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Canadian-Owned Firm Gives $1 Million to Romney Super-PAC, Raising Red Flags

Foreigners aren't allowed make campaign donations. But post-Citizens United, the rules have gotten hazy.

By Michael Beckel, Center for Public Integrity | Fri Oct. 5, 2012 3:00 AM PDT


A million-dollar donation by a foreign-owned corporation to a Republican super-PAC has raised legal concerns and opened up the controversial Citizens United Supreme Court decision to new criticism.

Restore Our Future, the super-PAC supporting Republican Mitt Romney's run for president, received a $1 million donation in mid-August from reinsurance company OdysseyRe of Connecticut, a "wholly-owned subsidiary" of Canadian insurance and investment management giant Fairfax Financial Holdings Limited.

Fairfax Financial's founder is Indian-born V. Prem Watsa. Watsa serves as CEO and chairman and owns or controls 45 percent of the company's shares. He is also the chairman of the board of OdysseyRe, the American subsidiary.

The law says that any foreign national is prohibited from "directly or indirectly" contributing money to influence US elections. That means no campaign donations, no donations to super-PACs, and no funding of political advertisements.

"You can bet that wholly owned subsidiaries of foreign commercial entities have an agenda when they spend millions to sway the outcome of an election," says Sen. Sheldon Whitehouse.

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http://www.motherjones.com/politics/2012/10/canadian-foreign-donation-super-pac-restore-our-future