A Yahoo Finance team of Julie Hyman, Adam Shapiro, Akiko Fujita, Ethan Wolff-Mann, and Dan Roberts discuss with MP Materials Co-Chairman Jim Litinsky.
YOWZA: Two political action committees founded by Rep. Alexandria Ocasio-Cortez’s top aide funneled over $1 million in political donations into two of his own private companies, according to a complaint filed with the Federal Election Commission on Monday. The cash transfers from the PACs — overseen by Saikat Chakrabarti, the freshman socialist Democrat's chief of staff — run counter to her pledges to increase transparency and reduce the influence of "dark money" in politics. Chakrabarti's companies appear to have been set up for the sole purpose of obscuring how the political donations were used. The arrangement skirted reporting requirements and may have violated the $5,000 limit on contributions from federal PACs to candidates, according to the complaint filed by the National Legal and Policy Center, a government watchdog group.Campaign finance attorneys described the arrangement as “really weird” and an indication "there’s something amiss." They said there was no way of telling where the political donations went — meaning they could have been pocketed or used by the company to pay for off-the-books campaign operations. The complaint names Ocasio-Cortez and Chakrabarti as respondents. It asks the FEC to investigate and audit the two PACs, saying they were engaged in an "an elaborate scheme to avoid proper disclosure of campaign expenditures."