{"id":75725,"date":"2026-04-15T20:24:03","date_gmt":"2026-04-15T20:24:03","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/billionaires-dark-money-fuel-questions-ahead-of-2026-midterms\/"},"modified":"2026-04-15T20:24:03","modified_gmt":"2026-04-15T20:24:03","slug":"billionaires-dark-money-fuel-questions-ahead-of-2026-midterms","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/billionaires-dark-money-fuel-questions-ahead-of-2026-midterms\/","title":{"rendered":"Billionaires, dark money fuel questions ahead of 2026 midterms"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p>Hedge fund manager Stephen Mandel and his wife Susan are a billionaire power couple that has a history of springing into action come election season. Before the 2024 presidential contest, they hosted Joe Biden for a private <a href=\"https:\/\/www.greenwichtime.com\/news\/article\/president-joe-biden-greenwich-fundraiser-18156190.php\" target=\"_blank\" rel=\"noopener\">fundraising dinner<\/a> in Greenwich, Connecticut. Kamala Harris, Hillary Clinton, and John Kerry are other beneficiaries of the $84 million that the Mandels have sprinkled to Democratic campaigns over time, according to Federal Election Commission records.<\/p>\n<p>Now, the couple is gearing up for the 2026 midterm elections.<\/p>\n<p>The Mandels have given almost $10 million in support of Democrats seeking federal office this year, federal records show, with more expected.\u00a0<\/p>\n<p>&#8220;They are extremely influential and generous supporters who have never asked for very much,&#8221; one veteran Democratic fundraiser who has worked for half a dozen presidential campaigns and interfaced with the couple told CBS News.\u00a0<\/p>\n<p>The Mandels&#8217; giving offers a window into how billionaire megadonors have become an unrivaled force in American politics. The ultra-wealthy donor class is preparing to pour resources into an election that will decide whether Republicans or Democrats have a majority in the next Congress.\u00a0<\/p>\n<p>In 2024, ultra-wealthy donors poured more than <a href=\"https:\/\/www.nytimes.com\/2026\/03\/09\/us\/billionaires-federal-campaign-contributions-takeaways.html\" target=\"_blank\" rel=\"noopener\">$3 billion<\/a> into elections, led by the world&#8217;s richest man \u2014 Elon Musk. He <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/elon-musk-reelect-donald-trump\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">spent more than $290 million<\/a><\/span> supporting President Trump and other Republicans, a record sum. And overall, that $3 billion was spent overwhelmingly to benefit the GOP \u2014 these donors gave five times as much to Republicans and groups aligned with them as they did to Democrats.\u00a0<\/p>\n<p>That trend <a href=\"https:\/\/www.nytimes.com\/2026\/02\/10\/us\/politics\/republicans-democrats-midterms-fund-raising.html\" target=\"_blank\" rel=\"noopener\">appears to be continuing<\/a>: Republican Party committees, super PACs, MAGA Inc. and other Trump-related groups had over $600 million in cash on hand in early February, while Democratic Party committees and congressional super PACs were short of $200 million.<\/p>\n<p>Election spending has ballooned in the decade and a half since a <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/court-rejects-corporate-campaign-spending-limits\/\" data-invalid-url-rewritten-http=\"\">Supreme Court ruling<\/a><\/span> that opened the floodgates for corporations and unions to donate without any limits. Billionaires on both sides have funded a constellation of opaque political organizations, raising fresh questions about &#8220;<a href=\"https:\/\/www.youtube.com\/watch?v=c1gdmX0EjZU\" target=\"_blank\" rel=\"noopener\">dark money<\/a>&#8221; and lax disclosure laws, as well as, in some cases, whether groups are complying with rules on the books.<\/p>\n<p>The structures and cash flow of these organizations \u2014 which operate on both sides of the political aisle \u2014 have taken on a new level of complexity, even for the already serpentine world of campaign giving.\u00a0<\/p>\n<p>After the 2024 election, the Majority Democrats PAC was <a href=\"https:\/\/www.nytimes.com\/2025\/07\/10\/us\/politics\/majority-democrats.html\" target=\"_blank\" rel=\"noopener\">launched<\/a> by centrist Democrats to recruit new candidates and challenge the party&#8217;s more progressive wing.\u00a0<\/p>\n<p>The Mandels, along with Mark Heising \u2014 a billionaire investor in San Francisco who also fundraises for Democrats \u2014 are top funders of Majority Democrats PAC. More than 90% of its publicly disclosed fundraising haul since last July is traced to more than $7 million in contributions from the Mandels and roughly $1 million from Heising.<\/p>\n<p>Majority Democrats PAC fundraises <a href=\"https:\/\/www.fec.gov\/data\/committee\/C00904607\/?tab=about-committee\" target=\"_blank\" rel=\"noopener\">alongside<\/a> another political committee called The Bench, which says on its <a href=\"https:\/\/www.thebench.org\/about\/\" target=\"_blank\" rel=\"noopener\">website<\/a> that it &#8220;is recruiting and supporting the next generation of Democratic leaders.&#8221;\u00a0<\/p>\n<p>Personnel overlap between the two committees makes it hard to determine who is being paid by whom, experts said, noting that some of the <a href=\"https:\/\/www.washingtonpost.com\/politics\/2026\/01\/15\/one-groups-attempt-change-democratic-party-inside\/\" target=\"_blank\" rel=\"noopener\">same<\/a> consultants who have been <a href=\"https:\/\/www.politico.com\/newsletters\/playbook\/2026\/01\/31\/the-candidate-who-wants-to-have-a-beer-with-you-00758830\" target=\"_blank\" rel=\"noopener\">identified<\/a> in news reports as working on behalf of Majority Democrats have also been quoted in the press as being affiliated with The Bench. They have also been identified as <a href=\"https:\/\/nymag.com\/intelligencer\/article\/lis-smith-mamdani-cuomo-platner-obama-elections.html\" target=\"_blank\" rel=\"noopener\">advisers<\/a> <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/james-talarico-texas-senate-campaign-cornyn-paxton-allred\/\" data-invalid-url-rewritten-http=\"\">to<\/a><\/span> two Democratic senate candidates: <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/detroit\/news\/mallory-mcmorrow-announces-bid-for-u-s-senate\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Mallory McMorrow<\/a><\/span> in Michigan <a href=\"https:\/\/www.cnn.com\/2025\/11\/09\/politics\/zohran-mamdani-democrats-online-videos\" target=\"_blank\" rel=\"noopener\">and<\/a> <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/texas-primary-democratic-results-2026-midterm-elections-james-talarico-jasmine-crockett\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">James Talarico<\/a><\/span> in Texas.<\/p>\n<p>Federal records do not list any payments from these two PACs to the consultants. But there are direct <a href=\"https:\/\/www.fec.gov\/data\/disbursements\/?data_type=processed&amp;committee_id=C00901173&amp;committee_id=C00919084&amp;recipient_name=elisabeth+smith&amp;recipient_name=mamo&amp;two_year_transaction_period=2026\" target=\"_blank\" rel=\"noopener\">payments<\/a> from the McMorrow and Talarico campaigns to the consultants for &#8220;communications consulting.&#8221;<\/p>\n<p>Caleb Burns, a partner at law firm Wiley Rein and the co-chair of its election law and government ethics practice, said the rules allow consultants to wear multiple hats, but told CBS News &#8220;the consultants must take great care to ensure their work for one client is not paid for or subsidized by another.&#8221;<\/p>\n<p>At the heart of federal campaign finance law are rules designed to protect the democratic process and ensure transparency. They strictly prohibit campaigns from <a href=\"https:\/\/www.law.cornell.edu\/cfr\/text\/11\/109.21?utm_source\" target=\"_blank\" rel=\"noopener\">coordinating<\/a> with PACs on spending that should be made independently, or from the two covering <a href=\"https:\/\/www.fec.gov\/help-candidates-and-committees\/filing-reports\/in-kind-contributions\/?utm_source\" target=\"_blank\" rel=\"noopener\">each other&#8217;s<\/a>\u00a0expenses.\u00a0<\/p>\n<p>Burns said firewalls might be needed to make certain campaigns and fundraising committees aren&#8217;t sharing non-public information.\u00a0 &#8220;Otherwise, in-kind contributions can result that are subject to reporting and, potentially, prohibited,&#8221; he added.<\/p>\n<p>But the Federal Election Commission has always been slow to act on allegations of campaign finance violations, and now the commission isn&#8217;t acting at all. The six-member commission is down to two and has lacked the four members it needs for a quorum since May 2025. Although Mr. Trump nominated two members in February, they have not yet been confirmed by the Senate.<\/p>\n<p>Laws governing political parties&#8217; spending in coordination with federal candidates could be changing in the next few months, since the <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/supreme-court-campaign-finance-nrsc-v-fec\/\" data-invalid-url-rewritten-http=\"\">Supreme Court is expected to rule by June on<\/a><\/span> the legality of the caps.<\/p>\n<p>Officials with the Democratic committees told CBS News they comply with all federal regulations. A Majority Democrats spokesperson said the group &#8220;advises officeholders and candidates on strategy, press, and messaging&#8221; and &#8220;does not spend funds on paid communications that support or oppose candidates.&#8221;<\/p>\n<p>A spokesperson for The Bench said it &#8220;has in place a strict firewall policy adhering to all the correct statutes.&#8221; The Talarico campaign declined to comment, and the McMorrow campaign did not respond.\u00a0<\/p>\n<p>Myles Martin, a spokesman for the Federal Election Commission, said it &#8220;cannot comment on any potential enforcement matters that may come before the commission.&#8221; The Department of Justice did not respond to requests for comment. The Mandels did not respond to requests for comment, nor did Heising.<\/p>\n<h2>&#8220;Battle plans&#8221;<\/h2>\n<p>David Dulio, who teaches campaign finance as the director of the center for civic engagement at Oakland University in Michigan, characterized the Majority Democrats arrangement as &#8220;another look into the mysterious and murky world&#8221; of campaign finance.\u00a0<\/p>\n<p>Both parties participate. Republican spending aimed at the midterm elections may include significant infusions from President Trump&#8217;s super PAC, MAGA Inc. Wealthy donors have contributed significantly to the organization&#8217;s $300 million haul since the 2024 election, federal records show \u2014 a record-breaking sum. It has raised 96% of the funds from donors who gave $1 million or more, while 62% came from donors who gave at least $5 million, according to a <a href=\"https:\/\/www.brennancenter.org\/our-work\/analysis-opinion\/pro-trump-super-pac-raises-record-breaking-305-million#:~:text=MAGA%20Inc.%20has%20relied%20on%20multimillion%2Ddollar%20donors,in%20support%20of%20a%20lame%20duck%20president.\" target=\"_blank\" rel=\"noopener\">report<\/a> by the Brennan Center for Justice.\u00a0<\/p>\n<p>Alex Pfeiffer, a spokesman for MAGA Inc., told CBS News that the group &#8220;is committed to retaining and building the GOP majorities in the House and Senate,&#8221; but he declined to share what he referred to as its &#8220;battle plans.&#8221;\u00a0<\/p>\n<p>The largest donors to MAGA Inc., have included Republican billionaires Jeff Yass, a Pennsylvania-based investor, energy executive Kelcy Warren, as well as OpenAI President Greg Brockman and his wife, Anna Brockman, federal records show. It also has <a href=\"https:\/\/www.fec.gov\/data\/receipts\/individual-contributions\/?contributor_name=securing+american+greatness\" target=\"_blank\" rel=\"noopener\">received<\/a> at least $88 million since July 2024 from Securing American Greatness, a Trump-aligned <a href=\"https:\/\/projects.propublica.org\/nonprofits\/organizations\/991771141\" target=\"_blank\" rel=\"noopener\">nonprofit<\/a> that is not required by the IRS to disclose its donors.\u00a0<\/p>\n<p>Other influential super PACs underscore the heightened questions about dark money and billionaire influence \u2014 including one called Texans for a Conservative Majority that supports Republican Texas Senator John Cornyn. The single largest contribution that the PAC has received was $3.1 million from a nonprofit listed as Ohio Works \u2014 which said on federal filings that its <a href=\"https:\/\/docquery.fec.gov\/cgi-bin\/fecimg\/?202603069837908094\" target=\"_blank\" rel=\"noopener\">address<\/a> was a Parcel Plus shipping and mailing store in Alexandria, Virginia.\u00a0<\/p>\n<p>In December of last year, just two weeks after the donation was disclosed, <a href=\"https:\/\/bizimage.ohiosos.gov\/api\/image\/pdf\/202534500994\" target=\"_blank\" rel=\"noopener\">paperwork<\/a> was filed in Ohio by an Ohio Works official changing its name to America Works Fund.\u00a0<\/p>\n<p>Adding to the mystery, the name of the nonprofit matches that of another organization that saw its tax-exempt status revoked after failing to file financial disclosures, as well as its corporate status <a href=\"https:\/\/bizimage.ohiosos.gov\/api\/image\/pdf\/202209700752\" target=\"_blank\" rel=\"noopener\">canceled in 2022<\/a> by the Ohio secretary of state. A year later, in 2023, that group found itself <a href=\"https:\/\/www.citizensforethics.org\/reports-investigations\/crew-investigations\/fec-investigation-spurred-by-crew-complaint-reveals-ohio-dark-money-secrets\/\" target=\"_blank\" rel=\"noopener\">roped into<\/a> a Federal Election Commission <a href=\"https:\/\/www.fec.gov\/data\/legal\/matter-under-review\/7464\/\" target=\"_blank\" rel=\"noopener\">investigation<\/a> about dark money spending after a <a href=\"https:\/\/www.citizensforethics.org\/wp-content\/uploads\/legacy\/2020\/06\/LZP-LLC-Honor-and-Principles-PAC-FEC-Amended-Complaint-FINAL-signed.pdf\" target=\"_blank\" rel=\"noopener\">complaint<\/a> was filed by Citizens for Responsibility and Ethics in Washington, or CREW, a progressive nonprofit. The Federal Election Commission deadlocked 3 to 3, along party lines, on moving forward on enforcement of the complaint.<\/p>\n<p>A spokesperson for Texans for a Conservative Majority did not respond to requests for comment.\u00a0<\/p>\n<p>&#8220;When an opaque entity that is not required to disclose its own donors gives millions to a super PAC, it significantly impedes the public&#8217;s ability to know who is spending significant sums to benefit \u2014 and potentially influence \u2014 elected officials,&#8221; Matt Corley, CREW&#8217;s chief investigator, told CBS News.<\/p>\n<p>Corley said it is &#8220;even more difficult when the intermediary organization shapeshifts by changing its name.&#8221;<\/p>\n<p>Who are other top donors to Texans for a Conservative Majority? A cadre of billionaires, according to federal records: Blackstone CEO Stephen Schwarzman, Walmart heirs S. Robson Walton and Jim Walton, and Alex Karp, the CEO of software firm Palantir.\u00a0<\/p>\n<p>To critics, this kind of tangled spending dynamic reflects an increasingly secretive web of money built to covertly distribute money from billionaire donors.\u00a0<\/p>\n<p>It is part of what Craig Holman, a Capitol Hill lobbyist on ethics and campaign finance rules for the progressive nonprofit Public Citizen, called the &#8220;breakdown of campaign finance laws.&#8221;\u00a0<\/p>\n<p>&#8220;Despite contribution limits and disclosure requirements on the sources of campaign money, wealthy interests \u2014 and billionaires in specific \u2014 are exploiting influence-peddling avenues around these laws,&#8221; Holman said.\u00a0<\/p>\n<section class=\"content__body--footer\">\n<\/section>\n<p>  <!-- data-recirc-source=\"queryly\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation  \">\n<p><h3 class=\"component__title\">More from CBS News<\/h3>\n<\/p>\n<div 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<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hedge fund manager Stephen Mandel and his wife Susan are a billionaire power couple that has a history of springing<\/p>\n","protected":false},"author":1,"featured_media":75726,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[900,203],"class_list":["post-75725","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics","tag-democratic-party","tag-republican-party"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Billionaires, dark money fuel questions ahead of 2026 midterms - World News<\/title>\n<meta name=\"description\" content=\"The ultra-wealthy donor class is getting ready to pour tens of millions into the fall elections that will decide which party will control Congress.\" \/>\n<meta name=\"robots\" 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