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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?

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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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