It’s called the Hillary Victory Fund and the idea is to share the wealth, spread around high dollar donations from Democratic hopeful Hillary Clinton’s national presidential run, to the state Democratic parties and even cut in the Democratic National Committee.
Only problem, the cash raised by the fund isn’t trickling down in an equitable manner according to a story by POLITICO. According to Kenneth P. Vogel and Isaac Arnsdorf, the Hillary campaign is keeping the lion’s share of the money raised, with a meager 1 percent actually making it way back into state party coffers.
What’s worse is the report elaborates on how state parties are actually transferring money they are due from the fund, back to the Democratic National Committee.
The origins of the Hillary Victory Fund came as a way for big money donors – including Hollywood elite like George Clooney – to hand over contributions of $350,000 or more. The Victory fund would then kick down a portion of the donations for the benefit of state parties and the national committee.
The victory fund has transferred $3.8 million to the state parties, but almost all that cash ($3.3 million, or 88 percent) was quickly transferred to the DNC, usually within a day or two, by the Clinton staffer who controls the committee., POLITICO’s analysis of the FEC records
By contrast, the victory fund has transferred $15.4 million to Clinton’s campaign and $5.7 million to the DNC which will work closely with Clinton’s campaign if and when she becomes the party’s nominee. And most of the $23.3 million spent directly by te victory fund has gone towards expenses that appear to have directly benefited Clinton’s campaign, including $2.8 million for “salary and overhead” and $8.6 million for web advertising that mostly looks indistinguishable from Clinton campaign ads and that has helped Clinton build a network of small doors who will be critical in a general election expected to cost each side well in excess of $1 billion.
In response to the Politico story, Sanders’ campaign manager Jeff Weaver fired a few missiles off in the direction of their Democratic opponent:
“Secretary Clinton has exploited the rules in ways that let her high-dollar donors like Alice Walton of Wal-Mart fame and the actor George Clooney and his super-rich Hollywood friends skirt legal limits on campaign contributions”, said Weaver
Weaver added, “You cannot exploit a broken campaign finance system one day and vow to get big money out of politics the next.”