For Corporate Donors, the Restraints Are Off...

WASHINGTON, July 24 - As the political conventions begin, corporate big spenders, who have been restrained by new campaign finance laws, finally can cut loose.

The Raytheon Company, IBM and Fidelity Investments each gave at least $1 million to the host committee for the Democratic National Convention in Boston, according to a donor list. AT&T, Amgen and Nextel Communications each gave at least $500,000. In all, more than 150 donors have contributed more than $39.5 million - money they could not legally give to a political party or a candidate under the new law but are permitted to donate to a convention.

"Corporate dollars are flowing rather freely," said Wright H. Andrews Jr., a lobbyist at Butera & Andrews. "A lot of folks are saying, 'Let the good times roll.' "

Indeed, donors are outdoing themselves to finance the conventions and spend money on parties throughout Boston and New York, courtesy of provisions in federal campaign finance laws and Congressional ethics rules that allow almost unlimited spending at conventions and their attendant social events.

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