Joint Fundraising Redefined
"Joint fundraising committees" are normally created by national parties to collect money for several candidates at once. The candidates are often from the same state. Funds collected by the joint committee are distributed among the candidates and the party. But Rep. Eric Cantor, R-Va., has turned the practice on its head with his Cantor Joint Fundraising Committee, a candidate-run committe that offers one stop shopping for wealthy Cantor supporters.
The CJFC raised $94,200 during the first quarter of 2007, not an unusual amount, except that $89,200 of it came from just two donors: Lindsay and Rivki Rosenwald of Lawrence, N.Y. Lindsay is the CEO and Chairman of Paramount BioCapital.
The Rosenwalds' money will be split among four separate recipients: Cantor's campaign committee, his leadership PAC (Every Republican is Crucial), the 7th District Republican Committee (a local party committee in Richmond, Va.) and the National Republican Congressional Committee.
The Rosenwalds' contributions account for nearly half of all the money they are able to give to federal candidates and committees for the 2008 election. Cantor benefits since three of the recipients are either controlled by him or located in his home area. And instead of having the national party take the credit for raising the money, Cantor can claim credit while still filling NRCC coffers.
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