Jon Corzine

The Obscenity Of Personal Wealth In Political Campaigns: The Case Of NYC Mayor Michael Bloomberg

New York City Mayor Michael Bloomberg has set a new record for the use of personal wealth in a political campaign.

By the time of the election next month, he will have spent between $110 and $140 million of his $16 Billion fortune on his mayoral campaign for a third term.

Bloomberg will have spent at least $250 million of his own money on his three mayoral campaigns, the equivalent of what was spent on the latest Harry Potter movie by Warner Brothers.

How can someone call our political campaigns anything other than the use of obscene wealth by people who lust for political power and are willing to use their own money to buy the votes of the people?

The ability of wealthy people, such as Steve Forbes, Ross Perot, and Jon Corzine to buy support, and now surpassed by Michael Bloomberg, calls for public finance laws and strict regulation of the amount of personal fortune that can be used in political campaigns.

The present system is totally anti democratic, and just adds to the cynicism that many Americans have toward our political system–that money talks and truly principled individuals have no chance to gain power and promote reform without either personal fortune or rich supporters who expect special favors when a candidate wins office with their financial support.