The Real Power of Bloomberg’s Money

When people think about the political relevance of Michael Bloomberg’s money, they tend to think about how his massive spending helps his campaigns: the record $261 million he spent on his three successful mayoral runs, the billions he could end up spending on his quest for the presidency. What people often miss is that Bloomberg actually spent more of his own money boosting his policy efforts in city hall than he did to get there.

Part of Bloomberg’s presidential sales pitch is that his personal wealth—he’s worth an estimated $56 billion—makes him incorruptible. Not only is he unbribeable; being rich enough to never take political contributions, he can assume office unbeholden to donors. But Bloomberg is so rich that he shifts the direction of potential influence: Donors may not be able to buy influence, but he can use his wealth to push things in the directions he wants.

Bloomberg spent extensively as mayor of New York. He gave massive sums to nonprofit organizations and arts groups. He contributed enormous amounts in political donations out of his personal bank account. (Most politicians make political donations out of their campaign accounts or PACs.) He funded nonprofit organizations that boosted his policy agenda. When church groups or community organizations threatened to get noisy