In a move aimed at tamping down a mounting controversy over secret money in presidential politics, a political committee backing Mitt Romney Saturday publicly identified a former Bain Capital managing director as the source of a mysterious $1 million contribution to its coffers.
Restore Our Future, the pro-Romney committee, said that Edward W. Conard, who was for years associated with Bain Capital, the huge investment firm that Romney once headed, was the figure behind an obscure company called “W Spann LLC” that was listed as donating $1 million to the group last spring. Conard has continued to list his affiliation with Bain Capital when making sizeable campaign contributions in recent years even though a Bain Capital spokesman said he retired from the firm in 2007.
The disclosure of Conard’s identity, first reported by Politico, would appear to solve a Washington mystery that has swirled for days after NBC News reported this week on the murky origins of W Spann LLC : The company was formed in Delaware in March, made its contribution in April, and then dissolved in July, leaving no paper trail as to who its owners were — or even where it was located.
But campaign watchdog groups said Saturday that they will continue to press for a Justice Department investigation into the contribution, saying that unless such a probe is conducted, it will open the door for other donors to conceal their campaign contributions through shadowy "pop up" corporate fronts.
In a statement Conard said, "I am the individual who formed and funded W Spann LLC. I authorized W Spann LLC’s contribution to Restore Our Future PAC.
"I did so after consulting prominent legal counsel regarding the transaction, and based on my understanding that the contribution would comply with applicable laws," he said. "To address questions raised by the media concerning the contribution, I will request that Restore Our Future PAC amend its public reports to disclose me as the donor associated with this contribution."
The LLC had been registered to a Madison Avenue address in Manhattan that was the same building occupied by Bain, sparking more of the mystery surrounding Spann. Sources familiar with the situation said Conard retired from Bain in 2007, but still maintains an office of his own at that Madison Avenue address.
Conard came forward as criticism from campaign watchdogs and Democrats were gathering steam, and there was an official complaint with the FEC, as well as with the Justice Department, filed by a nonpartisan group.
The contribution was first reported by POLITICO's Jonathan Martin and Ken Vogel on Sunday. NBC's Michael Isikoff reported earlier this week that Spann was formed in March and dissolved less than four months later, raising questions about the purpose of the company.
It wasn't immediately clear why Conard chose to go the anonymous donation route.
Based on his donation history and his past with Romney, at first glance there may be less there than meets the eye in terms of a hidden political agenda. Conard has no major history as a Republican donor, and is not a known name within bundler circles.
He's made a few donations to the Republican National Committee, and contributed to George W. Bush's and Massachusetts Sen. Scott Brown's campaigns, but the overwhelming majority of his donations have been to Romney and his two PACS, Commonwealth PAC and Free and Strong America.
He is among a group of Romney supporters who has donated to the network of the state-based versions of the PACs, which can have higher contribution limits.
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