A former fellow top executive at Bain Capital is behind a shell corporation that donated $1 million to a group backing Mitt Romney's presidential campaign.
The executive, Ed Conrad, told Politico in a statement that he had fully funded W Spann LLC and authorized the contribution to the pro-Romney Restore Our Future PAC. Conrad made the donation, he said in the statement, "after consulting prominent legal counsel regarding the transaction, and based on my understanding that the contribution would comply with applicable laws."
The corporation's donation attracted attention from NBC investigative reporter Michael Isikoff, who reported earlier this week that W Spann LLC was dissolved just months after it came into existence. Campaign finance reform advocates seized on the contribution as another example of how independent expenditure-only political action committees -- better known as super PACs -- are funneling unregulated and undisclosed money into the political process.
Why S&P's Downgrade is No Joke
Perry: Pray for Obama
What a Week: Afghan Deaths, S&P, and Debt Limit Debate Challenge Obama
Both the Campaign Legal Center and Democracy 21, two campaign watchdog groups, filed complaints with the Federal Election Commission and the Department of Justice earlier this week, seeking an investigation into the legality of the anonymous corporation's contribution.