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Why George Soros waited so long to donate $1 million to help Obama

Billionaire George Soros is giving $1 million to a Democratic "super" political action committee. Soros also gave another $500,000 to two congressional super PACs. Why did George Soros wait so long?


Soros Fund Management Chairman George Soros at the World Economic Forum (WEF) in Davos earlier this year. Billionaire financier Soros has committed $1 million to the "Super PAC" group that is helping fund President Barack Obama's re-election bid.

REUTERS/Arnd Wiegmann/Files

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Liberal billionaire George Soros is giving $1 million to a "super" political action committee backing President Barack Obama.

Soros also gave another $500,000 to two congressional super PACs, House Majority PAC and Majority PAC.

Soros' contribution to the super PAC Priorities USA Action comes as the group raised a record $10 million last month. It has launched television ads highly critical of Republican challenger Mitt Romney.

Priorities USA Action and the congressional PACs confirmed the amounts of the donations on Thursday.

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Soros gave $1 million earlier this year to the pro-Democratic super PAC American Bridge 21st Century. He's contributed millions of dollars during previous presidential elections.

Soros' contribution may signal that Democratic-leaning donors of elections past are starting to come around to super PACs. Those organizations can raise and spend unlimited sums of cash but can't coordinate with the candidates.


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