The Money Marathon

The Money Marathon Big Bucks and the Race for Governor of New York

The First Leg: January through July 2001

The Money Marathon: First Leg is the first in a series of reports on campaign finance in the 2002 New York State governor’s race to be issued by the Public Policy and Education Fund of New York December 2001

We gratefully acknowledge the following foundations for their financial support of the Public Policy and Education Fund’s Clean Money, Clean Elections Project: J. Roderick MacArthur Foundation The Piper Fund The Orchard Foundation Public Campaign The Arca Foundation

This report was written by Laura Braslow and Richard Kirsch of the Public Policy and Education Fund. Research for this study was conducted by Laura Braslow with the assistance of Steven Hunt and Liane Giunta. The design and layout for this report was provided by Laura Braslow with the assistance of Nicole Merrill.

The Public Policy and Education Fund of New York is the research and education affiliate of Citizen Action of New York. To view this or any previous PPEF reports, please visit the Citizen Action website: www.citizenactionny.org. To order copies, contact: Public Policy and Education Fund 94 Central Avenue Albany, NY 12206 (518) 465-4600 Fax: (518) 465-2890 Email: [email protected]

Copyright 2001 Public Policy and Education Fund of New York

Table of Contents Executive Summary

i

Introduction

1

Methodology

2

Findings

3

Overall

4

Pataki

11

Cuomo

15

McCall

19

Conclusions & Recommendations Endnotes

22

Out of the Starting Blocks: The three candidates for governor have all gotten off to a strong start in the money marathon, but Governor George E. Pataki and the Republican Party have taken a commanding lead. Pataki and the Republican Party raised twice as much as Andrew Cuomo, who in turn raised twice as much as H. Carl McCall.

The 2002 race for Governor in New York is shaping up to be another one for the record books. In the first half of 2001, the three leading candidates for governor and the two major parties raised a total of $17.5 million dollars. That's almost $100,000 per day, including weekends and holidays. The candidates alone raised over $15.6 million. The vast majority of this money comes from large donations, made by In the first six months of the Governor's race, PACs and individuals who have a financial stake in Republican candidate Governor George Pataki raised $8,780,837. The New York State Republican Party the decisions made in Albany. raised an additional $1,344,335, for a total of The Money Marathon: First Leg is the first in a $10,125,172. This constitutes 58% of all money series of reports on campaign finance in the 2002 contributed. The Governor raised almost $50,000 a Governor's race to be issued by the Public Policy and day for his campaign, including weekends and holiEducation Fund. This study is based on days. contributions made in the first six months of 2001 to candidates for governor George Pataki, Andrew Democratic Candidate Andrew Cuomo, former Cuomo and H. Carl McCall, and to the Republican Secretary of Housing and Urban Development under and Democratic state parties. The study focuses on President Clinton, raised $4,620,133, or 26% of all the biggest givers - entities that gave $250 or more money contributed. That's a fundraising clip of about and individuals who gave $1,000 or more. Our $25,000 a day, every day. researchers sought to identify the interest or industry affiliation of contributors, and succeeded in New York State Comptroller and Democratic candicoding 72% of individuals and 89% of companies, date for Governor, H. Carl McCall, raised who gave a combined $13.4 million to the $2,231,164, or 13% of all money contributed, a rate candidates and parties, 76% of the total dollars of about $12,000 a day. contributed. The study provides crucial details that fill out the headlines about how much money each Big Bettors: Individuals gave the bulk of the money candidate raises. We answer the following questions: donated -- $11,515,970, or 66% of the total money raised. The remaining $6,000,918, or 34%, came from PACs. This is in sharp contrast to our findings l Which candidate is relying most on big donors? in a previous PPEF study of giving in Legislative l Which industries are funding the campaigns of races. During the 1999-2000 legislative session, the the 3 candidates? proportion was reversed -- 67% of donations to l Who are the leading contributors to each legislators came from PACs, and only 33% was campaign? donated by individuals. l Who are the contributors who are giving to more than one candidate? Most of the money came from a handful of large l How much money is coming into the cam donors. The 390 individuals and PACs that gave paigns from outside of New York? $10,000 or more gave 50% of all of the money l Are the candidates collecting more from PACs contributed ($8,871,938). or individuals? Employers or labor? The Money Marathon: First Leg

i

Executive Summary

The Money Marathon

The biggest single donor was New York City mayorelect Michael Bloomberg, who gave $150,000 through his political campaign to the New York State Republican party. The Cuomo-Kennedy family followed closely with cumulative donations to Andrew Cuomo of $133,200. Former Governor Mario Cuomo and his wife Matilda each gave the maximum allowable contribution for both a primary and general election campaign, $45,400, for a total of $90,800 from Mom and Dad. Sister Maria Cuomo and her fashion-mogul husband Kenneth Cole each gave the primary maximum of $14,700.

Out of State Bettors: The 2002 New York State Governor's race is a high-profile election on the national level, and all three candidates are drawing support from large donors around the country. More than one-out-of-four dollars, 27%, ($4,701,766) came from out of state. Even excluding the New York City metropolitan area, 20% of the money came from outside of New York, led by the Washington, DC beltway and California. Florida and Texas donors also contributed heavily to the New York candidates.

Winners From the Starting Gun: No matter who is elected the next Governor a handful of industries are sure to come out the winner. The same four industry groups are the leading donors to all three candidates. Finance is the top industry for all the candidates, with identified donations of $2.6 million. Real estate, communications/electronics and lawyers fill out the Several large companies and their employees -- top four. Together these four industries account for Metromedia, Verizon, Entrust Capital, Seagram and 41% of the total donations to all campaigns and parMBNA -- each gave $100,000 or more to the ties and 53% of the identified donations. candidates and parties. Governor Pataki: George Pataki, the incumbent Hedging their Bets: Many donors hedged their bets Governor of New York, has pulled out far ahead of by contributing to more than one candidate. Five his opponents in the first leg of the money marathon. unions gave to all three candidates. Twenty-one of Drawing on long-established relationships with the $10,000 donors gave to both incumbents, wealthy and powerful PACs and individuals built Governor Pataki and Comptroller McCall. And 10 of over his eight years as Governor, Pataki raised almost the biggest donors gave to both Democrats, Cuomo twice as much as his nearest competitor in the first six months of the race, and shows no signs of and McCall. slowing down.

The Money Marathon: First Leg Candidate Summary Data

Pataki Cuomo McCall

Total Raised $8.8 million $4.6 million $2.2 million

The Money Marathon: First Leg

$ Raised per day $48,000 $25,000 $12,000

$ and % $10,000 Donors $3.4 million 39% $2.6 million 57% $1.1 million 51%

# $40,000 Donors 13

Employer/ Labor Ratio 18 to 1

17

33 to 1

2

10 to 1

$ and % Out of State $1.8 million 21% $1.6 million 35% $700,000 32% ii

Executive Summary

Contributions of $1,000 or more made up 90% of the money raised, $15,635,016. Contributions of less than $100 made up only 1% of the money raised, or $214,538.

The Pataki campaign received $30,000 or more from 33 interests, led by Metromedia executives who chipped in $114,000. Ten of the biggest Pataki contributors made their fortunes in real estate, including $51,000 from the Fisher brothers, $50,000 from Lawrence and Susan Kadish; $41,000 from the Durst organization and $40,000 from H.J. Kalikow and Co. Employers gave Governor Pataki 18 times more than labor; 80% of the Governor's identified money was given compared with 4% from labor. Legal and health professionals gave the Governor 15% of his identified money. Governor Pataki's frequent fundraising trips around the country this year have allowed the Governor to raise $1.8 million from out-of-state donors, 21% of his funds. Fifteen percent, $1.3 million, has come from donors who live outside of New York State and the New York metropolitan area. Like the other candidates, finance, real estate, communications and lawyers dominate giving to Pataki. But the Governor also received large amounts from industries that rely on state policy and contracts. The construction industry was on par with lawyers, giving the Governor more than half-a-million dollars ($552,000). Health care interests followed with $423,000. Andrew Cuomo: The former secretary of Housing and Urban Development under President Clinton and son of former Governor of New York Mario Cuomo has many campaign finance resources at his disposal. The Money Marathon: First Leg

By drawing on Clinton connections from his time in Washington, using his father's long-established connections to New York elites and taking advantage of the doors opened by his in-laws, the Kennedy family, Cuomo has built a substantial campaign chest. In the first leg of the money marathon, he raised twice as much money as the other Democratic candidate, H. Carl McCall. Cuomo raised $4.6 million dollars, or about $25,000 per day, including weekends and holidays, at his full-time job, being a candidate for Governor. Cuomo raised a huge amount of money from relatively few PACs and individuals. The proportion of Cuomo's money coming from large donors is significantly higher than either of the other candidates, and the number of small donations he received is significantly lower. 57% of all of the money contributed ($2,639,767) came from 88 PACs and individuals who gave $10,000 or more. Although Pataki had 7.5 times as many distinct contributions as Cuomo, Cuomo has numerically more distinct donations of $10,000 or more. And although Pataki raised almost twice as much money as Cuomo, Cuomo raised 84% of the amount that Pataki raised in donations of $10,000 or more. As detailed above, Mom and Dad and the rest of the Kennedy-Cuomo family were together the leading donors to Andrew Cuomo, with the CuomoKennedy family donating a total of $133,200. Cuomo also received big donations form the Belfer family, owners of Belco Oil & Gas, who gave a total of $116,092 to Cuomo (and $1,000 to McCall). Executives of Entrust Capital gave Cuomo $106,823. Many of the 32 interests who gave Cuomo $25,000 or more came from communications and electronics firms, including $95,400 from Wireless Cable International and $80,000 from HBO founder Michael Fuchs and his wife, Kris.

iii

Executive Summary

Pataki raised $8.8 million dollars, almost $50,000 per day, including weekends and holidays, all while working full-time as Governor of New York. 39% of all of the money contributed ($3,394,820) to Pataki came from 161 PACs and individuals who gave $10,000 or more. Individuals gave the bulk of the money donated -- $5,578,312, or 64% of the total. The remaining $3,202,525, or 36%, came from PACs.

Andrew Cuomo has the greatest proportion of his support coming from out of state of any of the three candidates. Out of state donations totaled $1,587,738, or about 35% of all of the money Cuomo raised. Cuomo received $1,179,362, 15% of his money, from out of New York State or the NY metropolitan area. Carl McCall: The New York State Comptroller has a steep road ahead of him. Without the benefits of being the incumbent governor, or the KennedyCuomo connections, McCall will have a tough time keeping up in the money marathon. As an added difficulty, Security and Exchange Commission regulations prohibit him, as Comptroller, from accepting contributions from certain companies, specifically those in the municipal securities industry. There are no equivalent restrictions on the Governor's ability to raise money from state contractors. In the first leg, McCall raised only half as much as his Democratic competitor, Andrew Cuomo, and he trailed incumbent Governor George Pataki by a ratio of almost 4 to 1. McCall has an edge on Cuomo and Pataki in labor support, which may bring him a boost later in the campaign. But he will have to get more big-donor support if he hopes to compete financially in the primary, let alone the general election. During the first six months of 2001, McCall raised $2.2 million dollars, or about $12,000 per day, including weekends and holidays. Half (51%) of all of the money contributed to McCall ($1,138,009) came from 93 PACs and individuals who gave $10,000 or more. The Money Marathon: First Leg

McCall has many fewer large donors than the other two candidates. Whereas Cuomo had 17 donors in the $40,000 plus range, and Pataki 13, McCall had only two donor groups who contributed $40,000 or more. The largest McCall donor group is executives of Renaissance Technology Corp., in the finance industry. Partners in the law firm of Milberg Weiss Bershad Hynes & Lerach gave $59,000 and Black Entertainment Television executives gave $35,000. While McCall also relies heavily on employers for his money - 69% of the coded contributions - he raised the highest proportion of his money (7%) from labor of any candidate. Legal and health professionals contributed 20% of the identified money to McCall. While McCall does not have the same national profile as his competitors, he still received a large proportion of his contributions from out of state donors. Almost one-third (32%) of McCall's money, $707,025, came from out-of-state and 26% came from out of the New York area. Conclusions and Recommendations The first election that candidates for public office must win is the wealth primary, the race for campaign dollars. That race is off to a fast start in the campaign for Governor of New York, with $15.6 million dollars of fundraising by the candidates in the first six months of 2001, well before the election. The race is certain to be the most expensive race for statewide office in New York history and may rival the $91 million spent on the US Senate race in 2000. Raising tens of millions of dollars will be a marathon that lasts through the Democratic primary in September and the general election in November. The strongest runner in this marathon will be able to raise the most money from large donors. Small donors just don't add up. Donors who gave less than $100 make up less than 1% of the money while the iv

Executive Summary

Cuomo received the smallest proportion of contributions from PACs, only 13% of his money compared with 33% for Pataki and 29% for McCall. Employers gave 33 times more to Cuomo than did labor, $2.5 million compared with $77,000. Legal and health professionals donated 15% of the identified money to Cuomo.

The Money Marathon: First Leg

v

Executive Summary

457 donors who gave $10,000 and more add up to But even if what all three leaders have proposed 42% of the money collected. became law, they would not break the domination of big, private money over public elections. In this race the incumbent Governor has a clear advan- As long as individuals running for public office tage, raising money from wealthy individuals and must rely on raising private money to get elected to entities that rely on New York State policy and busi- public office, candidates and our legislature will be ness contracts. With his Cuomo-Kennedy family con- the captive of well-financed interests. We need nections, Andrew Cuomo is even more reliant on large instead a system where candidates can compete by contributors, raising more than half his funds from showing broad support from voters instead of $10,000 plus donors. State Comptroller Carl McCall's narrow support from campaign funders. Clean difficulty in building a large donor base is why he lags Money Clean Elections reform, recently enacted in in fundraising. Why should his relative inability to four states, offers a way of doing so. raise money from the wealthy handicap his chances of being elected to Governor? Clean Money, Clean Elections reform begins to restore the principle of "one person, one vote" that Is this Any Way to Run a Democracy? lies at the core of our democracy. Clean Money, The patriots who founded our country had a vision - a Clean Elections offers candidates an alternative to vision of a government of, by and for the people. soliciting special interest money or spending Today, we have a government of, by and for the personal funds to run for office. In a Clean Money, wealthy special interests who fund campaigns. This Clean Elections system, candidates who demonsituation has arisen not out of any moral or ethical strate broad support in their districts, and who are lapse among elected officials. It has arisen because of willing to reject private money and limit their spendthe campaign system in the United States, which ing, receive a fixed and equal amount of campaign makes elected officials dependent on private donors to funding from a publicly financed fund. They are also pay their bills. eligible for additional public funds, if they are outspent by their opponents or targeted by indeTo sever the tie between special interest money and pendent expenditures. elected officials requires a fundamental reshaping of our campaign finance system. There is a growing Clean Money, Clean Elections reforms also include chorus for reform in New York, as there is around the many of the proposals made by the Governor, legnation. The question before us is what reforms will islative leadership and others in Albany, including: realize the goals of returning from the rule of "one better disclosure and reporting; lower contribution dollar-one vote" to "one person-one vote"? limits; an end to soft money; stronger enforcement; and measures to balance out independent expendiThe legislative leadership and Governor Pataki are tures. beginning to agree on some modest reform measures. The Assembly has approved legislation that would Clean Money, Clean Elections legislation has been lower campaign contributions, limit spending and pro- introduced in the New York Legislature by Senator vide partial public financing of campaigns. Governor David Paterson and Assemblyman Felix Ortiz Pataki supports better disclosure and lower contribu- (S.1638/A.2630). Some 16 members of the Senate tion limits. Senator Bruno announced his support in and more than 34 Assembly members have signed 2000 for better disclosure and lower contributions to on as sponsors. The approach is supported by a by party committees. some 80 citizen organizations representing religious, senior, labor, environmental, tenant, student,

Executive Summary

women's, community, good government and neighborhood groups. PPEF commissioned a poll on Clean Money, Clean Elections reform in October 2000 that found very strong support for the reforms in New Yrok. The poll found that seven out of ten New Yorkers (71%) support Clean Money, Clean Elections campaign reform. The poll also found that: 80% support a limited and equal amount of public funds for candidates; 88% support campaign spending limits; and 80% support limits on campaign contributions. Clean Money, Clean Elections reforms was first approved by the voters of Maine in a 1996 ballot initiative, and has since become law in three other states -- Massachusetts, Vermont and Arizona. The first elections under this new system were held for the Maine and Arizona state legislatures in 2000. One third of Maine's legislators ran without taking any special interest money. In the Senate, 17 out of 35 members (49%) won their seats without special interest funding. In the House, 45 out of 151 winners (30%) participated in the program. Incumbents and challengers, Republicans and Democrats ran under the new system, with more than half of the Clean Election candidates (54%) winning. New York voters deserve more than the best candidates money can buy. It's time that candidates for election in New York turned away from one-dollar-one vote and returned to one-person, one-vote. It's time to end the Money Marathon in New York and replace the current system with Clean Money, Clean Elections.

The Money Marathon: First Leg

vi

Introduction The 2002 race for Governor is vitally important for the future of New York State. The person elected will be responsible for leading New York through one of the most tumultous times in the state's history. And money will, as always, play a huge role. In the short term, it will effect who wins the election. In the long term, the money our future Governor receives from big donors and influential industries cannot help but effect the decisions he makes in office. In the first half of 2001, the three leading candidates for governor and the two major parties raised a total of $17.5 million dollars. That's almost $100,000 per day, including weekends and holidays. The candidates alone raised over $15.6 million. The vast majority of this money comes from large donations, made by PACs and individuals who have a financial stake in the decisions made in Albany. Since money is essential for any political campaign, even when there is no strict quid pro quo relationship between a specific contribution and a specific policy, donors often have significant influence in the political process. And the amounts of money -- and, correspondingly, the amounts of influence -- will only increase as we get closer to the 2002 elections. Thus, it is essential that we watch closely and remain vigilant, keeping our elected officals accountable to the citizens of New York, not only their campaign contributors. Our researchers focused on the following questions: l Who

are the major donors - PACs and individuals - behind the three candidates for governor?

l What

are the key differences in the money funding the three candidates?

l What

could these differences mean for the election, and for New York?

The Money Marathon: First Leg

The Money Marathon: First Leg is the first in a series of reports on campaign finance in the 2002 Governor's race to be issued by the Public Policy and Education Fund. This study is based on contributions made in the first six months of the gubernatorial campaign to candidates for governor George Pataki, Andrew Cuomo and H. Carl McCall, and includes data on contributions to the Republican and Democratic Parties. The study focuses on the biggest givers - entities that gave $250 or more and individuals who gave $1000 or more. Our researchers classified these larger givers by their industry or other interest, using a methodology developed by the Center for Responsive Politics, a non-partisan, non-profit organization based in Washington, DC. The classification system allows us to report on how much was given by various industries, such as finance, real estate, health care, and insurance. The Money Maraton: First Leg is the latest campaign finance report issued by the Public Policy and Education Fund. We are continually building and refining a database of campaign contributions from interest groups and individuals to New York's elected officials. While we are only including a small portion of the information we have collected in this report, we encourage members of the media and public to ask us questions about contributions from interest groups, businesses and individuals. We are committed to compiling data and identifying the interests that pay for our elected government, with the belief that this information will help people better understand the forces at work in New York politics. Issuing reports is a large part of that, but we will also do our best to answer specific inquiries. Please feel free to email us at [email protected], or call (518) 465-4600 x107. All of our studies are available through the Citizen Action of New York website: www.citizenactionny.org.

1

Methodology This study is based on campaign finance reports filed with the New York State Board of Elections, as required by law, encompassing all donations made between January 12, 2001 and July 11, 2001. The data used is comprised of 17,481 contributions made to the three candidates for governor (Pataki, Cuomo and McCall) and New York’s Democratic and Republican Parties. The New York State Board of Elections requires that campaign committees file records of their contributions, and provides this data to the public on its internet site: www.elections.state.ny.us. (While by law committees are only required to report contributions of $100 or more, all three candidates and the Democratic and Republican Parties generall reported all of their contributions individually, down to $1 donations.) Our research team downloaded the data and attempted to identify the industry/interest of the donations of $250 or more for entities and $1,000 or more for individual contributors. The data is comprised of all contributions to the three candidates’ committees, the state Republican and Democratic Parties, as reported to the State Board of Elections on five contribution schedules.1 Working from the names of donors reported to the Board of Elections, the researchers used a system developed by Larry Makinson of the Center for Responsive Politics in Washington, DC to assign each contribution one of 429 based upon the interst or industry represented by the donor.2 The contributions were then separated into 27 categories designed to encompass the major interests represented by the donors.3 These categories form the basis of many of the analyses of industry/interest giving in this report. For contributions from businesses, organizations and political action committees, the entity’s name was used to identify the industry and interest. The Money Marathon: First Leg

Contributions from individuals were assigned categories based on the individual’s primary employer or occupation. For individuals who were not employed, codes were assigned according the individual’s primary income source -- most often, the industry/interest of a spouse. Category codes, based upon the Standard Industrial Classification (SIC) system, were assigned by using the ProCD database, which identifies SIC codes for businesses. For individuals, a multi-step research process was needed to identify employers and occupations. Unfortunately, New York State disclosure law does not require that individuals be idenfied by employer or occupation in campaign finance filings, so researchers looked elsewhere to find the occupations and employers of individual contributors. Some contributors were identified using data from the Federal Elections Commission and the New York City Campaign Finance Board, both of which require reporting of occupation and employer. A variety of internet seraches and other research strategies were used to find the employer and occupation of a significant number of individual donors. Using this methodology, we were able to code 72.4% of individuals who gave over $1,000, and 89% of entities which gave over $250. These coded entities and individuals account for $13.4 million -about 76% of the $17.5 million contributed overall. For the purposes of this study, we refer to all businesses, corporations, non-profit organizations, labor unions, law firms, partnerships, or other organized groups as PACs -- political action committees. For some parts of our report, when we were able to identify an employer for an individual contributor, that contributor is included in the total donated by their employer. So, for example, if three employees of a particular company donated to a candidate, their contributions would be combined under the name of that company.

2

In some parts of our study, we divide contributions into one of two categories -- individuals and PACs. We did not rely on the information reported to the Campaign Finance Board to distinguish individuals from entitites, because that information is often not reported correctly. Instead, we used a common sense rule -- an individual is any contributor with a first and last name.

Findings We have divided our findings into four sections -one for the breakdown of contributions overall, including contributions to the state Republican and Democratic Parties, and one section for each of the three candidates for governor. Each section will address and explore several issues which are essential to understanding the influence of money in the Governor’s race: 1. How much money was raised? 2. Which industries/interests gave the most? 3. Which entities/individuals gave the most? 4. How much money came from large contributions vs. small contributions? 5. How much money came from individuals vs. entities? 6. How much money came from employers vs. professionals and labor? 7. What proportion of donations came from out of state, and which other states/regions were most strongly represented? In the section on each individual candidate, we will not simply consider the numbers, amounts and proportions, but will compare them to the total. This will allow comparison among the candidates, and a discussion of the key differences between their financial supporters.

The Money Marathon: First Leg

Definitions of Industry/Interest Categories Agriculture: Farming, ranching, dairy, etc. Business Services: Consulting, advertising, PR Communications & Electronics: Telecommunications, media, electronics Construction: Building, engineering, architecture Energy: Oil/gas/power production, power companies Finance: Banking, investing, credit companies Food & Beverage: Food & beverage production, restaurants, supermarkets, wholesalers Government Employees: Police, administrators, government workers excluding appointed or elected officials Gambling, Hotels & Resorts: Hotels, casinos, racing, entertainment venues, travel agencies Health: Physicians, hospitals, pharmaceuticals Higher Education: Administrators and university professors where the university is the primary employer Ideological*: Advocacy organizations which do not fit into any industry/interest category Insurance: Insurance companies Labor Unions: Labor not included in more specific categories (i.e., AFL-CIO is included, while police unions are in the Government Employees category.) Lawyers: Lawyers and law firms Lobbyists: Individuals and firms registered with the NYS Temporary Commission on Lobbying. This category is not at all comprehensive -- many registered lobbyists are categorized by their industry if employed by a company or their firm (usually lawyers or business services.) Manufacturing: Industrial production not included in more specific categories (i.e., construction materials would be included under Construction) Military: Defense contractors and individuals whose primary employment is in the military Miscellaneous*: Individuals coded by occupation and employer where occupation/employer does not fit into any interest/industry category Party*: Transfers from campaign committees / party entities Personal*: Family members Political*: Individuals primarily concerned with politics, including appointed or elected officials and party operatives Real Estate: Real estate development & investment Retail: Shops, malls & other retail outlets Retired*: Individuals identified but no longer employed Tobacco: Tobacco farming, tobacco companies Transportation: Airlines, rail, automotive, shipping / freight * Categories not included in industry totals

3

Total Donations By Interest/Industry

Overall Total Money Donated: Total Number of Donations:

$17,516,839 17,353

Total Money Coded: Total Number of Donations Coded:

$13,385,143 4,142

Total Industry/Interest Money Donated*: Total Number of Industry/Interest Donations:

$12,567,226 3,845

Percentage of Total Money by Industry Industries Over $500,000 Finance 14%

Real Estate 10%

Uncoded & Other 43%

Communications & Electronics 9% Lawyers 7% M anufacturing 3% Insurance 3% Business Services 3%

Construction 4% Health 4%

Finance $2,615,608 Real Estate 1,772,381 Communications & 1,585,407 Electronics Lawyers 1,222,663 Construction 775,782 Health 701,266 Business Services 555,325 Insurance 535,150 Manufacturing 508,432 Government 421,873 Employees Energy 375,297 Food & Beverage 363,701 Party Transfers 345,715 Transportation 304,800 Gambling, Hotels & 245,914 Resorts Retail 169,610 Political 149,600 Retired 122,800 Personal 115,500 Lobbyists 93,144 Higher Education 74,108 Miscellaneous 69,002 Tobacco 69,000 Agriculture 60,850 Labor Unions ** 54,695 Military 17,600 Ideological 10,000

* Excludes party transfers, political donations, personal donations, and ideological donations ** Includes only Labor Unions not coded by industry. For comprehensive numbers on Union donation, see the section on Employers vs. Labor The Money Marathon: First Leg

4

Overall

The 2002 Governor’s race is shaping up to be another one for the record books. With $17.5 million in contributions in the first six months alone, this election promises to easily overtake the $40 million plus raised in 1998. The bulk of this money is coming from a handful of large donors in several industries that have a significant stake in government. The financial industry is constantly seeking special tax treatment, real estate developers and construction companies regularly make millions on state contracts and urban development programs, the communications industry has profited from regulatory decisions made by the Governor’s office, and professionals in the legal and business services fields are often hired as consultants and advisors to political candidates and government officials. The story so far -- the usual suspects are back, staking their claims for yet another piece of the pie.

Top Donors PACs and individuals donating $40,000 or more to gubernatorial candidates and/or state parties.

5

Verizon

6 7 8 9 10

11 12 13 14 15 16 17 18 19 20 21 22

23 24 25

Industry/Interest Amount Party $150,000 Personal 133,200 Energy 117,092

Communications & Electronics

Communications & Electronics Entrust Capital Finance Seagram (Edgar Bronfman) Food & Beverage MBNA Corporation Finance Wireless Cable International Communications & Electronics Sutherland Capital Finance Management (Ira & Diana Riklis) Milberg Weiss Bershad Lawyers Hynes & Lerach HBO (Michael & Kris Fuchs) Communications & Electronics RFR Realty (Aby & Liz Real Estate Rosen) Renaissance Technologies Finance Corp VOTE/COPE (NYS United Government Teachers) Employees Vornado Realty Trust Real Estate Four Points Sheraton Gambling, Hotels & Resorts Alliance Capital Management Finance Global Crossing Communications & Electronics Bessemer Finance Mack-Cali (Ruth, David & Real Estate Sondra Mack) Fisher Brothers (Arnold, Real Estate Anthony, Richard, Kennety & Steven Fisher) Milton I Levin Health Gabelli Asset Management Finance (Mario Gabelli) First Fiscal Fund (Lawrence Real Estate & Susan Kadish)

26 Richard & Lynda Sirota, Cuomo campaign treasurer The Money Marathon: First Leg

Political

116,000 107,000 106,823 100,000 100,000 95,400 85,000

84,000 80,000 80,000 70,900

Donor 27 AFSCME 28 Dan Klores (Dan Klores Communications, Cuomo campaign manager) 29 Gruss & Co (Martin & Audrey Gruss) 30 Alexander Treadwell, New York State Republican Committee Chairman 31 Telephone Marketting Programs Worldwide (Andrew McKelvey) 32 Miguel Lausell 33 Dreyfus Mutual Fund (Jack J Dreyfus)

Finance

46,000

Political

45,500

Business Services

45,400

Lawyers Finance

45,400 45,400

34 Simona R Ackerman 35 Jack Schneider 36 Dynamic Gunver Technologies (Paul Polo) 37 Capital Z Partners (Scott Delman) 38 Citigroup/Citicorp/Citibank 39 North Fork Bank 40 Corrections Officers PBA

Unknown Unknown Manufacturing

45,400 45,000 45,000

Finance

45,000

Finance Finance Government Employees Health

44,000 43,000 43,000

Real Estate

42,200

Real Estate

42,200

Real Estate

41,500

Finance

40,000

70,000 69,300 67,354 67,200 67,000 56,000 54,800 51,000

50,000 50,000 50,000 50,000

Industry/Interest Amount Government $ 47,900 Employees Business Services 47,000

41 Greater NY Hospitals Association 42 Pioneer Development Co (Michael & Noreen Falcone) 43 Jack Resnick & Sons (Peter, Scott & Burton Resnick) 44 Durst Organization (Douglas D Durst) 45 Beneficial Corp (Finn & Barbara Caspersen)

46 H J Kalikow & CO Real Estate 47 BEA Systems (John Belizaire) Communications & Electronics

42,500

40,000 40,000

Under New York State’s Campaign Finance Law, an individual can donate up to $45,400 to a candidate for statewide office; $30,700 for the general election, and $14,700 if the candidate is running in a contested primary. Corporations can donate up to $5,000. These limits do not apply to donations to party houskeeping funds, commonly known as “soft money.”

5

Overall

4

Donor Bloomberg for Mayor Cuomo family Belco Oil & Gas (Robert, Laurence, Carolyn & Renee Belfer) Metromedia

1 2 3

Split Donors

In the first leg of the governor’s race, 21 individuals and 53 PACs which gave $10,000 or more total were split donors. Of those, 16 individuals and 33 PACs gave to at least two different candidates, or one candidate and the opposing party. 31 of the 49 split donors gave to two different candidates, and 5 gave to all three candidates. 21 donors gave to both of the incumbents (Pataki and McCall,) and 10 gave to both Democrats (McCall and Cuomo.) Split donations were most common among labor PACs, which comprised 16 of the 33 PAC split donors. 80% of the 20 labor PACs donating $10,000 or more overall were split donors. Most split donors gave significantly more to one candidate or party than to the other(s). 30 of the 49 split donors (61%) gave one candidate or party a donation $5,000 or more greater than the next largest recipient. Seven of the 49 split donors gave the same amount to their top two recipients The Money Marathon: First Leg

PACs AFL-CIO: McCall ($7,215), Democrats ($5,000), Cuomo ($1,000), Pataki ($500) AFSCME: Democrats ($27,900), Pataki ($20,000) Allstate Insurance: Republicans ($30,000), Pataki ($1,000), McCall ($1,000) AT & T: Republicans ($22,000), McCall ($2,000) Citicorp: Reps ($25,000), Dems ($10,000), McCall ($5,000), Pataki ($2,000) Civil Service Employees PAC: McCall ($10,000), Dems ($5,400), Pataki ($1,000) Corrections Officers PBA: Pataki ($25,500), McCall ($16,000) Court Officers Association: Cuomo ($10,000), Pataki ($1,000), Reps ($1,000) Davidoff & Malito: McCall ($5,000), Republicans ($5,000), Democrats ($400) Drive Political Fund: Democrats ($25,500), Pataki ($500) Ernst & Young: Cuomo ($10,000), Pataki ($2,000) Geico Direct: Republicans ($10,000), McCall ($500) Greater NY Hospitals Assoc: Republicans ($21,500), Dems ($15,000), Pataki ($500) Hotel Trades Council: McCall ($8,500), Pataki ($5,500), Cuomo ($5,000) Dems ($4,000) IBEW: Pataki ($6,500), McCall ($3,000), Democrats ($1,000) Keyspan Energy: Pataki ($29,300), Democrats ($1,000) Laborers PAC: Pataki ($20,500) Reps ($6,000) Dems ($5,000) McCall ($2500) Cuomo ($2000) Law PAC: Pataki ($8,700), McCall ($3,000) Local 6 PAC: McCall ($8,500), Cuomo ($5,000), Democrats ($3,000), Pataki ($500) Mason Tenders District Council: McCall ($7,000), Democrats ($7,000), Pataki ($2,000) Medical Society of NYS: Pataki ($27,700), McCall ($1,750) Morefar Marketing: Pataki ($5,000), Democrats ($5,000) North American Managers Inc: Pataki ($5,000), Democrats ($5,000) NY Advantage PAC: Pataki ($9,500), Republicans ($5,000), McCall ($500) NY Bankers PAC: Pataki ($10,000), McCall ($1,000) NY District Council of Carpenters: Pataki ($27,500), Cuomo ($2,500), Dems ($2,000) Police Benevolent Association of NYC: Pataki ($15,550), McCall ($500), Reps ($250) Pipe Trades PAC: Pataki ($7,000), Democrats ($5,000), McCall ($1,500) Sheet Metal Workers: Cuomo ($21,000), Pataki ($1,000), McCall ($250) Soft Drink Brewery Workers: Pataki ($21,000), Cuomo ($10,000) Transport Workers Union Local 100: Democrats ($11,000), Pataki ($2,500) Vote/Cope (NY Teachers): Democrats ($65,000), Pataki ($5,000) Individuals Robert Belfer (Belco Oil & Gas): Cuomo ($14,700), McCall ($1,000) Jerome Belson (Jerome Belson Associates): Pataki ($5,000), Cuomo ($5,000) Henry Buhl (Buhl Studio): Pataki ($10,000), Cuomo ($5,500) John Castle (Castle Harlan): Pataki ($16,250), McCall ($10,000) Robert Congel (Pyramid): McCall ($10,000), Pataki ($6,000) Douglas D Durst (Durst Organization): Pataki ($31,000), Dems ($500) Michael & Noreen Falcone: Pataki ($32,200), McCall ($10,000) Jason Flom (Atlantic/Lava Records): McCall ($12,000), Cuomo ($5,000) Mario Gabelli (Gabelli Asset Management): Pataki ($25,000), Cuomo ($25,000) Stephen Garofalo (Metromedia): Pataki ($25,000), Cuomo ($2,000) Elzie Higginbottom (East Lake Mngmt): Cuomo ($25,000), McCall ($2,500) John Picotte (Picotte Companies): McCall ($10,000), Reps ($10,000) Bernard Rapoport: Cuomo ($22,500), McCall ($1,000) Rocco Trotta (Liro Engineering): Cuomo ($5,500), Pataki ($5,000) Elana Waksal Posner: McCall ($10,000), Cuomo ($2,000) Bradley Wechsler (Imax): McCall ($10,000), Pataki ($9,000)

6

Overall

Many donors, loathe to put their eggs in one basket, contribute to more than one candidate in a given election. They believe that by giving to multiple candidates for office, they will be more likely to have influence with whomever wins. This practice is one of the most blatant examples of the mercenary nature of campaign finance contributions from wealthy entities and individuals.

Split Donors: PACs and Individuals Distinct Individuals and Entities Giving $10,000 or More Overall

Large Donations vs. Small Donations

Individual Giving

The candidates raised $17.5 million dollars, or about This is in sharp contrast to our findings in our study of $100,000 per day (the exact amount is $96,246.) giving in Legislative races. During the 1999-2000 legislative session, the proportion was reversed -l 51% of all of the money contributed 67% of donations to legislators came from PACs, and ($8,871,938) came from 390 PACs and only 33% was donated by individuals.4 individuals who gave $10,000 or more.

Employers vs. Labor 41% of the money contributed ($7,260,511) came from 457 distinct donations of $10,000 or more. 357 of distinct donations of $10,000 or more came from 299 distinct individuals. Those 299 individuals are .002 of 1% of all 18 mil lion New Yorkers, but they gave $5,616,507, or 32% of the total money raised. l

Contributions of $1,000 or more made up 90% of the money raised, $15,680,816.

l

Contributions of less than $100 made up only 1% of the money raised, or $214,538.

Donations by Size of Contribution

Employers far outspent labor in campaign contributions. Percentage of Coded Contributions Legal & Health Who Gave -- Percentage of C Professionals Labor $612,365 15% Employers Employers $9,893,757 73% Professional Legal & Health $2,062,803 Other Other $816,218 6% Labor 6% l

Labor unions donated $736,765 -- only 6% of the total coded.

l

Giving by employers (defined here as coded contributions from industries which are not “professional”* -- Lawyers, Lobbyists and Health**) totalled $9,730,557, or 73% of the total coded contributions. This is over 13 times more than labor.

l

Legal and Health professionals gave $2,052,403, or 15% of the total coded contributions.

$1,000-$9,999 49%

$10,000+ 42% $100-$999 8%

The Money Marathon: First Leg

$0-$99 1%

* Professionals are largely self-employed, and thus neither “employer” nor “labor” applies ** Health here includes hospitals and other health care employers. Because the vast majority of donors coded under Health are in fact physicians and other health professionals, this does not skew the results significantly.

7

Overall

During the first six months of 2001, the candi- Individuals gave the bulk of the money donated -dates for governor raised a lot of money from $11,515,970, or 66% of the total money raised. The relatively few PACs and individuals. remaining $6,000,918, or 34%, came from PACs.

States with over $100,000 in contributions

The 2002 New York State Governor’s race is a highprofile election on the national level, and all three candidates are drawing support from large donors around the country.

State New Jersey California Washington, DC Connecticut Florida Texas Illinois Virginia Pennsylvania Massachusetts Delaware Maryland

l

2,455 of the 17,353 donations in the Governor’s race came from out-of-state contributors. Out of state donations totaled $4,701,766, or about 27% of all of the money donated.

l

Excluding the New York City metropolitan area (New Jersey and Connecticut), there were 1953 out of state contributions totalling $3,560,102, or 20% of the money donated.

l

113 of the 457 distinct donations of $10,000 or more were from out of state donors. These donations totalled $1,937,326, or 11% of the money raised.

The Money Marathon: First Leg

Amount $759,970 734,665 603,842 381,694 366,589 310,729 211,913 149,709 140,033 108,951 107,700 101,277

Major Region Totals State / Region Metro NYC (NJ + CT) Metro Washington (DC + VA + MD) CA FL TX

Amount 1,141,664 854,828 734,665 366,589 310,729

8

Overall

Out of State Giving

l

Candidate Totals Comparison

l

In the first six months of the Governor’s race, Republican candidate Governor George Pataki $8,780,837. The New York State Republican Party raised an additional $1,344,335, for a total of $10,125,172. This constitutes 58% of all money contributed.

l

Democratic Candidate Andrew Cuomo, former Secretary of Housing and Urban Development under President Clinton, raised $4,620,133, or 26% of all money contributed.

l

Democratic Candidate H. Carl McCall, New York State Comptroller, raised $2,231,164, or 13% of all money contributed.

l

The Democratic Party raised $466,570, only 3% of all money contributed.

l

Pataki and the Republican Party raised twice as much as Andrew Cuomo, who in turn raised twice as much as H. Carl McCall.

Candidate Industry Comparison The bulk of money donated in the first six months of the Governor’s race has come from a specific group of wealthy entities and individuals in four main categories -- Finance, Real Estate, Communications & Electronics and Law. These four industries have long held significant power in politics, trading influence and campaign contributions for preferential treatment in public affairs. And, if the money marathon continues in the direction it has been going, their influence will continue unchecked. l

The top four industries overall are the top four industries contributing to each of the three candidates.

l

Finance is the top industry overall, and it is the top industry for each of the three candidates.

l

Donations from the top four industries (Finance, Real Estate, Communications & Electronics and Law) comprise 41% if all money contributed in the governor’s race thus far. Their donations make up 40% of Pataki’s total, 43% of Cuomo’s total, and 51% of McCall’s total.

l

Of the top ten industry/interests overall, nine are among Pataki’s top ten, nine are among McCall’s top ten and seven are among Cuomo’s top ten.

Candidate/Party Contributions Republican Party 8% Cuomo 26%

Pataki 50%

McCall 13%

However, despite the overwhelming dominance of these four industries, there are some key differences which distinguish the candidates’ bases of support.

Democratic Party 3%

The Money Marathon: First Leg

9

Overall

The three candidates for governor have all gotten off to a strong start in the money marathon, but Governor Pataki and the Republican Party have taken a commanding lead.

The Republicans raised 58% of all money contributed. The Democrats raised 42% of all money contributed.

Top Ten Industries, Overall and by Candidate Pataki Finance Real Estate

4.

Communications & Electronics Lawyers

Communications & Electronics Lawyers

5. 6. 7. 8.

Construction Health Business Services Insurance

Construction Health Insurance Manufacturing

Business Services Health Manufacturing Energy

Transportation Business Services

Personal (Family) Political

3.

9. Manufacturing 10. Government Employees l

These three industries combined account for $1,957,240, 22% of Pataki’s total. These three industries make up 9% of Cuomo’s total and 10% of McCall’s total. l

A much larger share of Cuomo’s contributions come from Business Services and other largely individual/personal industry/interest categories.

McCall Finance Lawyers

Lawyers

Communications & Electronics Insurance Business Services Health Government Employees Retired Manufacturing

Real Estate

These three categories combined account for 10% of Cuomo’s total. They make up 3% of Pataki’s total and 4% of McCall’s total. Communications & Electronics, another industry with many individual donors, is Cuomo’s #2, while it is #3 and #4 for Pataki and McCall, respectively.

A much larger share of Pataki’s money comes from industries directly connected to infrastructure, which are most likely to receive large state contracts. Construction is Pataki’s #5 industry and Transportation is his #9 industry, but neither are on either of the other candidates’ top ten. Real estate is Pataki’s #2 industry, while it is #3 for the other two candidates.

Cuomo Finance Communications & Electronics Real Estate

l

A much larger share of McCall’s contributions comes from professionals and government. Government Employees is McCall’s #6 industry. It does not appear on either of the other candidates’ top ten. Lawyers is McCall’s #2 industry, while it is both of the other candidates’ #4.

Business Services is Cuomo’s #5 industry, as compared to #6 for McCall and #10 for Pataki.

These industries combined account for 14% of McCall’s total. They make up 9% of Pataki’s contributions and 8% of Cuomo’s contributions.

Personal and Political are Cuomo’s #9 and #10 industry/interest categories overall, neither of which is among Pataki or McCall’s top ten.

It is also worth noting that Insurance is McCall’s #5 industry. It is #7 for Pataki, and is not among Cuomo’s top ten.

The Money Marathon: First Leg

10

Overall

Overall Finance Real Estate

1. 2.

George Pataki, the incumbent Governor of New York, has pulled out far ahead of his opponents in the first leg of the money marathon. Drawing on long-established relationships with wealthy and powerful PACs and individuals built over his eight years as Governor, Pataki has raised almost twice as much as his nearest competitor in the first six months of the race, and shows no signs of slowing down.

Total Pataki Donations by Interest/Industry

Governor George E Pataki

Overall: Pataki $8,780,837 13,840

Total Money Coded: Total Number of Donations Coded:

$6,590,193 2,388

Total Industry/Interest Money Donated*: Total Number of Industry/Interest Donations:

$6,402,249 2,249

Percentage of Total Pataki Money By Industry Industries over $200,000 Manufacturing 3% Insurance 3%

Transportation 3% Business Services 2%

Health 5% Uncoded & Other 38%

Construction 6% Lawyers 6% Communications & Electronics 7% Real Estate 13%

Finance 14%

* Excludes party transfers, political donations, personal donations, and ideological donations ** Includes only Labor Unions not coded by industry. For comprehensive numbers on Union donation, see the section on Employers vs. Labor The Money Marathon: First Leg

11

Pataki

Total Money Donated: Total Number of Donations:

Finance $1,186,962 Real Estate 1,178,408 Communications & 627,481 Electronics Lawyers 554,305 Construction 552,232 Health 423,106 Insurance 284,200 Manufacturing 228,838 Transportation 226,600 Business Services 207,825 Government 199,548 Employees Food & Beverage 192,201 Energy 186,955 Party Transfers 120,844 Retail 111,610 Gambling, Hotels & 85,610 Resorts Agriculture 58,850 Lobbyists 39,500 Retired 34,600 Higher Education 31,668 Tobacco 29,000 Political 18,000 Military 17,600 Miscellaneous 15,500 Labor Unions ** 9,750

Pataki Top Donors PACs and Individuals Donating $30,000 or more PAC/Individual 1 Metromedia 2 3 4 5

Industry/Interest Communications & Electronics Vornado Realty Trust Real Estate Alliance Capital Finance Management Bessemer Finance Mack-Cali (David, Real Estate Ruth & Sondra Mack)

6 Global Crossing

8 Milton and Pamela Levin 9 First Fiscal Fund (Lawrence & Susan Kadish) 10 Gruss & Co (Martin & Audrey Gruss) 11 North Fork Bank 12 Durst Organization (Douglas D Durst) 13 H J Kalikow & Co 14 Saul Partners 15 Phoenix Marine 16 J. P. Morgan Chase 17 Glenwood Management 18 Cadwalader Wickersham & Taft

PAC/Individual 19 Port Authority PBA

69,300 60,700

20

56,000 54,800

21 22

52,000

23

51,000

24

25 Health

50,000

Real Estate

50,000

Finance

46,000

Finance Real Estate

43,000 41,000

Real Estate Finance Construction Finance Real Estate

40,000 38,400 37,000 35,000 35,000

Lawyers

35,000

26 27 28 29 30 31 32

Industry/Interest Government Employees Pioneer Development Real Estate Company (Michael & Noreen Falcone) AETNA Insurance Chris-Craft Industries Communications & (Herbert & Anne Electronics Siegel) Welsh Carson Finance Anderson & Stowe Mandelbaum & Lawyers Mandelbaum (David Mendelbaum) St. Andrews Realty Real Estate (Jerome & Ester Ansel) Pratt Industries Manufacturing (Allison H Pratt) Metropolitan Life Insurance Podiatry PAC Health Beneficial Corp Finance (Barbara Caspersen) Fred Drasner Communications & Electronics Michael Chasanoff Real Estate Computer Associates Communications & International Electronics

33 Duquesne Capital Finance Management (Stanley Druckenmiller)

Amount $ 33,200 32,200

32,000 31,700

30,700 30,700

30,700

30,700 30,700 30,700 30,000 30,000 30,000 30,000

30,000

Pataki and “Soft Money” Due to the “soft money” loophole in the Campaign Finance law, donors can make unlimited contirbutions to the party “housekeeping” fund, thus avoiding statutory donation limits. As the only Republican candidate and the incumbent Governor, in addition to contributions to his own campaing committee, Pataki will get a significant portion of the money given to the state Republican Party. Soft money contributions include: l l l

$150,000 from Bloomberg for Mayor $100,000 from Edgar Bronfman of Seagram, an alcohol company $100,000 from MBNA, a credit card company

The Money Marathon: First Leg

l l

$77,000 from Verizon, the telephone / telecommunications giant $67,345 from Four Points Sheraton, a hotel chain 12

Pataki

7 Fisher Brothers (Arnold, Richard, Anthony, Steven & Kenneth Fisher)

Communications & Electronics Real Estate

Amount $114,000

Large Donations vs. Small Donations

Individual Giving

During the first six months of 2001, Pataki raised a lot of money from relatively few PACs and individuals. However, his contributions were less skewed toward large donations than the other candidates’, or the total donations overall.

Individuals gave the bulk of the money donated -$5,578,312, or 64% of the total money raised. The remaining $3,202,525, or 36%, came from PACs.

Pataki raised $8.8 million dollars, or about $50,000 per day, including weekends and holidays. (The exact amount is $48,246.) And he raised that $50,000 per day while working full-time -- as Governor of New York.

This is in sharp contrast to our findings in our study of giving in Legislative races. During the 19992000 legislative session, the proportion was reversed -- 67% of donations to legislators came from PACs, and only 33% was donated by individuals.4

39% of all of the money contributed ($3,394,820) came from 161 PACs and individuals who gave $10,000 or more.

Employers far outspent labor in campaign contributions to Pataki.

33% of the money contributed ($2,860,450) came from 166 distinct donations of $10,000 or more.

Percentages based on coded contributions

120 of these donations came from 118 distinct individuals. Those 118 individuals are .0006 of 1% of all 18 million New Yorkers, but they gave $2,381,300, or 27% of the total money raised by Pataki. l

l

Contributions of $1,000 or more made up $7,523,818, 87% of the money raised by Pataki.

Employers 80%

$1,000-$9,999 54%

Percentage of Pataki Total By Size of Contribution The Money Marathon: First Leg

$0-$99 2% $100-$999 11%

Other 1% Labor 4%

l

Labor unions donated $283,300 -- only 4% of the total coded contributions.

l

Giving by employers (defined here as coded contributions from industries which are not “professional”* -- Lawyers, Lobbyists and Health**) totalled $5,058,672, or 80% of the total coded contributions. This is over 18 times more than labor.

l

Legal and Health professionals gave $965,892, or 15% of total coded contributions.

Contributions of less than $100 made up only 2% of the money raised, or $207,461. This total is made up of 7,721 distinct donations. $10,000+ 33%

Legal & Health Professionals 15%

* Professionals are largely self-employed, and thus neither “employer” nor “labor” applies ** Health here includes hospitals and other health care employers. Because the vast majority of donors coded under Health are in fact physicians and other health professionals, this does not skew the results significantly.

13

Pataki

Employers vs. Labor l

l

The Republican Party received only $12,500 in donations from labor, compared to $980,392 from employers. Employers outspent labor 78 to 1.

Out of State Giving to Pataki Governor Pataki is a high-profile politician on the national level, and is drawing support from large donors around the country. 1,295 of Pataki’s 13,742 donations in the Governor’s race came from out-of-state contributors. Out of state donations totalled $1,821,572, or about 21% of all of the money donated.

l

Excluding the New York City metropolitan area (New Jersey and Connecticut), there were 981 out of state contributions totalling $1,303,384, or 15% of the money donated.

l

31 of Pataki’s 166 distinct donations of $10,000 or more were from out of state donors. These donations totalled $585,700, or 6% of the money raised.

Pataki

l

Major Out-of-State Region Totals (Pataki) State / Region Metro NYC (NJ + CT) CA FL Metro Washington (DC + VA + MD) TX

The Money Marathon: First Leg

Amount $515,188 285,939 191,814 178,907 130,966

14

Andrew Cuomo, former secretary of Housing and Urban Development under President Clinton and son of former Governor of New York Mario Cuomo, has many campaign finance resources at his disposal. By drawing on Clinton connections from his time in Washington, using his father’s long-established connections to New York elites and taking advantage of the doors opened by his inlaws, the Kennedy family, Cuomo has built a substantial campaign chest. In the first leg of the money marathon, he raised twice as much money as the other Democratic candidate, H. Carl McCall. But he will have to keep pulling in the big money to convince New York State Democratic party heavy hitters to back him in the primary. And, if he does defeat McCall in the primary, he will have an uphill battle to raise enough to compete with George Pataki, who will run unchallenged in the primary and who has already outraised Cuomo by a margin of almost 2 to 1.

Overall: Cuomo

Total Cuomo Contributions by Interest/Industry $4,620,133 1,812

Total Money Coded: Total Number of Donations Coded:

$3,296,403 793

Total Industry/Interest Money Donated*: Total Number of Industry/Interest Donations:

$3,012,052 790

Percentage of Total Cuomo Contributions by Industry/Interest Industry/Interest Categories over $100,000 Finance 15% Communications & Electronics 14% Uncoded & Other 39% Real Estate 8% Lawyers 7%

The Money Marathon: First Leg

Business Services 5% Health 3% Manufacturing 3%

Finance $670,296 Communications & 635,526 Electronics Real Estate 346,560 Lawyers 326,658 Business Services 249,750 Health 146,835 Manufacturing 146,750 Energy 136,092 Personal 115,500 Political 71,100 Construction 63,750 Insurance 55,700 Food & Beverage 48,500 Retired 46,500 Labor Unions 46,200 Miscellaneous 43,752 Retail 40,250 Lobbyists 38,894 Gambling, Hotels & 33,700 Resorts Transportation 26,100 Government Employees 22,500 Higher Education 11,190 Party 6,500 Tobacco 5,000 Agriculture 2,000 Ideological 1,000 15

Cuomo

Total Money Donated: Total Number of Donations:

Personal 3% Energy 3%

Andrew Cuomo

Cuomo Top Donors Donations Of $25,000 Or More Donor Industry/Interest 1 Family members (Mario & Personal Matilda Cuomo, Maria Cuomo Cole & Kenneth Cole, Howard Maier and Margaret Cuomo, Edward and Vicky Kennedy) 2 Belco Oil & Gas (Robert, Energy Laurence, Carolyn & Renee Belfer)

8 Richard & Lynda Sirota (Cuomo campaign treasurer) 9 Dan Klores (Dan Klores Communications, Cuomo campaign manager) 10 Telephone Marketting Programs Worldwide (Andrew McKelvey) 11 Miguell Lausell 12 Simona R. Ackerman 13 Dreyfus Mutual Fund (Jack J Dreyfus) 14 Capital Z Partners (Scott Delman) 15 Dynamic Gunver Technologies (Paul Polo)

116,092

Industry/Interest Amount Communications & $ 40,000 Electronics Communications & 39,681 Electronics Manufacturing 35,000 Insurance 30,700 Finance 30,000

Real Estate

80,000

Communications & Electronics Political

80,000

22 Wellsford Real Properties Real Estate Inc. (Jeffrey Lynford) 23 AOL Time Warner Communications & Electronics 24 Gabelli Asset Finance Management (Mario Gabelli) 25 King World (Michael Communications & King) Electronics

50,000

26 Richard Baker 27 Verizon

Business Services

47,000

Finance Communications & Electronics Finance

106,823 95,400 85,000

Business Services

45,400

Lawyers Unknown Finance

45,400 45,400 45,400

Finance

45,000

Manufacturing

45,000

Andrew Cuomo is the only candidate to have received campaign contributions from his family, and those contributions make up his largest individual or group contribution. The $133,200 Cuomo received from his family only constitutes 3% of his total, but it is only a small part of their assistance in his fundraising efforts. The Kennedy The Money Marathon: First Leg

Donor 17 BEA Systems (John Belizaire) 18 Interscope Records (Frederick Field) 19 Conair 20 Whale Securities 21 The Carlyle Group (William & Joanne Conway)

28 Eldan Properties LTD (Marc Cohn) 29 Thomas Yessman 30 Daniel Stern 31 Meyer Frucher (Philadelphia Stock Exchange) 32 East Lake Management & Development (Elzie Higginbottom)

29,000 28,068 25,000

25,000

Unknown Communications & Electronics Real Estate

25,000 25,000

Unknown Unknown Finance

25,000 25,000 25,000

Real Estate

25,000

25,000

and Cuomo families wield significant political and financial influence which will open many doors and wallets. Cuomo family members contributing: l Mario & Matilda Cuomo $45,400 each l Maria Cuomo Cole & Kenneth Cole $14,700 each l Howard S. Maier $10,000 l Ted & Vicki Reggie Kennedy $1,000 each l Christopher Kennedy $1,000 16

Cuomo

3 Entrust Capital 4 Wireless Cable International 5 Sutherland Capital Management (Ira & Diana Riklis) 6 RFR Realty (Aby & Liz Rosen) 7 Michael & Kris Fuchs

Amount $133,200

Large Donations vs. Small Donations During the first six months of 2001, Cuomo raised a huge amount of money from relatively few PACs and individuals. The proportion of Cuomo’s money coming from large donors is significantly higher than either of the other candidates, and the number of small donations he received is significantly lower.

Cuomo Donations by Size of Contribution $0-$99 0%

$100-$999 5%

$10,000+ 52%

$1,000 - $9,999 43%

Cuomo raised $4.6 million dollars, or about $25,000 per day, including weekends and holidays. (The exact amount is $25,246.) $4,335,782 of the money came from PACs and individuals. l

57% of all of the money contributed (2,639,767) came from 88 PACs and individuals who gave $10,000 or more.

These figures are significanly higher than either of the other candidates. Only 33% of Pataki’s money and 39% of McCall’s money came from donations of $10,000 or more. Although Pataki had 7.5 times as many distinct contributions as Cuomo, Cuomo has numerically more distinct donations of $10,000 or more. And although Pataki has raised almost twice as much money as Cuomo, Cuomo has raised 84% of the amount that Pataki has raised in donations of $10,000 or more. l

Contributions of $1,000 or more made up $4,392,672, 95% of the money raised by Cuomo. Again, this figure is higher than either Pataki (87%) or McCall (93%).

The Money Marathon: First Leg

Contributions of less than $100 made up less than half of 1% of the money raised, or $1,857. Cuomo received only 44 distinct donations of less than $100. This is particularly striking when contrasted with Pataki’s 7,721 donations of less than $100. For every small donation received by Cuomo, Pataki has received 176. For every $1 Cuomo received from a small donation, Pataki has received $111.

Individual Giving to Cuomo Virtually all of Cuomo’s total contributions came from individuals -- $4,009,933, or 87% of the total money raised. The remaining $610,200, or 13%, came from PACs. The proportion of Cuomo’s money coming from individuals is significantly higher than the other candidates (67% for Pataki and 71% for McCall.) This is in sharp contrast to our findings in our study of giving in Legislative races. During the 19992000 legislative session, the proportion was reversed -- 67% of donations to legislators came from PACs, and only 33% came from individuals.5 17

Cuomo

52% of the money contributed ($2,395,307) came from 170 distinct donations of $10,000 or more.

l

Employers vs. Labor

Out of State Giving to Cuomo

Employers dominated labor in campaign contributions to Cuomo. Cuomo raised the least from labor of any of the three candidates.

Andrew Cuomo has the greatest proportion of his support coming from out of state of any of the three candidates. 775 of Cuomo’s 1,812 donations in the Governor’s race came from out-of-state contributors, comprising 43% of all of Cuomo’s distinct donations.

l

Out of state donations totalled $1,587,738, or about 35% of all of the money Cuomo raised.

l

Excluding the New York City metropolitan area (New Jersey and Connecticut), Cuomo received 665 out of state contributions totalling $1,179,362, or 15% of the money donated.

l

46 of Cuomo’s 170 distinct donations of $10,000 or more were from out of state donors. These donations totalled $660,272, or 14% of Cuomo’s total.

Percentages Based on Coded Contributions Employers 76%

Legal & Health Professionals 15% Labor 2%

l

l

Other 7%

Labor unions donated $76,700 -- only 2% of Cuomo’s total coded contributions. Giving by employers (defined here as coded contributions from industries which are not “professional” -- Lawyers, Lobbyists and Health*) totalled $2,476,474, or 76% of total coded contributions. For each $1 donated by labor, employers donated $33.

l

Legal and Health professionals gave $510,377, or 15% of the total raised.

l

Cuomo raised the least from labor, and received the fewest small contributions.

The Money Marathon: First Leg

Major Out-of-State Region Totals (Cuomo) State / Region Metro NYC (NJ + CT) Metro Washington (DC + VA + MD) CA FL TX

Amount $408,376 347,440 296,276 109,375 100,888

18

Cuomo

l

The New York State Comptroller has a steep road ahead of him. Without the benefits of being the incumbent governor or the Kennedy-Cuomo connections, McCall will have a tough time keeping up in the money marathon. As an added difficulty, Security and Exchange Commission regulations prohibit him, as Comptroller, from accepting contributions from certain companies, specifically those in the municipal securities industry. There are no equivalent restrictions on the Governor’s ability to raise money from state contractors. In the first leg, McCall raised only half as much as his Democratic competitor, Andrew Cuomo, and he trailed incumbent Governor George Pataki by a ratio of Comptroller H. Carl McCall almost 4 to 1. McCall has an edge on Cuomo and Pataki in labor support, which may bring him a boost later in the campaign. But he will have to get more big donor support if he hopes to compete financially in the primary, let alone in the general election.

Overall Donations: McCall Total Money Donated: Total Number of Donations:

$2,231,144 1,339

Total Money Coded: Total Number of Donations Coded:

$1,689,659 562

Total Industry/Interest Money Donated*: Total Number of Industry/Interest Donations:

$1,624,509 530

Percentage of Total McCall Donations by Industry/Interest Contributions over $30,000

Business Services 4% Insurance 4%

Uncoded & Other 30%

Communications & Electronics 8% Real Estate 9%

Lawyers 12% The Money Marathon: First Leg

Finance 22%

Finance $489,850 Lawyers 268,200 Real Estate 193,700 Communications & 186,650 Electronics Insurance 84,500 Business Services 82,250 Health 66,200 Government Employees 49,200 Retired 42,700 Manufacturing 40,344 Construction 40,100 Tobacco 25,000 Higher Education 21,250 Labor Unions 21,165 Retail 16,750 Gambling, Hotels & 13,500 Resorts Food & Beverage 11,000 Lobbyists 9,500 Party Transfers 8,450 Miscellaneous 7,000 Ideological 5,000 Transportation 3,000 Energy 2,250 Political 2,000 19

McCall

Government Employees Manufacturing 2% Retired 2% Construction Health 2% 2% 3%

Total McCall Donations by Interest/Industry

Large Donations vs. Small Donations

Top McCall Donors Donations Of $15,000 Or More Donor Renaissance Technologies Corp Milberg Weiss Bershad Hynes & Lerach BET

1 2

Industry/Interest Amount Finance $70,900 Lawyers

Communications & Electronics Llewellyn Werner Unknown O'Connor Associates LLP Unknown Agvar Chemicals Health Ormes Capital Markets Finance Plaza Cleaning Service Co. Business Services

3 4 5 6 7 8

9 Liggett (Bennett Lebow) 10 M Silverman 11 IP*NETWORK (Christine Schwarzman) 12 Pomerantz Haudek Block Grossman & Gross 13 Joan G Cooney (Children's Television Workshop) 14 Hallman & Lorber (Howard Lorber) 15 Rudin Management (Jack & Lewis Rudin 16 Heitman Financial 17 Lawrence B Buttenweiser Oppenheimer Capital Shirley Finkelstein American General Leonard Green & Partners

22 Castle Harlan 23 Corrections Officers PBA 24 Ark Asset Management 25 Bernsetin Litowitz Berger & Grossman 26 CWA DISTRICT ONE

The Money Marathon: First Leg

59,000 35,000 30,000 30,000 29,700 25,000 25,000

McCall raised $2.2 million dollars, or about $12,000 per day, including weekends and holidays. $2,166,014 of the money came from PACs and individuals. l

25,000 25,000 25,000

51% of all of the money contributed ($1,138,009) came from 93 PACs and individuals who gave $10,000 or more. 39% of the money contributed ($870,400) came from 57 distinct donations of $10,000 or more.

25,000

Communications & Electronics Business Services

25,000

Real Estate

24,700

Real Estate Lawyers

22,000 20,000

Finance Unknown Insurance Finance

20,000 20,000 20,000 20,000

Finance Government Employees Finance Lawyers

18,000 16,000

Communications & Electronics

15,000

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Contributions of $1,000 or more made up $2,067,959, 93% of the money raised by McCall.

l

Contributions of less than $100 made up less than half of 1% of the money raised, or $4,980. McCall received only 144 distinct donations of less than $100. This is three times more than the 44 small contributions made to Cuomo, but still only a small fraction of Pataki’s 7,742 donations.

25,000

McCall Donations by Size of Contribution $0-$99 0%

15,000 15,000

$10,000+ 39%

$100-$999 7%

$1,000-$9,999 54%

20

McCall

18 19 20 21

Tobacco Unknown Communications & Electronics Lawyers

During the first six months of 2001, McCall raised a large amount of money from relatively few PACs and individuals.

Individual Giving to McCall

Out-of-State Giving to McCall

Over 2/3 of McCall’s total contributions came from individuals -- $1,593,835, or 71% of the total money raised. The remaining $637,390, or 29%, came from PACs.

Carl McCall does not have the same national profile as his competitors, but he still received a large proportion of his contributions from out of state donors.

This is in sharp contrast to our findings in our study of giving in Legislative races. During the 19992000 legislative session, the proportion was reversed -- 67% of donations to legislators came from PACs, and only 33% came from individuals.7

l

339 of McCall’s 1,339 donations in the Governor’s race came from out-of-state contributors, comprising 25% of all of Cuomo’s distinct donations.

l

Out of state donations totalled $707,025, or about 32% of all of the money McCall raised.

l

Excluding the New York City metropolitan area (New Jersey and Connecticut), McCall received 276 out of state contributions totalling $579,300, or 26% of the total money donated.

l

12 of McCall’s 57 distinct donations of $10,000 or more were from out of state donors. These donations totalled $177,500, or 8% of his total.

Employers vs. Labor McCall had the lowest ratio of donations from employers to donations from labor of all three candidates, but employers still dominated. Percentage of Coded Contributions Legal & Health Professionals 20% Other 4%

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Labor 7%

Labor unions donated $119,765 -- about 7% of McCall’s total coded contributions.

l

Giving by employers (defined here as coded contributions from industries which are not “professional” -- Lawyers, Lobbyists and Health*) totalled $1,169,844, or 69% of the total coded contributions.

l

Legal and Health professionals gave $343,900, or 20% of the total coded contributions. This is the highest proportion of any of the three candidates.

The Money Marathon: First Leg

Major Out-of-State Region Totals (McCall) State / Region Metro Washington (DC + VA + MD) CA Metro NYC (NJ + CT) TX FL

Amount $219,100 137,450 127,725 73,750 59,400

21

McCall

Employers 69%

Conclusions & Recommendations Big Money Takes the Lead The first election that candidates for public office must win is the wealth primary, the race for campaign dollars. That race is off to a fast start in the campaign for Governor of New York, with $15.6 million dollars raised in the first six months of 2001, well before the election. The race is certain to be the most expensive state-wide race in New York history and may rival the $91 million spent on for New York's US Senate seat in 2000. The race for tens of millions of dollars will be a marathon that lasts through the Democratic primary in September and the general election in November. The strongest runner in this marathon will be able to raise the most money from large donors. Small donors just don't add up. Donors who gave less than $100 make up less than 1% of the money while the 457 donors who gave $10,000 and more add up to 42% of the money collected.

With his Cuomo-Kennedy family connections, Andrew Cuomo is even more reliant on large donors, raising more than half his funds, $2.6 million, from $10,000 plus donors. Although Pataki had 7.5 times as many distinct contributions as Cuomo, Cuomo has numerically more distinct donations of The Money Marathon: First Leg

State Comptroller Carl McCall's difficulty in building a large donor base is why he lags in fundraising. McCall has only two contributors of $40,000 plus compared to 13 for the Governor and 17 for Cuomo. Why should his relative inability to raise money from the wealthy handicap his chances of being elected to Governor? Regardless of who becomes the next Governor of New York it is clear that a small number of big donors will win. The same four industries -- finance, real estate, communications/electronics and lawyers -- are the top donors to all three candidates and can be sure that their interests will be well represented in Albany. Is this Any Way to Run a Democracy? The patriots who founded our country had a vision a vision of a government of, by and for the people. Today, we have a government of, by and for the wealthy special interests who fund campaigns. This situation has arisen not out of any moral or ethical lapse among elected officials. It has arisen because of the campaign system in the United States, which makes elected officials dependent on private donors to pay their bills. Voters, most of whom do not make any political contributions, feel left out. The exchange of large sums of money between donors and candidates amplifies the viewpoints of donors and special interests and undermines voters' faith in elections, government, and political participation. Further, the system reduces electoral competition. Fewer good people run for office because they don't want to spend the time that is required to court large donors for their campaigns. Those that do run are handicapped by an uneven playing field, where the advantage 22

Conclusion

In this race the incumbent Governor has a clear advantage, raising money from wealthy individuals and entities that rely on New York State policy and business contracts. In the first six months of 2001 Governor Pataki raised $2.8 million from donors of $10,000 and more. Pataki donors who gave $1,000 or more made up $7.5 million, 91% of the money raised by the Governor. Pataki's wide base of large donors includes the four major industries that give to all candidates: finance, real estate, communications/electronics and lawyers. It also includes construction firms that benefit from state investments in infrastructure.

$10,000 or more. And although Pataki raised almost twice as much money as Cuomo, Cuomo raised 84% of the amount that Pataki raised in donations of $10,000 or more.

goes to the candidate with the best access to cash, rather than the candidate with the most experience or the best ideas. How to Break this Connection? To sever the tie between special interest money and elected officials requires a fundamental reshaping of our campaign finance system. The question before us is what reforms will realize the goals of returning from the rule of "one dollar-one vote" to "one personone vote"?

the captive of well-financed interests. We need instead a system where candidates can compete by showing broad support from voters instead of narrow support from campaign funders. Clean Money Clean Elections reform, recently enacted in four states, offers a way of doing so.

The Senate Majority Leader, Joseph Bruno, responded that there was "zero support" for public financing in the Senate. But the most vulnerable member of his Republican majority, Roy Goodman of Manhattan, who won reelection by a few hundred votes in November 2000, is sponsoring a 4-1 match bill, modeled after New York City's law. A Republican member from Long Island, Jim Lack, has sponsored a 2-1 matching plan.

PPEF commissioned a poll on Clean Money, Clean Elections reform in October 2000 that found very strong support for the the reforms in New York. The poll found that seven out of ten New Yorkers (71%) support Clean Money, Clean Elections campaign reform. The poll also found that: 80% support a limited and equal amount of public funds for candidates; 88% support campaign spending limits; and 80% support limits on campaign contributions.

Governor Pataki is on record supporting major reforms including: scaling back New York's very high campaign limits; banning soft money; improving disclosure and beefing up enforcement, although he opposes public financing. The Governor's proposal, made 1999, was introduced as legislation in June of 2001.

Clean Money, Clean Elections (CMCE) reforms are designed to accomplish the following goals: l

Reduce and limit campaign spending. CMCE sets strict spending limits, and prevents the extraordinarily high amounts spent on recent campaigns for Governor and some legislative races.

Effective reform must end the money marathon. As long as candidates must rely on raising private money to get elected to public office, elected officials will be The Money Marathon: First Leg

23

Conclusion

There is a growing chorus for reform in New York. The Assembly Speaker, Sheldon Silver, emphasized his support for reform this winter by making a rare appearance on the Assembly floor to argue for legislation he sponsored to provide $2 dollars of matching public funds for every $1 of private funds, limit spending, end soft money and enact various other reforms. The legislation passed the Assembly by a vote of 93-46.

Clean Money, Clean Elections reform begins to restore the principle of "one person, one vote" that lies at the core of our democracy. Clean Money, Clean Elections reform offers candidates an alternative to soliciting special interest money or spending personal funds to run for office. Under Clean Money, Clean Elections reform, candidates who demonstrate broad support in their districts, and who are willing to reject private money and limit their spending, receive a fixed and equal amount of campaign funding from a publicly financed fund. They are also eligible for additional public funds, if they are outspent by their opponents or targeted by independent expenditures.

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Stop the flow of special interest money. CMCE limits campaign contributions to par ticipating candidates to no more than $100 and to other candidates to $1000.

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Give regular people a fair shot at winning office. CMCE candidates, who collect a set number of $5 contributions from voters in their districts, receive a fixed and equal amount of public funds, enough to run a com petitive campaign. Under CMCE, you don't need to be rich or raise money from wellfunded special interests, to run for office.

l

Stop the endless money chase. Under CMCE, candidates qualify for office and can then spend their time raising issues, instead of raising money.

l

Restore the principle of "one person, one vote." Now, the candidate who raises the most money is considered the front-runner. With CMCE, candidates receive a fixed and equal amount of funding, so they can concen trate on campaigning for votes, not dollars.

CMCE reforms also include many of the proposals made by the Governor, legislative leadership and others, in Albany, including: better disclosure and reporting; lower contribution limits; an end to softmoney; stronger enforcement; and measures to balance out independent expenditures.

The Money Marathon: First Leg

Incumbents and challengers, Republicans and Democrats ran under the new system, with more than half of the Clean Election candidates (54%) winning. In races that pitted Clean Election candidates against privately-funded opponents, Clean Election candidates won 53% of the time. As provided under the law, many candidates received supplemental matching funds, above and beyond their original state allotment, to keep pace with their opponent's spending. Arizona also saw a big increase in the number of candidates for office, as the state ushered in its new public financing program. Two hundred and fourteen people ran for office this year, compared to 135 people two years ago. Sixty candidates ran under the Clean Election program. (More had planned to participate, but chose not to as the program's implementation was delayed by a court fight over a technical challenge to the law.) Sixteen candidates were elected without ties to special interests or Big Money; 12 will serve in the Arizona House of Representatives and 2 will serve in the Senate. New York voters deserve more than the best candidates money can buy. It's time that candidates for election in New York turned away from one-dollarone vote and returned to one-person, one-vote. It's time to end the Money Marathon in New York and replace the current system with Clean Money, Clean Elections.

24

Conclusion

Clean Money, Clean Elections legislation has been introduced in the New York Legislature by Senator David Paterson and Assemblyman Felix Ortiz (S.1638/A.2630). Some 16 members of the Senate and more than 34 Assembly members have signed on as sponsors. The approach is supported by a by some 80 citizen organizations representing religious, senior, labor, environmental, tenant, student, women's, community, good government and neighborhood groups.

The first elections under this new system were held for the Maine and Arizona state legislatures in 2000. One-third of Maine's legislators ran without taking any special interest money. In the Senate, 17 out of 35 members (49%) won their seats without special interest funding. In the House, 45 out of 151 winners (30%) participated in the program.

Endnotes 1. Individuals and partnerships (schedule A), corporate contributions (schedule B), all other (schedule C), in-kind contributions (schedule D) and housekeeping receipts (schedule P). 2. The Center for Responsive Politics is a non-partisan research group that investigates giving to candidates for federal office and makes that information availabel to the media and all interested members of the public. For a complete description of the category coding process, see the Center’s “Follow the Money Handbook,” Larry Makinson, Washington, DC, 1994 3. See category list on p. 3 4. Capital Bargains, Capital Gains: Campaign Contributions to the New York State Legislature from 1999-2000. Public Policy and Education Fund, 2000. Available online at www.citizenactionny.org 5. ibid 6. Securities and Exchange Commission Rule G-37 7. Capital Bargains, Capital Gains

The Money Marathon: First Leg