The donors shelling out big money in Md.’s critical U.S. Senate race
Posted on 09/29/2024
A conservative super PAC funded by Trump skeptics and backers alike jumped into the Maryland Senate race in the past week, airing three political ads with strikingly different tones — all aimed at swaying voters to support Republican Larry Hogan in the increasingly expensive and unexpectedly close contest that could determine which party controls that chamber.
One ad praised Hogan as an independent-minded former governor who would work with both parties if he wins in November. Two others were scathing attacks on his opponent, Democrat Angela Alsobrooks.
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Maryland’s Future, a deep-pocketed super PAC backing Hogan, the state’s popular former governor, reserved $18.3 million in airtime during the last six weeks of the race. The super PAC has singularly outspent Alsobrooks and her allies so far, though the Democrats have not booked airtime in advance and will probably spend significantly more in the coming weeks.
Several of the group’s conservative donors have also invested heavily to back Republicans in other states — some moderate and some in line with former president Donald Trump’s far-right politics — who are in close contests that could flip congressional seats from blue to red.
Super PACs cannot coordinate directly with candidates or their campaigns. And, unlike campaign committees, there are no limits on how much money a super PAC can accept and independently spend in political races. This year, an enormous amount of money is being spent by super PACs on competitive Senate races in states like Pennsylvania, Ohio and Maryland as Republicans seek to regain control of the chamber and Democrats, who hold a slim majority, fight to hold them off.
For months, the massive pool of money collected by Maryland’s Future has loomed large over the open Senate race — a threat poised to be unleashed as Alsobrooks, the Prince George’s County executive, pulls ahead in polls. Political analysts say they are watching to see how much more Republicans will drop in Maryland and how that may affect spending in other tight races across the country.
“Getting Hogan was a coup for recruiting,” Cook Political Report analyst Jessica Taylor said. “This was a seat that Democrats weren’t even going to have to think of before. If they spend money here, it’s going to take away from other states that they need to defend.”
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With just over a month before Election Day, Maryland’s Future has started to use its reserved ad buys. The super PAC’s first ad championed the former Republican governor’s record as a “proven independent leader.” The second was an attack on Alsobrooks, drawing attention to reports that she benefited from property tax credits that she wasn’t eligible for. (Alsobrooks said the credits were applied to her tax bills without her knowledge, and she vowed to repay any money owed because of the mistakes.)
“Higher taxes for you, illegal tax breaks for her,” the ad said in its final frames.
The Republicans have spent $9.9 million and reserved another $21.6 million for ads to boost Hogan, a record for any Republican in the state and far more than nearly all statewide campaigns ever dole out for an entire election season.
In response to a request for comment on the super PAC’s activity, the Hogan campaign referred The Washington Post to a statement issued by the co-chairs of a group called Democrats for Hogan.
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In the statement, the co-chairs — former state senator Rona Kramer, who was Secretary of Aging in Hogan’s administration, and former state delegate Luiz Simmons — said they support Hogan for putting Marylanders “above party politics.” They also criticized other Democrats for using “scare tactics that perpetuate toxic politics.”
Meanwhile, Maryland Democrats have focused heavily on reminding voters that Hogan is a Republican and has said he intends to caucus with his party. The Alsobrooks campaign has spent $5.86 million on political ads, according to a group that tracks spending on political advertising. The political arm of Emily’s List, an advocacy group that backs pro-abortion rights women running for office, and other committees backing Alsobrooks have spent another $7.76 million on ads emphasizing Hogan’s ties to Republican leaders and attacking his record on key issues like abortion.
“He’s on their team,” Alsobrooks said, attacking Hogan for his connection to the GOP, on MSNBC on Thursday. “It’s the reason why we’ve seen even this week 18 million additional dollars by his billionaire Republican friends, who likewise recognize he’s on their team and that electing him hands over control of the Senate to the Republican Party.”
Maryland’s Future entered the late-summer sprint toward Election Day with nearly $16 million in the bank from conservative donors as of June 30. The group was seeded with a $10 million donation from Kenneth C. Griffin, a billionaire hedge fund manager who has eschewed donating to Donald Trump and emerged as one of the top GOP donors nationally in the 2024 election cycle. About two dozen other GOP donors had collectively given nearly $6 million more to the PAC by June 30. The total raised by the group will grow by the time the campaigns and PACs are due to file new campaign finance reports with the Federal Election Commission in mid-October.
Many of those donors have also been funneling cash into competitive races in other states, including the Senate races most likely to tip the balance of power in Congress in Republicans’ favor.
Here are the top donors behind Hogan’s campaign investing in Maryland’s Future:
Kenneth C. Griffin
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Though he has thus far avoided giving money to the Trump campaign, the billionaire CEO of Citadel LLC is one of the biggest conservative political donors in the 2024 election cycle. He has donated $75.7 million to conservative political organizations, including the $10 million to Maryland’s Future.
Griffin gave another $10 million to a PAC supporting David McCormick, the Republican Senate candidate in Pennsylvania. McCormick, like Hogan, received an endorsement from Trump this spring despite clashing with the former president in the past. Another $5 million from Griffin went to the More Jobs, Less Government super PAC, which supports Tim Sheehy, an antiabortion conservative who is hoping to unseat Democratic incumbent Sen. Jon Tester in Montana and who appeared at a campaign rally with Trump last month. He also gave $2.5 million to a super PAC investing in the race for Michigan’s open Senate seat.
Stephen A. Schwarzman
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Schwarzman is CEO of Blackstone, a private equity firm that he co-founded in 1985. He and his wife Christine have donated $20.5 million this cycle.
In addition to giving $2 million to Maryland’s Future, Schwartzman donated $5 million to the pro-Sheehy More Jobs, Less Government PAC. He gave $2 million to a super PAC backing Republican Mike Rogers, who has secured a Trump endorsement in the contest for Michigan’s open Senate seat, which has been held by Democrats since the early 2000s but is now ranked a “toss-up” by the Cook Political Report. Schwarzman also gave to the Buckeye Values PAC, which is putting money toward Bernie Moreno’s bid for Ohio’s Senate seat against incumbent Democrat Sherrod Brown.
Schwarzman donated $2 million to a super PAC backing New Jersey’s Chris Christie in the presidential primary, but later gave $419,600 to a joint fundraising committee supporting Trump’s campaign.
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Warren Stephens
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A native of Little Rock, Stephens is president and CEO of the private investment bank Stephens. He has donated $17.7 million toward the 2024 election. Stephens gave about $2.79 million to a PAC supporting Nikki Haley during her presidential run and $1 million to a PAC supporting former Arkansas governor Asa Hutchinson during his. He also donated $2 million to the pro-Trump Make America Great Again Inc. super PAC and $250,000 to another pro-Trump committee.
Stephens gave $1 million to Maryland’s Future.
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Craig J. Duchossois
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Along with his wife, Duchossois — a former investor who is now a philanthropist — has given $16.6 million this cycle to conservative political causes. He gave $1 million to Maryland’s Future and $20,000 to the John Bolton PAC, which has financed ads opposing Alsobrooks. He also gave $500,000 to a super PAC backing McCormick’s Senate bid in Pennsylvania, $250,000 to the super PAC behind Sheehy in Montana, and donated to dozens of other committees supporting GOP candidates across the country.
He also donated $3.5 million each to the Congressional Leadership Fund and the Senate Leadership Fund. Duchossois gave $2 million to a PAC affiliated with Americans For Prosperity, a conservative political advocacy organization founded by David and Charles Koch, which has taken a stand against Trump in the past.
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One ad praised Hogan as an independent-minded former governor who would work with both parties if he wins in November. Two others were scathing attacks on his opponent, Democrat Angela Alsobrooks.
Advertisement
Maryland’s Future, a deep-pocketed super PAC backing Hogan, the state’s popular former governor, reserved $18.3 million in airtime during the last six weeks of the race. The super PAC has singularly outspent Alsobrooks and her allies so far, though the Democrats have not booked airtime in advance and will probably spend significantly more in the coming weeks.
Several of the group’s conservative donors have also invested heavily to back Republicans in other states — some moderate and some in line with former president Donald Trump’s far-right politics — who are in close contests that could flip congressional seats from blue to red.
Super PACs cannot coordinate directly with candidates or their campaigns. And, unlike campaign committees, there are no limits on how much money a super PAC can accept and independently spend in political races. This year, an enormous amount of money is being spent by super PACs on competitive Senate races in states like Pennsylvania, Ohio and Maryland as Republicans seek to regain control of the chamber and Democrats, who hold a slim majority, fight to hold them off.
For months, the massive pool of money collected by Maryland’s Future has loomed large over the open Senate race — a threat poised to be unleashed as Alsobrooks, the Prince George’s County executive, pulls ahead in polls. Political analysts say they are watching to see how much more Republicans will drop in Maryland and how that may affect spending in other tight races across the country.
“Getting Hogan was a coup for recruiting,” Cook Political Report analyst Jessica Taylor said. “This was a seat that Democrats weren’t even going to have to think of before. If they spend money here, it’s going to take away from other states that they need to defend.”
Advertisement
With just over a month before Election Day, Maryland’s Future has started to use its reserved ad buys. The super PAC’s first ad championed the former Republican governor’s record as a “proven independent leader.” The second was an attack on Alsobrooks, drawing attention to reports that she benefited from property tax credits that she wasn’t eligible for. (Alsobrooks said the credits were applied to her tax bills without her knowledge, and she vowed to repay any money owed because of the mistakes.)
“Higher taxes for you, illegal tax breaks for her,” the ad said in its final frames.
The Republicans have spent $9.9 million and reserved another $21.6 million for ads to boost Hogan, a record for any Republican in the state and far more than nearly all statewide campaigns ever dole out for an entire election season.
In response to a request for comment on the super PAC’s activity, the Hogan campaign referred The Washington Post to a statement issued by the co-chairs of a group called Democrats for Hogan.
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Make the most of the DMV with our newsletter
Make living in D.C. a little easier and more fun. Sign up for the Post Local newsletter to get local news, weather and expert advice — where to eat, where to drink and how to get around — every weekday.
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In the statement, the co-chairs — former state senator Rona Kramer, who was Secretary of Aging in Hogan’s administration, and former state delegate Luiz Simmons — said they support Hogan for putting Marylanders “above party politics.” They also criticized other Democrats for using “scare tactics that perpetuate toxic politics.”
Meanwhile, Maryland Democrats have focused heavily on reminding voters that Hogan is a Republican and has said he intends to caucus with his party. The Alsobrooks campaign has spent $5.86 million on political ads, according to a group that tracks spending on political advertising. The political arm of Emily’s List, an advocacy group that backs pro-abortion rights women running for office, and other committees backing Alsobrooks have spent another $7.76 million on ads emphasizing Hogan’s ties to Republican leaders and attacking his record on key issues like abortion.
“He’s on their team,” Alsobrooks said, attacking Hogan for his connection to the GOP, on MSNBC on Thursday. “It’s the reason why we’ve seen even this week 18 million additional dollars by his billionaire Republican friends, who likewise recognize he’s on their team and that electing him hands over control of the Senate to the Republican Party.”
Maryland’s Future entered the late-summer sprint toward Election Day with nearly $16 million in the bank from conservative donors as of June 30. The group was seeded with a $10 million donation from Kenneth C. Griffin, a billionaire hedge fund manager who has eschewed donating to Donald Trump and emerged as one of the top GOP donors nationally in the 2024 election cycle. About two dozen other GOP donors had collectively given nearly $6 million more to the PAC by June 30. The total raised by the group will grow by the time the campaigns and PACs are due to file new campaign finance reports with the Federal Election Commission in mid-October.
Many of those donors have also been funneling cash into competitive races in other states, including the Senate races most likely to tip the balance of power in Congress in Republicans’ favor.
Here are the top donors behind Hogan’s campaign investing in Maryland’s Future:
Kenneth C. Griffin
Return to menu
Though he has thus far avoided giving money to the Trump campaign, the billionaire CEO of Citadel LLC is one of the biggest conservative political donors in the 2024 election cycle. He has donated $75.7 million to conservative political organizations, including the $10 million to Maryland’s Future.
Griffin gave another $10 million to a PAC supporting David McCormick, the Republican Senate candidate in Pennsylvania. McCormick, like Hogan, received an endorsement from Trump this spring despite clashing with the former president in the past. Another $5 million from Griffin went to the More Jobs, Less Government super PAC, which supports Tim Sheehy, an antiabortion conservative who is hoping to unseat Democratic incumbent Sen. Jon Tester in Montana and who appeared at a campaign rally with Trump last month. He also gave $2.5 million to a super PAC investing in the race for Michigan’s open Senate seat.
Stephen A. Schwarzman
Return to menu
Schwarzman is CEO of Blackstone, a private equity firm that he co-founded in 1985. He and his wife Christine have donated $20.5 million this cycle.
In addition to giving $2 million to Maryland’s Future, Schwartzman donated $5 million to the pro-Sheehy More Jobs, Less Government PAC. He gave $2 million to a super PAC backing Republican Mike Rogers, who has secured a Trump endorsement in the contest for Michigan’s open Senate seat, which has been held by Democrats since the early 2000s but is now ranked a “toss-up” by the Cook Political Report. Schwarzman also gave to the Buckeye Values PAC, which is putting money toward Bernie Moreno’s bid for Ohio’s Senate seat against incumbent Democrat Sherrod Brown.
Schwarzman donated $2 million to a super PAC backing New Jersey’s Chris Christie in the presidential primary, but later gave $419,600 to a joint fundraising committee supporting Trump’s campaign.
Advertisement
Warren Stephens
Return to menu
A native of Little Rock, Stephens is president and CEO of the private investment bank Stephens. He has donated $17.7 million toward the 2024 election. Stephens gave about $2.79 million to a PAC supporting Nikki Haley during her presidential run and $1 million to a PAC supporting former Arkansas governor Asa Hutchinson during his. He also donated $2 million to the pro-Trump Make America Great Again Inc. super PAC and $250,000 to another pro-Trump committee.
Stephens gave $1 million to Maryland’s Future.
Advertisement
Craig J. Duchossois
Return to menu
Along with his wife, Duchossois — a former investor who is now a philanthropist — has given $16.6 million this cycle to conservative political causes. He gave $1 million to Maryland’s Future and $20,000 to the John Bolton PAC, which has financed ads opposing Alsobrooks. He also gave $500,000 to a super PAC backing McCormick’s Senate bid in Pennsylvania, $250,000 to the super PAC behind Sheehy in Montana, and donated to dozens of other committees supporting GOP candidates across the country.
He also donated $3.5 million each to the Congressional Leadership Fund and the Senate Leadership Fund. Duchossois gave $2 million to a PAC affiliated with Americans For Prosperity, a conservative political advocacy organization founded by David and Charles Koch, which has taken a stand against Trump in the past.
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