US Chamber floating on money, takes anti-Obama stance

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From Fazle Rashid
NEW YORK, Oct 22: US companies opposing financial regulations and reforms are pouring in billions of dollars to weaken the legislation ahead of November 2 midterm polls. Hidden donors are channelising the fund through US Chambers and Commerce. The Chamber is protected by law not to disclose the identity of the contributors. The Chamber is also exempted from paying taxes.
Prudential Financial donated $2million, Dow Chemicals donated $1.7 million. Goldman Sachs, Chevron Texas and Aegon, a multinational insurance company based in Netherlands together donated $8million to a Chamber Foundation critical of growing federal regulations and spending.
It offers a glimpse of the chamber's money raising efforts which it has romped up recently in an orchestrated campaign to become one of the most well financed critics of the Obama administration and an influential player in this years Congressional elections, the New York Times said in a front page report today. President Obama and others alleged that foreign money has ended up in Chamber's coffers. Chamber makes no apologies for its policy of not identifying the donors.
Chamber's increasingly aggressive role including record spending in the midterm elections that supports Republican more than 90 per cent has made it a target of critics who fear it has become too partisan and hard-nosed in its fund raising, an analyst said.
The pace of spending has been relentless. Chamber spent $10 million on Senate races in nine states and two dozen House races.
President Obama in the meanwhile is trying to reawaken women to come out in large number on November 2 and vote for Democratic Party. Women voters played a big role in sending him to the White House. He is urging women voters not to abandon the Democratic Party in its hours of dire need. Midterm elections are looking increasingly perilous for his party.
With balance of power in the Senate and the House at stake women are seen as a last hope to cling to seats that appear to be won by the Republicans.