Tuesday, November 25, 2008

Buh-Bye, Freedom’s Watch

Schadenfreude. It’s what’s for breakfast:
Freedom's Watch, the conservative group backed by Las Vegas Sands Corp. Chairman Sheldon Adelson, is pretty much kaput, sources with knowledge of the organization said.

The group's dozens of staffers have been paid through the end of the year. After that, Freedom's Watch is likely to shut its doors permanently, said the sources, who spoke on condition of anonymity.

Technically an issue-advocacy group rather than a political campaign arm, Washington-based Freedom's Watch spent $30 million on television and radio ads in the general election, plus an undisclosed amount on mail and phone-call campaigns.
You remember Freedom’s Watch don’t you? The group of former White House staffers like Ari Fleischer, formed to push unpopular Bush policies like the surge and war with Iran down Congress’ throat? And then threw over $30 million at the election?

Hah. Funny story. While Adelson was the group's primary financier, it seems he and his Sands Corp. are victims of the sorry Republican economic policies he spent millions to perpetuate:
The company has lost roughly 95 percent of its stock market value over the past 11 months, dropping Adelson's rank on the Forbes list of America's wealthiest people from third to 15th.

At the end of October, a New York compensation consulting firm estimated Adelson's net worth had fallen by more than $16.6 billion for the year.

Sands has suspended construction on projects in Las Vegas and Macau, and the company recently said it was in danger of defaulting on $5.2 billion in credit facilities.

Oh, so sorry to hear it. That, and last week’s news of layoffs at Focus On The Family, has me wondering if Republican CEOs will be rethinking their whole “Hey I know! Let’s start a 527!” approach to politics.