Friday, February 24, 2012

Cain super PAC hands off its cash (Politico)

The 9-9-9 Fund, a super PAC that spent hundreds of thousands of dollars last year in support of Herman Cain?s now-defunct presidential campaign, will donate its remaining cash to a super PAC bearing Cain?s name that formed shortly after the candidate dropped out of the race last year.

The Cain Connections PAC, run by conservative political operative Anthony Holm, is due to receive $100,000 from the 9-9-9 Fund, the fund?s former leader Jordan Gehrke confirmed to POLITICO.

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?Now that the campaign [is] over, we believed we had a responsibility to our donors to make sure that their remaining funds went to supporting Cain?s 9-9-9 Plan,? Gehrke said, adding that he plans to soon close the 9-9-9 Fund.

Cain, who does not appear to be directly affiliated with the Cain Connections PAC, is traveling the country promoting his 9-9-9 taxation plan as part of the ?Cain Solutions Revolution.?

Cain has endorsed former House speaker Newt Gingrich in the Republican presidential primary contest.

Holm, of the Cain Connection PAC, declined to offer details on what his super PAC specifically intends to do with the $100,000, or more broadly.

?The PAC?s filings will speak for themselves,? said Holm, who has served as a spokesman for homebuilder and Republican financier Bob Perry and consulted for Texas Republican Gov. Rick Perry .

Holm added that his PAC ?exists to support liberty and opportunity in America? and that ?Cain Connection PAC wants substantial tax reform and to pass the 9-9-9 plan.? The super PAC intends to use ?all forms of advocacy? to achieve that goal, he said.

Federal filings indicate the Cain Connections PAC formed on Dec. 14, days after Cain exited the presidential race.

On Feb. 15, the Cain Connections PAC filed a report listing the 9-9-9 Fund as an ?affiliated committee,? which Holm says is for ?legal reasons,? however, he declined to elaborate.

Super PACs, which sprung into existence in 2010 following the federal Citizens United v. Federal Election Commission and SpeechNow.org v. Federal Election Commission court decisions, may raise and spend unlimited amounts of money from most any source ? including corporations and other super PACs ? to directly advocate for or against political candidates.

Source: http://us.rd.yahoo.com/dailynews/rss/politics/*http%3A//us.rd.yahoo.com/dailynews/external/politico_rss/rss_politico_mostpop/http___www_politico_com_news_stories0212_73173_html/44618601/SIG=11m4jbu2j/*http%3A//www.politico.com/news/stories/0212/73173.html

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