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A new super PAC has been formed to support the nonpartisan political group No Labels’ planned third-party presidential bid. The group’s financial director is the president and chief operating officer of a hedge fund that recently laid off 150 employees, and its political adviser is a former company that provided union avoidance services to large corporations. He was a Republican strategist who worked for
Super PAC, New Leaders 2024, reportedly said it has a $2 million pledge to support bipartisan tickets from No Labels new york times, and says it plans to raise up to $300 million. “New Leaders 2024 has been formed to support the selection of a no-label unity ticket and nominations may be made in the coming weeks,” the group said in a statement. statement.
No Labels’ biggest vehicle is “dark money” nonprofit organizations that do not disclose their donors. The political group established in 2022 for the presidential plan is overwhelming amount of money By business executives. In 2023, billionaire investors like hedge fund co-founder Howard Marks and private equity executives at companies like Bain Capital will use no-label PACs to Contributing to the funnel To members of the Diet.
The super PAC’s formation documents were filed with the Federal Election Commission by Andrew Fishman. identified He was elected by the group as a Democrat with a business background. Mr. Fishman is president and chief operating officer of Schoenfeld Strategic Advisors, an investment firm founded in 1988 that incorporates hedge fund strategies into its business. Mr. Fishman is the treasurer of New Leaders 2024.
Mr. Fishman began working with Mr. Schoenfeld in 2004, according to his LinkedIn profile. In November, hedge funds was fired After potential partnership talks fell apart, 15% of employees were placed in non-investment roles, such as on the information technology team.
Schoenfeld Company is member Managed Funds Association (MFA), the top industry association for hedge funds, to be established in 2022 carried out lobbying activities Opposes efforts by Congressional Democrats to narrow the “carried interest” tax rules that many investment managers employ to lower their tax rates. The industry group’s CEO Brian Corbett warned that changing the tax treatment would “penalize entrepreneurs in investment partnerships” and the bill: Dropped Senate Democrats introduced the bill at the request of Arizona Sen. Kyrsten Sinema, then a Democrat who re-registered as an independent.
Mr. Fishman’s political contributions have primarily been to Democratic organizations such as the Biden Victory Fund Joint Fundraising Committee and the super PAC Senate Majority PAC, according to a review of FEC records. Rep. Josh Gottheimer (D.N.J.), leader of the No Labels-founded Problem Solvers Caucus, received more than $27,000 from Fishman and the Problem Solvers Heroes PAC in 2019. Received $25,000 from Fishman. Donations to Republican politicians such as former Rep. Joe Cunningham of South Carolina and former Rep. Fred Upton of Michigan.
The new super PAC’s advisor is Rob Stutzman, who the group says is a political consultant to the California Republican Party and served as Arnold Schwarzenegger’s deputy chief of staff during his 2003 gubernatorial campaign. That’s what it means. Through his Sacramento-based public relations firm, Stutsmans, client Includes Fortune 500 companies and trade associations in industries such as manufacturing and consumer products.
In 2019, Stutzman public relations person That’s the case for a group of bondholders that includes the hedge fund of billionaire investor Paul Singer, a big Republican donor.Singer’s company, Elliott Management, frequently invests in distressed real estate and was at the forefront of a group of bondholders. bid In the case of bankrupt utility giant PG&E.Stutzman too worked Californians for Tribal Sovereignty and the Committee for Safe Gambling opposed Proposition 27, a failed statewide ballot measure that would have legalized sports betting.state voters was denied 82% oppose the 2022 bill.
Stutzman was a principal at government relations firm Navigators Global from 2006 to 2010, according to his LinkedIn profile. According to one source, Stutzman was promoted as a senior strategist in Navigator’s Compass, the company’s strategic communications arm. archived webpage Clients that year featured in the case studies section of the website included Walmart, Home Depot, Council of Insurance Agents and Brokers, and PhRMA.
in one Case Study“Navigator was hired by Walmart to provide corporate reputation counsel on defense from labor unions and the media.” It brought a decisive victory.” Case Study read. In another example, “Navigators were hired by the Coalition for a Democratic Workplace (CDW) to defeat card checks, a method of approving workplace votes for unionization.” For PhRMA, by Navigators Compass Website“Our campaign was successful in removing the reimportation and generic drug provisions from the Medicare Rx drug bill signed into law by President Bush in 2003.”
New Leaders 2024 did not respond to requests for comment about its leaders’ past performance or relationships with the financial industry.
Stutzman said in Capitol Weekly. explained As “an accredited member of the ‘Never Trump’ faction of the Republican Party.”his company was paid $10,000 in December 2016 for PR consulting work by the anti-Trump “Our Principles” PAC, according to FEC records. He then expressed a more mixed view of former President Trump. In April 2018, Stutzman said: politiko“President Trump’s term has produced the best that Republican governance can produce in terms of tax cuts and deregulation to stimulate the economy, but the chaos and his neurosis are unsustainable in a presidential term.” It’s possible. I don’t see a good ending.”A few months ago, President Trump and the Republican-controlled Congress passed the Tax Cuts and Jobs Act of 2017, a $1.5 trillion tax package. The federal deficit has skyrocketed.According to the nonpartisan Tax Policy Center.
The new super PAC is led by Kathleen Shanahan, a Republican who served as Jeb Bush’s chief of staff when he was governor of Florida. Mr. Shanahan is co-chairman of electricity distribution company Turtle & Hughes and previously served as its co-CEO. Her fiduciary services and asset management company, Adelphi, lists her on its list. board of directors. According to her, in 2000 she served as chief of staff to Vice President-elect Dick Cheney. bio.
In August 2022, Shanahan made a donation $1,000 She joined Florida Republican Sen. Rick Scott’s campaign and listed Ground Works Solutions, the Florida infrastructure repair company she led until 2016, as her employer.
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