Political conventions are expensive. Very expensive. The Democratic National Convention is expected to cost $37 million, and this excludes the $50 million the government pays each party for security at its convention. Republicans raise most of their convention costs from a small number of big donors who then get the V.I.P treatment on expensive yachts where they can meet party bigwigs. The Democrats used to do the same thing, but this year are trying an experiment by limiting donations to a paltry $100,000 each. The consequence is that the Democratic convention has a big money problem that the Republican convention did not have.
Pictured on the right are photos courtesy of ABC News’ Investigative Unit of Gov. Mitt Romney’s 150-foot yacht “Cracker Bay” docked at the St. Petersburg Municipal Marina where Romney held a party during the Republican National Convention for supporters who raised over $1,000,000 for Romney’s campaign.
As the boat’s flag indicates, the “Cracker Bay” is registered in the Cayman Islands, a practice sometimes employed to avoid American taxes and regulations.