How super PACs are shaping the presidential race

In the presidential campaign, by now you know Mitt Romney did a good job in gathering votes in Tuesday's Florida primary. On Wednesday, CBS News has learned that a Super PAC that backs him has done a very good job collecting money.

Under the election laws, an individual may only give about $5,000 total to a campaign. But there is no limit on donations to Super PACs. They reported their most recent take to the Federal Electoral Commission overnight. CBS News chief investigative correspondent Armen Keteyian explains where is the big money is coming from.

The source of Mitt Romney's political fire-power became clear just hours after his victory in Florida.

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The Federal Election Commission's data released late Tuesday night show the Super PAC supporting Romney -- "Restore Our Future" -- raised $18 million between July and December 2011, including three donations of $1 million each.

The seven-figure contributors tilted toward Wall Street: Investment advisor Julian Robertson, hedge fund manager Paul Singer, and financial consultant Robert Mercer all gave $1 million.

Overall, "Restore Our Future" took in 59 donations of $100,000 or more in the last six months of 2011. Jim and Alice Walton, heirs to the Wal Mart fortune, were in that group.

By comparison the super PAC backing Newt Gingrich -- "Winning Our Future" -- lagged far behind. It raised $2 million in the last six months of 2011. The money came from 18 donors including $1 million from the stepchildren of casino mogul Sheldon Adelson. Adelson and his wife donated $10 million to the Super PAC in January, which was a lifeline for the struggling Gingrich campaign.

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As for the super PACs supporting the president, they raised $3.3 million in the last six months of 2011. One top donor, the Service Employees International Union, gave half a million dollars. Film director Steven Spielberg was at $100,000.

To date, about $45 million in super PAC money has been spent on campaign 2012 -- much of it pouring into negative political ads.

"CBS Evening News" anchor Scott Pelley asked Keteyian if there was a standout among the wealthy donors.

"Absolutely," he said. "Harold Simmons, the Texas billionaire. Between Mr. Simmons and his company Contran, he gave $8.5 million -- $7 million of that money went to "American Crossroads," the super PAC that Karl Rove, former Bush adviser, co-founded. You'll remember Mr. Simmons was the man behind the "Swift Boat Veterans for Truth" ads that helped sink John Kerry's political campaign in 2004.

[ThinkAboutWhoLie]

It boils down to the 1% rich trying to buy the President's Office and using the PAC to spread more outrageous lies about our President, more propaganda, insults and use more deceptive practices and fabrications to help stretch the already wealthy pocketbooks like the racist 400 million dollar a year mad man Rush Limpbaugh.

[yachbr]

I am not rich, rather the working middle class. Since Obama has been in office, the help to my autistic child has been diminished. Don't you see that he talks the talk of the low income and the needy just to get support? He isn't what he pretends to be and the more people keep following him and his charismatic ways (Fidel was very charismatic when he rose in power) America is in trouble. That is how Fidel started and so many of these socialist, communist leaders. They target the wealthy, the rich. The banks. They play themselves as catering to the poor and understanding their peril, but that is only to bring down the wealthy and then everybody is poor. Like in Cuba. I was born in this country, my parents came from Cuba, and I love this country as my parents do. I pray that God help our country and continue to bless.

[Turbidite]

So now anyone who has been a citizen for more than 7 years, and is over the age of 30 (Representative candidate) or 35 years for the Senate holding dual citizenship can be supported by a PAC that is 100% funded by foreign interests. The holes in our federal security net keep getting larger, while the public's privacy is diminished.

[Jhihmoac]

I still think that's an awful lot of ca$h on hand, just to fling muck...

[abby_del_abbey]

Thanks to Citizens United the billionaires and millionaires have come together to ensure that they will get their plutocracy. They already have their Ken doll Romney ready. Are the American people going to allow our presidency to be sold to the 1%? I pray not.

[sandy 1027]

You're right.It is no exaggeration to say that politicians and agendas can be bought and paid for by the wealthy and powerful, because of this ruling.We, as a country, have never, in theory, believed in being a plutocracy; but , that is becoming more and more the reality.