Money Flows Freely At DemocraticConvention

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BOSTON - (07/29/04) – ‘The money flowed likewine,’ at this week’s Democratic National Convention,to quote the headliner band, Little Feat, at NAFCU’s Mondaynight reception for Sen. Tom Carper. The DNC and its offshoots wereexpected to raise as much as $50 million from corporate interests,while individual candidates are working to raise millions more fortheir campaigns. Bank of America, which just bought Boston’sonly major bank, FleetFinancial, is one of three donors to give$1.5 million (Boston-based Fidelity Investments and Raytheon Corp.are the others). Organizations like Fannie Mae and Freddie Mac havecontributed up to $350,000 to the host committee. The credit unionlobby is also opening its wallets here. CUNA contributed $25,000 tothe host committee and expects to spend as much as $100,000sponsoring events and other expenses during the convention. AndNAFCU expects to spend as much as $50,000 during theevents.

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