Tech Moguls Raise Cash to Fight Washington's 'Big Money Problem'

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A group of influential Internet moguls aim to fix what they refer to as the "big money problem" in Washington politics by, well, raising cash. Forming a Super Political Action Committee (PAC) called Mayday, the executives hope to raise $12 million by the midterm elections in November in hopes of supporting candidates who are committed to changing how elections are financed. Apple cofounder Steve Wozniak joined the campaign late last week, alongside Union Square Ventures' Fred Wilson; Paypal cofounder and libertarian activist Peter Thiel; and LinkedIn cofounder Reid Hoffmann. Their approach -- using big money to fight big money -- may seem odd, but the organizers note on the campaign website that they "embrace the irony." The organizers plan to use the funds to support five political candidates who will push for campaign finance reform



--- Reuters