Freedom’s Watch Not Immune to Financial Crisis

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After little more than a year in existence, conservative advocacy group Freedom’s Watch is closing up shop. The group’s primary financial backer was Sheldon Adelson, the owner of Las Vegas Sands Corp. and Forbes‘ third richest man last year. But Sands Corp. stock has taken a 95% hit in 2008, and Freedom’s Watch seems to be one of the first casualties along with Adelson’s net worth ranking.

There were signs that Freedom’s Watch was on its way out before yesterday’s announcement. According to the Washington Times, the group spent $30 million on political races this year—a relatively small sum considering it originally planned to hand out $200 million to conservative candidates. Before that, when the cash was still flowing, it funded a $15 million campaign to promote the surge in Iraq. Here’s one of those ads:

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TIME IS RUNNING OUT!

We have an ambitious $350,000 online fundraising goal this month and it's truly crunch time: About 15 percent of our yearly online giving usually comes in during the final week of the year, and in "No Cute Headlines or Manipulative BS," we explain why we simply can't afford to come up short right now.

The bottom line: Corporations and powerful people with deep pockets will never sustain the type of journalism Mother Jones exists to do. And advertising or profit-driven ownership groups will never make time-intensive, in-depth reporting viable.

That's why donations big and small make up 74 percent of our budget this year. There is no backup to keep us going, no alternate revenue source, no secret benefactor. If readers don’t donate, we won’t be here. It's that simple.

And if you can help us out with a donation right now, all online gifts will be matched thanks to an incredibly generous matching gift pledge.

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