Thursday, September 23, 2010
When you have millionaires at war with fundraisers in an election season, with just a little scratching, money starts to come out of the woodwork. WNYC's been covering a gaping loophole in New York's campaign finance regulations--Limited Liability Companies, or LLCs.
Friday, August 20, 2010
WNYC has been reporting on the fundraising efforts of Democratic gubernatorial candidate Andrew Cuomo. He's raised more than $25 million -- and more than $3 million of it comes from "limited liability companies," or LLCs. The practice is legal, but government watchdogs say it's a loophole that lets wealthy individuals get around contribution limits by setting up shell companies.
Candidate Cuomo has pledged to close the LLC loophole, but he says in order to win office and reform the campaign law, he first needs to get elected. And to get elected, he says, he needs to keep the loophole open for just a little while longer, because he is not rich enough to finance his own campaign.