Excerpt: "No American is dedicating as much of his money to defeat President Obama as Sheldon Adelson. He is the perfect illustration of the squalid state of political money ..."



Sheldon Adelson has donated millions of dollars to opponents of President Obama. (photo: Reuters)

What Sheldon Adelson Wants

By The New York Time | Editorial

o American is dedicating as much of his money to defeat President Obama as Sheldon Adelson, the casino magnate who also happens to have made more money in the last three years than any other American. He is the perfect illustration of the squalid state of political money, spending sums greater than any political donation in history to advance his personal, ideological and financial agenda, which is wildly at odds with the nation's needs.

Mr. Adelson spent $20 million to prop up Newt Gingrich's failed candidacy for the Republican nomination. Now, he has given $10 million to a Mitt Romney super PAC, and has pledged at least $10 million to Crossroads GPS, the advocacy group founded by Karl Rove that is running attack ads against Mr. Obama and other Democrats. Another $10 million will probably go to a similar group founded by the Koch brothers, and $10 million more to Republican Congressional super PACs.

That's $60 million we know of (other huge donations may be secret), and it may be only a down payment. Mr. Adelson has made it clear he will fully exploit the anything-goes world created by the federal courts to donate a "limitless" portion of his $25 billion fortune to defeat the president and as many Democrats as he can take down.

One man cannot spend enough to ensure the election of an unpopular candidate, as Mr. Gingrich's collapse showed, but he can buy enough ads to help push a candidate over the top in a close race like this year's. Given that Mr. Romney was not his first choice, why is Mr. Adelson writing these huge checks?

The first answer is clearly his disgust for a two-state solution to the Israeli-Palestinian conflict, supported by President Obama and most Israelis. He considers a Palestinian state "a steppingstone for the destruction of Israel and the Jewish people," and has called the Palestinian prime minister a terrorist. He is even further to the right than the main pro-Israeli lobbying group, the American Israel Public Affairs Committee, which he broke with in 2007 when it supported economic aid to the Palestinians.

Mr. Romney is only slightly better, saying the Israelis want a two-state solution but the Palestinians do not, accusing them of wanting to eliminate Israel. The eight-figure checks are not paying for a more enlightened answer.

Mr. Adelson's other overriding interest is his own wallet. He rails against the president's "socialist-style economy" and redistribution of wealth, but what he really fears is Mr. Obama's proposal to raise taxes on companies like his that make a huge amount of money overseas. Ninety percent of the earnings of his company, the Las Vegas Sands Corporation, come from hotel and casino properties in Singapore and Macau. (The latter is located, by the way, in China, a socialist country the last time we checked.)

Because of the lower tax rate in those countries (currently zero in Macau), the company now has a United States corporate tax rate of 9.8 percent, compared with the statutory rate of 35 percent. President Obama has repeatedly proposed ending the deductions and credits that allow corporations like Las Vegas Sands to shelter billions in income overseas, but has been blocked by Republicans.

Mr. Obama's Justice Department is also investigating whether Mr. Adelson's Macau operations violated the Foreign Corrupt Practices Act, an inquiry that Mr. Adelson undoubtedly hopes will go away in a Romney administration. For such a man, at a time when there are no legal or moral limits to the purchase of influence, spending tens of millions is a pittance to elect Republicans who promise to keep his billions intact.