Bill Wallace reports that more than $20 million was spent in campaign contributions and lobbying expenses to defeat the California Financial Information Privacy Act, SB773.
A Chronicle analysis of spending reports filed with the secretary of state’s office shows that corporations opposed to the measure spent more than $8.8 million on political contributions during the last 18 months and another $12 million on lobbyists and related costs.
Experts said the campaign against the measure will probably go down as one of the most expensive in state history — much like the $17 million state and local campaign by electrical power companies in the wake of the California energy deregulation fiasco.
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