When Michael Bloomberg ran for mayor of New York City in 2001, he dipped into his $4 billion fortune (it has since grown to $18 billion) for $74 million and outspent Mark Green, his Democratic opponent, 10 to 1. Although there were unusual factors at play that helped him win—he was down in the polls until September 11 canonized outgoing Mayor Rudy Giuliani, making his endorsement of the businessman golden—Bloomberg made it seem as if any uncharismatic political neophyte could buy elected office if he had the dough. But this midterm election proved the money theory wrong. A number of candidates who, like Bloomberg, made their millions atop a corporation and ran as Republicans went down in defeat, despite a strong year for their party nationally.
