Scalping Obama

Online ticket scalpers are having a field day with the upcoming Bruce Springsteen and Billy Joel fundraiser concert for Barack Obama. And those who purchase the scalped tickets may be violating campaign finance laws.

Ticket scalpers profiting off the buzz created by the historic Bruce Springsteen/Billy Joel fundraiser appear to be breaking campaign finance laws. And fans who use scalpers could be complicit.

October 16th Bruce Springsteen and Billy Joel will play a show at New York City's Hammerstein Ballroom. This is the first time they have played together in this century. It's the night after the final presidential debate and the concert is a benefit for Barack Obama. Excitement about the show and "special guests" is skyrocketing. Obama himself is rumored to be scheduled to appear.

On Obama's Change Rocks website $500 balcony seats are already sold out. A premier seat costs $2,500. "Rocker seats" are $5,000 each, while a “lounge ticket” is $10,000. Buying these tickets is considered legally to be a contribution to Obama's campaign.

The first $2,300 of each contribution from an individual will be allocated to Obama for America and will be considered designated for the general election. The next $28,500 of each contribution from an individual will be allocated to the Democratic National Committee, per campaign finance laws.

As with any high demand event, scalpers are hawking tickets online. A sampling of Manhattan ticket agencies and Craigslist ads shows the balcony seats being scalped at prices ranging from $1,833 to $2,261 and floor seats for as much as $4,640. One Craigslist ad promises "the experience of a lifetime" for $25,000 a ticket. Considering $10,000 seats are still available, the mark up and its description seem rather extravagant.

The above-linked story delves into the legal mumbo-jumbo about how federal campaign finance law is being broken by going through the scalpers, but I have a feeling the feds are a little too busy to notice right now.