Federal law limits how much money individuals can give to presidential candidates -- $2,300 per election. But what about Compuware Inc. founder Peter Karmanos? Last year, he gave $250,000 to presidential aspirant and former Massachusetts Gov. Mitt Romney. Since 2004, 15 other Romney backers have sunk at least $100,000 each into the Republican's coffers, sometimes with a series of checks issued on a single day.
Because he doesn't hold federal office, Mr. Romney became subject to the federal rules only after he set up a presidential exploratory committee earlier this month. Until then, his team took advantage of a little-noticed gap between federal and state law. While most states limit political donations, about a dozen don't. Mr. Romney's political team set up fund-raising committees in three of those: Michigan, Iowa and Alabama. During that time, his political action committees raised $7 million.
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