Governor Andrew Cuomo has become the biggest beneficiary of a loophole in New York State’s campaign finance regulations that allows businesses and individuals to donate large amounts of money to politicians. The lion’s share of the donations appears to be coming from real estate developers.
The loophole in question allows limited liability companies, or LLCs, to give up to $150,000 a year to candidates and political committees. In comparison, the ceiling for corporations is $5,000.
Because developers typically establish an LLC for individual properties, they are able to easily take advantage of the loophole, according to a new report by ProPublica.
The data shows Governor Cuomo has raised $6.2 million from LLCs since he took office in 2011. That’s more than double the amount Eliot Spitzer and David Patterson received from LLCs in their combined four years in office, reports ProPublica.
Governor Cuomo’s top real estate donor is Glenwood Management, with $800,000 contributed through 19 LLCs, according to ProPublica.
The report also cites two donations from Extell Development worth $100,000. Those gifts came two days before the governor signed legislation that awarded Extell and four other developers tax breaks for projects, including Extell’s One57.
8 comments:
I'm not voting for him anyway. It is time for some new blood in office.
And we expect him to fight for campaign finance reforms?
Cuomo must go! Remember what happened at HUD and the mortgage disaster that threw our economy and millions of lives into a giant mess....yes, all under his command. Cuomo has psychological problems that won't be brought up in the media. Ask his ex-wife and kids.
Politicians and real estate developers have always been in business together, toss is morning new.
all the bullshit has surfaced and is surrounding cuomo II as another middle of the road yellow spineless democrat,still beholden to the greed of property tycoons and predator investors.
this idiot has no idea how its going to end up for him in november.All Astorino has to say is that he will legalize pot,I guarantee he will win.And the real estate lobby and business won't have to worry because nothing will change,they will still get their demands and tax cuts.
get the hell out and take your shrugged shoulders and stupid expression with you.
Albany is considered the nation's worst, most dysfunctional, state government hands down.
Remember that the next time one of those Albany types walk into a room and you throw your self respect out the window.
I agree with every comment here, the problem is he will be reelected, his opponent will be painted as a radical, extremist, and a danger to all new Yorkers. And it will work, the stupidest voters in this country reside here in NYC
does he follow God's Commandments not to abort embryo's, cohabitate with marriage to a spouse ?
the dem libs have no rules .the dog ate the e-mails !!!!!!
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