Wednesday, August 03, 2005

Bad Investment

Big money, thrown away:
Soros-Backed Activist Group Disbands as Interest Fades
The dream was that ACT -- heavily funded by billionaire George Soros -- would play a decisive role in getting Democratic nominee John F. Kerry elected president and then remain in business as a permanent force in liberal politics.

Instead, the group this week began sending e-mails to most of the 28 people who make up the remaining ACT staff warning that their paychecks would stop at the end of August. All the state offices have been, or are soon to be, closed.

The news represented a long fall for ACT and its sister group, the Media Fund.
Soros and his close associate -- Progressive Corp. Chairman Peter Lewis -- together put $38.5 million into ACT and the Media Fund. With this seed money, the two organizations collected $196.4 million, enough to set up voter mobilization programs in every presidential battleground state and to flood the airwaves with pro-Democratic commercials in the early spring of 2004 when Kerry's campaign was broke.

By all measures but one, ACT and the Media Fund were a great success, helping to turn out record numbers of new voters. But that one measure was the one that counted. After Bush's reelection and GOP gains in the House and Senate, Soros and Lewis pulled the plug on their support.
Well it was good for the economy, at least!


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