Freedom’s Crotch… err Watch folds

I know this was mentioned awhile back, but now it’s official.  My favorite part of the story is that the bankroller of this sorry organization has seen his company nearly go bankrupt.  His company has lost 95% of it’s stock value, roughly about the same drop that stock in the GOP would have fallen if there were such a thing.

http://thehill.com/leading-the…

Freedom’s Watch folds

A once-vaunted independent organization that was supposed to help Republicans make up severe fundraising shortfalls is closing after just one cycle in business.

Freedom’s Watch, the 501(c)(4) organization that ran advertisements slamming Democratic candidates, will effectively shut down by the end of the year, according to a source with knowledge of the plans.

The group, which ran television, radio, phone and mail campaigns against dozens of Democrats this year, received most of its funding from wealthy gaming mogul Sheldon Adelson, chairman of the Las Vegas Sands Corp.

Others involved with the project included prominent Republicans Ari Fleischer, the one-time White House press secretary; Mel Sembler, President Bush’s first ambassador to Italy; and Matthew Brooks, who headed the Republican Jewish Coalition.

Freedom’s Watch was supposed to be a major player, with planners budgeting as much as $200 million for ad campaigns. The Democratic Congressional Campaign Committee and its chairman, Rep. Chris Van Hollen (D-Md.), warned for nearly two years of an impending and unprecedented spending spree on behalf of Republican candidates.

That spree never emerged. In total, Freedom’s Watch spent about $30 million on television spots, though it would not reveal how much it spent on phones and mail, neither of which must be reported to the Federal Election Commission.

Adelson’s company, which owns casinos in Las Vegas and Macau, among other properties, has been hard-hit by the economic slowdown. With tourism and gaming industries suffering, Las Vegas Sands stock tumbled from a high of nearly $123 per share to just $5.95 per share at the close of business Monday.

The situation grew so dire earlier this year that some analysts expected the company to miss a loan payment. In November, Adelson stepped in to rescue the company to the tune of more than $2 billion.