Edwards had raised $30 million by the end of September, significantly trailing rivals Barack Obama and Hillary Rodham Clinton. At that point, the campaign decided to seek public funds.
Under the presidential financing system, candidates get matching funds for every donor’s contribution of up $250. If they accept the money, they must abide by spending limits in each primary and caucus state as well as an overall cap on primary spending. Those restrictions have prompted most of the leading candidates to decide to forgo the public money.
Edwards has so far spent more than $5 million on advertising in Iowa and New Hampshire. He’s also getting help from independent, mostly labor-financed groups that have drawn criticism from watchdog groups and from Obama. The groups, called “527″ organizations for the section of the IRS code that authorizes them, have been running ads supporting Edwards’ policies in Iowa during the closing days of the campaign there.
Edwards, who made his fortune as a trial lawyer with his wealth somewhere between $12.8 million and $60 million, has refused donations from political action committees and lobbyists and has cast himself as the candidate less connected to Washington special interests. But Obama and other critics say the 527 groups are simply special interests helping him in another guise. Though labor groups have supplied much of the financing, one of the donors is a 97-year-old heiress to the Mellon family fortune.
Edwards has offered a finely honed response, saying he opposes the 527 organizations, but is proud of having the support of unions.
“They’re not running any negative, no attack ads. This is just positive advertising,” he said of the groups Sunday on CBS. “But that aside, I think these 527s need to be banned. I didn’t want them running advertising, and I’ve continued to say that every time I’ve been asked. But I can’t stop these people. I don’t have control over them.”
December 31, 2007
Edwards would ban 527s, but happy to take their money
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