Big Canadian Donation to Romney PAC Might Be Illegal
US subsidiary of Fairfax Financial Holdings gave $1M
By Kevin Spak, Newser User
Posted Oct 5, 2012 1:23 PM CDT
Fairfax Holdings Chairman and CEO Prem Watsa smiles as he leaves the company's annual general meeting in Toronto, Canada, April 15, 2009. The Indian-born businessman owns or controls 45% of Fairfax.   (AP Photo/The Canadian Press, Frank Gunn)

(Newser) – Restore Our Future, a super PAC supporting Mitt Romney, may have broken the law by accepting a million-dollar donation from OdysseyRe, a Connecticut-based company that is a wholly-owned subsidiary of Canadian insurance giant Fairfax Financial Holdings, the Center for Public Integrity reports. Federal law prohibits any foreign national from "directly or indirectly" contributing money to influence US elections, but that law was written before the Citizens United ruling granted corporations the right to donate directly to campaigns, so it's not entirely clear if it applies to foreign companies.

The donation "raises some legal red flags," says one attorney at the Campaign Legal Center. He faulted the FEC for failing to "provide clarity" on the issue. Fairfax and OdysseyRe believe they haven't broken any laws. OdysseyRe's general counsel says no foreign companies or nationals "were part of the decision-making process." Fairfax profited handsomely on derivatives during the housing crash, and since 2008 it has spent $320,000 to lobby Washington regarding derivative regulation.

View 1 more image
More From Newser
My Take on This Story
To report an error on this story,
notify our editors.
Big Canadian Donation to Romney PAC Might Be Illegal is...
51%
12%
7%
9%
7%
14%
Show results without voting
You Might Like
Comments
Showing 3 of 10 comments
RAD45
Oct 7, 2012 4:25 PM CDT
I see very little difference in Mitt accepting a milllon bucks (U$ or Canadian?) from the U.S subsidiary of a Canadian insurance corporation and getting the Prime Minister of Israel to make political videos for him to use in the Presidential Election in Florida. Today, about 1400-pastors issued political endorsements from their pulpits to test the IRS-rules, so we have corporations and those allegedly speaking for God in the battle! The SCOTUS declared our government is for sale to the deepest pockets, so what's the problem?
cornelison
Oct 6, 2012 1:20 AM CDT
Disgusting.
BinThereDunThat
Oct 5, 2012 6:10 PM CDT
The New World Order gets just a little closer to becoming a reality every day, doesn't it?