As the 2024 presidential election approaches, a lingering mystery surrounds the source of a $64 million donation to Joe Biden in 2020, raising serious questions about the transparency and influence of big money in American politics.
Four years after President Joe Biden's 2020 victory, questions linger over a $64 million donation from an anonymous source that played a significant role in his campaign against then-President Donald Trump. According to CBS News, the funds were funneled through the Impetus Fund from an unknown donor, highlighting potential vulnerabilities in the political funding system.
Speculation about the donation suggests it may have come from a wealthy Biden supporter or a corporation funded by multiple donors. The Impetus Fund, a 501(c)(4) organization, received the donation and routed it through several entities, maintaining the donor's anonymity. A significant portion, $55 million, was transferred to Future Forward USA Action, Biden's main super PAC, which then moved $60 million to FF PAC, the primary entity supporting Biden’s reelection.
Founded in July 2020 and managed by Arabella Advisors, the Impetus Fund received $67 million in anonymous donations that year. Arabella oversees various nonprofits, facilitating donor anonymity, and its entities raised nearly $3 billion in the 2022 election cycle.
Anna Massoglia, editorial and investigations manager for OpenSecrets, a nonpartisan watchdog group, expressed concern over the opaque nature of such donations. "Without information about who is funding groups spending to influence elections, voters won't know who is trying to shape their views or be aware of potential conflicts of interest," she said.
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