“The decision was made that it was time to put the hay in,” John Dean, Nixon’s counsel at the time, recalled in an interview last week.
”Four decades later, there’s little need for furtive fundraising or secret handoffs of cash.
Many of the corporate executives convicted of campaign finance crimes during Watergate could now simply write a check to their favorite super PAC or, if they want to keep it secret, to a compliant nonprofit group.
Corporations can spend as much as they want to help their favored candidates, no longer prohibited by law from spending company cash on elections.
Although most campaign spending is privately financed, public financing is available for qualifying candidates for President of the United States during both the primaries and the general election.
The political world has, in many respects, come full circle since a botched burglary funded by illicit campaign cash brought down an administration.
The excesses of the Nixon era ushered in a series of wide ranging restrictions on the use of money in campaigns, including limits on individual campaign contributions that remain in force today.
But the intervening decades have also brought changes that have undercut many of the political financing rules put in place in response to the Watergate scandal, including a Supreme Court case that freed corporations and unions to spend unlimited money on elections and a public financing regime that has collapsed into irrelevance.
‘Money corrupts’The result is a frenzied rush to raise money, with echoes of that spring 40 years ago: President Obama and Republican challenger Mitt Romney spend much of their time crisscrossing the country to collect as much cash as possible, while political groups run by their former aides solicit donations of seven — and eight — figures from sympathetic billionaires.
Last week, Las Vegas casino magnate Sheldon Adelson contributed $10 million to Restore Our Future, a super PAC dedicated to helping Romney win in November.
Adelson, one of the richest men in the world, and his relatives have spent more than $35 million to help Republicans in the 2012 elections.
Witten, who worked in the Watergate special prosecutor’s office and now handles campaign finance cases at WilmerHale in New York.
”Many conservatives and civil liberties advocates take a different lesson, however, saying stricter rules would have done little to stop Nixon political operatives intent on breaking the law.
At the federal level, campaign finance law is enacted by Congress and enforced by the Federal Election Commission , an independent federal agency.
Anna Street is a business journalist based in London, UK. Anna has a passion for financial markets and breaking news stories and loves writing about business news, stock market, and economic opinions that matters most to its audience. Anna spends a lot of time discovering and researching latest financial markets and industry news stories in order to make sure the latest and greatest stories are brought to you first on BigBoardNews.com.
