May 2, 2012: Gingrich Bows out of Presidential Race, Thanks Billionaire Donors

Republican presidential candidate Newt Gingrich (R-GA) officially suspends his presidential campaign, tacitly acknowledging his defeat at the hands of frontrunner Mitt Romney (R-MA). Among the few people he thanks by name are Sheldon and Miriam Adelson. The Adelsons, who own a number of casinos in Las Vegas and Southeast Asia, by donating some $25 million to Gingrich’s super PAC, were primarily responsible for keeping Gingrich’s campaign afloat in recent months (see December 1, 2011, December 19, 2011, January 3, 2012, January 6, 2012, January 23, 2012, February 21, 2012, February 21, 2012, March 26, 2012, and April 22, 2012). Gingrich tells the assemblage, “And of course, while they weren’t directly associated with the campaign, it would be impossible for me to be here and thank everybody without mentioning Sheldon and Miriam Adelson, who single-handedly came pretty close to matching Romney’s super PAC.” Alex Seitz-Wald of the liberal news Web site Think Progress writes, “Gingrich’s praise of the Adelsons, and admission of their importance in his campaign, underscores how super PACs have fundamentally changed the political landscape, allowing a single household to spend unlimited amounts of money to nearly ‘single-handedly’ fund candidates.” While Gingrich is careful to note that the Adelsons were not “directly associated with the campaign,” his citation of them raises questions about how “independently” they functioned, as super PACs are legally not allowed to coordinate with campaigns and are required to operate entirely outside of the campaign. Seitz-Wald writes that Gingrich’s “public gratitude underscores the porous rules governing campaign finance in the post-Citizens United era.” Despite the lavish donations from the Adelsons, Gingrich bears a significant campaign debt; he is expected to endorse Romney in return for Romney’s agreement to help him pay off that debt. [Think Progress, 5/2/2012]