Tags: corporate | backs | democrats

Corporate America Backs Democratic Convention

By Jim Meyers   |   Friday, 15 Aug 2008 02:57 PM

The upcoming Democratic convention in Denver is awash with corporate cash — so far 80 corporations have donated money in exchange for access to high-level politicians or exclusive promotional rights.

But the Democrats will need every penny of those contributions, according to The Economist.

By law, each party is entitled to receive $16.4 million in public financing for its convention. The Democrats will also receive a $50 million federal security grant.

But the total cost of this year’s Democratic convention has been put at well over $100 million, and Denver is contracted to raise $40.6 million in private contributions — not including $15 million worth of “donated services” it must guarantee from corporations.

The last official fundraising report, on June 16, showed that the host committee was still $11 million short.

The Economist reports: “In 1992, private donors spent $8 million between the two parties’ conventions. Denver’s host committee must raise several times that, in a medium-sized city with few corporate headquarters.”

One expense Denver faces: Threatened protests by opponents of the Iraq war have led the city to invest millions in anti-riot equipment.

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