Thursday, February 9, 2012

Secretive Brothers Pledge $100 Million To Oust Obama

Secretive oil billionaire brothers pledge $100million war chest to oust Obama from White House

By Lee Moran

Last updated at 4:00 PM on 7th February 2012
Republican supporters led by secretive oil billionaires the Koch brothers have pledged to oust Barack Obama from power - by stumping up a $100million (£63million) war-chest.

David and Charles Koch, worth a combined $50billion, have been joined by 300 of America's wealthiest businessmen in promising the cash to stop Obama from being re-elected.

They met at the conservative brothers' annual three-day Californian retreat, where they gain pledges for non-profit groups that share their libertarian world view.
Charles KochDavid Koch
Brotherly ambition: David (left) and Charles Koch (right) are rallying America's most powerful businesspeople to donate $100million to oust Barack Obama from the White House

But it is believed this is the first time the get-together has zoomed in one sole issue.
Sources said an 'alpha-male' mentality of beating Obama at this year's election at all costs soon took over amongst the visitors.

Charles, 76, will put up $40million from his personal fortune, while David, 71, has pledged $20million to the battle.
As individuals can only donate $2,500 to a candidate, the $100million will almost certainly go to one of the independent Republican political action committees.
Republican presidential candidate Mitt Romney
President Barack Obama
Competition: Democrat Barack Obama (left) will most likely be challenged by Mitt Romney (right) in the 2012 after the Republican won the last two primaries

While they are supposed to be neutral, the committees usually ally themselves to a particular candidate and then use the money to support them.

The brothers' Americans for Prosperity PAC has already spent $6.8million on adverts attacking the president.

The pair have trodden a notoriously secretive path in amassing their wealth. But they started to gain more prominence when they helped launch the Tea Party movement.
They are ranked at numbers 18 and 19 on the Forbes 100 Rich List, and have given more than $100million to right-wing causes.

A total of $55million of that has gone in trying to discredit the science behind man-made climate change.

The brothers are co-owners of energy giant Koch industries, the firm founded by their father Fred in 1940, and have since expanded the business to 2,600 times its inherited size.

Initially involved in oil refining, the company is now one of the biggest firm in the country, producing well-known brands such as Stainmaster carpet, Lycra fiber, Quilted Northern tissue and Dixie paper.

They have two other brothers, 78-year-old Fred and 71-year-old William, who were all involved in litigation against each other in the 1980s and 1990s.


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