Super PAC for Campaign Finance Reform Swallowed by Fat Cats (Updated)
Posted at 10:13 a.m. on June 4
A Super PAC set up to work on curbing the influence of big money in politics has received more than a million dollars from a few donors, and hopes to get pledges from other large donors of $5 million more.
The goal of the Mayday PAC was to get enough Americans involved to dilute the dominance of big money from a few.
Mayday PAC claims it raised $1.2 million in amounts of $5 to $10,000 since it was launched in May, with an average May contribution of $82.50 prior to the match. Seven large donors then provided a $1.1 million matching amount.
The PAC received large contributions from Silicon Valley entrepreneurs, including $150,000 from Reid Hoffman, co-founder of Linked-In; $150,000 from Peter Thiel, co-founder of PayPal; $250,000 from Chris Anderson, curator of TED; $100,000 from Brad Burnham, managing partner of Union Square Ventures; $100,000 from Fred Wilson, partner of Union Square Ventures and his wife, Joanne Wilson, angel investor, blogger, and co-founder of Women’s Entrepreneurial Festival; $250,000 from Vin Ryan, founder of Schooner Capital; and $100,000 from David Milner.
The PAC, founded by professor Lawrence Lessig and Republican consultant Mark McKinnon, aims to raise $5 million more by July 4th, with large donors planning to match that amount.
The PAC was formed to support those candidates who pledge to support campaign finance reform and work against those who don’t. Mayday PAC plans to make independent expenditures in five Congressional races in 2014, to be named later.