Sheldon Adelson, the Las Vegas casino magnate with a net worth of over $20 Billion, has
promised "limitless" contributions to help defeat President Obama
. Mr. Adelson's main beef with the President seems to be his consistently disrespectful treatment of Israel. I can't understand how any supporter of the Jewish state isn't equally upset with the President over this issue. I am.
Adelson has been a player in Republican party politics throughout this cycle. He and his wife Mariam gave over $10 million to the Super PAC that was allied with former House Speaker Newt Gingrich. And he had pledged up to $100 million if the Gingrich campaign had gone the distance. He now appears poised to contribute at least that much to the Super PAC working for former Massachusetts Governor Mitt Romney.
Remember McCain/Feingold, and how it was supposed to limit big money in politics? This should be a lesson to them all: When people want to donate, they will find a way. The system we have now is ridiculous. Mr. Adelson can only give $3500 directly to the Romney campaign. But supporters of the Governor can set a Super PAC to work in his favor, and as long as there is no co-ordination between that PAC and the campaign, the PAC can take donations that are unlimited. And to that end, it sounds like the Adelsons are fixin' to break some records.
Contributions should not be limited. What they should be is fully disclosed. It would be so much better if the Romney campaign could just accept the Adelson's contribution directly. Then that money would be subject to the kind of oversight and regulation that goes along with that. Also, we could then hold Gov. Romney and his campaign accountable for how the money is spent, the content of their advertising, etc.
That would be a system far more honest, more transparent, and more difficult to corrupt.