blew apart the McCain-Feingold restrictions on outside groups and their use of corporate and labor money in elections. That same year, a related ruling from a lower court made it easier for wealthy individuals to finance those groups to the bottom of their bank accounts if they so chose. What followed has been the most unbridled spending in elections since before Watergate. In 2000, outside groups spent $52 million on campaigns, according to the Center for Responsive Politics. By 2012, that number had increased to $1 billion.
  • The result was a massive power shift, from the party bosses to the rich individuals who ran the super PACs (as most of these new organizations came to be called). Almost overnight, traditional party functions — running TV commercials, setting up field operations, maintaining voter databases, even recruiting candidates — were being supplanted by outside groups.
  • With the advent of Citizens United, any players with the wherewithal, and there are surprisingly many of them, can start what are in essence their own political parties, built around pet causes or industries and backing politicians uniquely answerable to them. No longer do they have to buy into the system. Instead, they buy their own pieces of it outright, to use as they see fit. “Suddenly, we privatized politics,”
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  • Where does the money go? Americans for Prosperity obviously spends a lot on television, but it also maintains offices in 35 states with 600 paid staff members. The group funds phone banks, big-ticket events and many other details like beer cozies and water bottles. Its biggest chapter is in Florida, where its 50 paid staff members work out of 10 offices and constitute a year-round organization that rivals that of the state Republican Party.
  • the Koch brothers, whose own group, Americans for Prosperity, already has political operations in every state that Steyer is contesting, along with 28 others. The group says it will spend at least $125 million this year.
  • In 2012, it raised $115 million. It is impossible to know the identities of the donors, though the group’s annual closed-door conferences are regularly attended by many of the biggest conservative donors in the country, including the hedge-fund executive Foster Friess and the casino magnate Sheldon Adelson.
  • we have Michael Bloomberg, who has committed to spending $50 million to support gun-control legislation; his Independence USA PAC, meanwhile, is spending $25 million this fall to elect “centrists.” We have the TD Ameritrade founder Joe Ricketts and his group Ending Spending, which has spent roughly $10 million so far this year to elect fiscal conservatives to Congress, an effort that has drawn support from the billionaire hedge-fund executive Paul E. Singer, who has also devoted tens of millions to Republican candidates who share his views on Israel. We have Mark Zuckerberg and his FWD.us, with a budget of about $50 million to push an immigration overhaul. In 2014, as of early October, when the campaigns had yet to do their big final pushes, overall spending was already more than $444 million, according to the Center for Responsive Politics. Roughly $231 million was from the parties and their congressional committees, the rest from outside spending. The biggest chunk of that by far came from super PACs — more than $196 million.
  • the most important factor is the growth of the volunteer base of Americans for Prosperity, which it now numbers into the tens of thousands. The first lesson of party politics is that winning elections means getting out the vote, and getting out the vote means signing up volunteers. Phillips spends a lot of time thinking about what will keep them happy.
  • The movement is independent of the party, which is the way Phillips wants it. When Rick Scott said he would support an expansion of Medicaid under Obamacare, Americans for Prosperity let him know about its displeasure through a deluge of phone calls and letters and even a protest at the State Capitol. Scott ultimately made no effort to push it through the Legislature, many of whose Republican members have been supported by the group as well. “I think he started hearing from some other voices, A.F.P. and some of the other organizations,” Chris Hudson, the group’s Florida director, had said, “and I think they sort of superseded what was going on in his own staff.”
  • Phillips said the group’s volunteers would have it no other way. “They have to feel like the organization is genuinely a principled outfit,” he said. “If they think you’re just an appendage of the party, they can go to the party. Why do they need you?”Continue reading the main story
  • In 2012, though, Steyer read an essay in Rolling Stone (“Global Warming’s Terrifying New Math”), in which Bill McKibben, the writer and climate activist, suggested that fossil-fuel interests had too much money at stake to let the political system do anything about carbon emissions. The only alternative, McKibben wrote, was a mass movement, and the only way to start a mass movement was to articulate a consistent, fact-based moral argument for change. At that moment, Taylor said, “Tom realized that the climate threat was near, present, imminent, massive — and aggravates every other crisis, whether it’s hunger or civil rights.” He had to do something different. So a few months later he and Taylor invited McKibben to the ranch for a war council.
  • NextGen’s campaign largess was itself a capitulation to the post-Citizens United world. Steyer was applying pressure to the political system in a way no average American could. It seemed undemocratic. But Steyer saw it as simple pragmatism; the other side was “playing multiples,” he said, and he had to operate “in the real world the way the real world works.”
Javier E

Koch Brothers' Budget of $889 Million for 2016 Is on Par With Both Parties' Spending - NYTimes.com - 0 views

  • The political network overseen by the conservative billionaires Charles G. and David H. Koch plans to spend close to $900 million on the 2016 campaign, an unparalleled effort by coordinated outside groups to shape a presidential election that is already on track to be the most expensive in history.
  • In the last presidential election, the Republican National Committee and the party’s two congressional campaign committees spent a total of $657 million.
  • The $889 million spending goal for 2016 would put it on track to spend nearly as much as the campaigns of each party’s presidential nominee.
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  • Now the Kochs’ network will embark on its largest drive ever to influence legislation and campaigns across the country, leveraging Republican control of Congress and the party’s dominance of state capitols to push for deregulation, tax cuts and smaller government.
  • “It’s no wonder the candidates show up when the Koch brothers call,” said David Axelrod, a former senior adviser to Mr. Obama. “That’s exponentially more money than any party organization will spend. In many ways, they have superseded the party.”
  • While almost no Republican Party leaders were invited to the Koch event, it has become a coveted invitation for the party’s rising stars, for whom the gathered billionaires and multimillionaires are a potential source of financing for campaigns and super PACs
  • At least five potential presidential candidates were invited this year, and four attended, including Gov. Scott Walker of Wisconsin. On Sunday evening, three of them — Senators Marco Rubio of Florida, Rand Paul of Kentucky and Ted Cruz of Texas
  • The Kochs are longtime opponents of campaign disclosure laws. Unlike the parties, their network is constructed chiefly of nonprofit groups that are not required to reveal donors.
  • As the three senators addressed the audience of rich donors — effectively an audition for the 2016 primary — they dismissed a question about whether the wealthy had too much influence in politics. At times they seemed to be addressing an audience of two: the Kochs themselves, now among the country’s most influential conservative power brokers.
  • Mr. Cruz gave an impassioned defense of his hosts as job creators and the victims of unfair attacks by Democrats, while Mr. Rubio suggested that only liberals supported campaign finance restrictions, so as to empower what he said were their allies in Hollywood and the news media.
Javier E

President Obama Could Unmask Big Political Donors - NYTimes.com - 0 views

  • Each one of hundreds of corporate contractors and subcontractors has an incentive to contribute to political candidates and their parties because, quite simply, pay-to-play works. In a recent report, the Sunlight Foundation, a watchdog group, tallied the lobbying and campaign expenditures of 200 companies from 2007 to 2012. In all, the companies spent a total of $5.8 billion and were awarded $4.4 trillion in federal business and support, or $760 for every $1 spent.
  • This month, more than 50 public advocacy and good government groups publicly challenged him to back up his rhetoric with action. In a letter to Mr. Obama, they called on him to issue an executive order requiring full disclosure of political spending by corporations receiving federal contracts, as well as by their directors and officers.
Javier E

College Admissions Scandal: FBI Targets Wealthy Parents - The Atlantic - 0 views

  • Charges are also being brought against 13 college coaches, including Yale’s head women’s soccer coach, who allegedly accepted a $400,000 bribe to admit a student as one of his recruits even though the student had never played competitive soccer.
  • “Every year, alumni contribute to their alma matters with the expectation of special treatment for their children,”
  • “This more genteel form of bribery is considered perfectly legal. Not only that, the donors get a tax break to boot, undercutting the fundamental legal principle that a charitable donation should not enrich the donor.”
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  • A famous example involves Jared Kushner, President Trump’s son-in-law and senior advisor whose father, then a wealthy real-estate developer, in 1998 pledged $2.5 million to Harvard University. Kushner—who, the investigative reporter Daniel Golden notes in his 2006 book The Price of Admission, was described by administrators at his high school as a mediocre student—was admitted to the school shortly after that
  • fraud and bribery’s lawful cousins—legacy preferences, athletic recruitment, and other admissions practices that lower the bar for progeny of the rich and famous—are ubiquitous.
  • At elite colleges, athletic recruitment is arguably another form of affirmative action for the wealthy. As my colleague Saahil Desai has written, Harvard’s admissions office, for instance, gives a major boost to athletes with middling academic qualifications. Athletes who score a four (out of six) on the academic scale Harvard uses to score applicants were accepted at a rate of about 70 percent, Desai reported; the admit rate for nonathletes with the same score, on the other hand, was 0.076 percent.
  • as 40 percent of Harvard’s white students are legacies or recruited athletes.
  • Today, legacy students account for an estimated 14 percent of Harvard’s undergraduate population, and applicants who enjoy such alumni connections are accepted at five times the rate of their non-legacy peers (a nearly 34 percent acceptance rate, versus just under 6 percent for those lacking those coveted alumni connections)
  • the U.S. attorney perhaps unintentionally emphasized this irony when he said: “We’re not talking about donating a building … We’re talking about fraud.”
  • His comment highlighted the mundanity of admissions favors for upper-crust children—when executed legally
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