There has recently been a lot of talk about the group of Americans known as The One Percent. The term refers to the one percent of Americans who control something like forty percent of the nation’s wealth. Presumably, the wealthiest of these individuals, unless they inherited their wealth, are people who are intelligent, have a high work ethic and think strategically when making business decisions.
So, at a time when there has been so much talk about the overly long recovery from the last recession, where do these wealthy individuals invest their money? Following tips from their Fox News advisors, the smart investment was in Mitt Romney and other Republican candidates.
The talking heads on Fox said for months that this was a sure thing. As it turns out, as financial advisors, they were right up there with Bernie Madoff.
Take the billionaire casino owner Sheldon Adelson. He made his billions off of people who bet and lost and when it came to making political donations, he proved no luckier than most of his customers. He spent $53 million on nine political races and had only one winner. The one winner was in the Texas Senate race where he actually supported two candidates.
Then there are the Koch brothers, Charles and David. They were reported to be prepared to donate something in the neighborhood of $400 million to a variety of tax exempt groups that are not subject to federal campaign finance disclosure. Their top priority was to support candidates who will weaken environmental regulations and stop the move away from coal to cleaner sources of energy. Presumably, that would have come with Republicans solidly in control of the House, Senate and White House. In the end, it was not one of their better investments.
One of the super PACs into which many of those wealthy one-percenters poured contributions was the one run by the former Bush political operative Karl Rove. Rove has been largely
viewed as one of the shrewdest and most effective political operatives of the current generation. (more…)