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Billionaires and shadowy groups fund record-breaking election

This election cycle super PACs and billionaires who have been able to donate anonymously, have funded the most expensive election in the nation's history.

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The money came from a company, Specialty Group Inc., established five days before it made its first contributions; that money has paid for more than $1.5 million in last-minute ad buys. A FreedomWorks spokeswoman declined to say whether its campaign finance report would be amended, saying the group doesn't comment on its donors.

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Yet FreedomWorks isn't alone on its spending spree, particularly at the last minute as Election Day approaches. More than $1 billion has been spent this election cycle on independent expenditures from outside groups, and nearly $900 million is spent opposing candidates, according to figures compiled by the nonprofit group Sunlight Foundation.

In Nevada, for instance, those groups have dumped spent more than $5 million on just one House race. Most of that cash has gone toward opposing the Democratic candidate, Nevada state Sen. Steven Horsford. It came in part from Crossroads GPS, the nonprofit arm of the American Crossroads super PAC, which doesn't have to reveal its donors.

At the presidential level, both Obama and Romney have spent considerable time at fundraising events courting wealthy donors. Romney last month lamented the time he spent on fundraising, rather than speaking to larger groups of voters.

Obama and Romney have raised considerable money from small donors, too, especially the president's legion of more than 4 million donors. Still, individual donations of $20 or even $50 are dwarfed by money from Las Vegas casino mogul Sheldon Adelson — the top super PAC donor this year — who contributed more than $40 million to Republican super PACs, including those backing Romney and former candidate and House Speaker Newt Gingrich. For Obama, high-profile figures like Hollywood producer Jeffrey Katzenberg have donated millions of dollars to super PACs supporting him.

Federal rules require timely disclosure for super PACs, but determining who's behind big donations isn't always easy. In summer 2011, a fledgling company dissolved shortly after making a $1 million contribution to a super PAC supporting Romney. Records showed that the company, established and closed over a four-month period, was formed by Ed Conard, a Romney supporter who once worked with the former Massachusetts governor at the private equity firm Bain Capital.

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