The Mixed Record of Political Success for Millionaire Candidates

2 years ago

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Contributing Editor

If Stephen Pagliuca manages to win the special election for Edward M. Kennedy's seat, the Celtics co-owner will not be the only NBA owner to spend a chunk of his personal fortune to become a United States senator.

Pagliuca will not come close to the record for personal wealth spent in pursuit of membership in the exclusive Senate club even if he spends $10 million of the fortune he made from Bain Capital's investments. That honor goes to Democrat Jon S. Corzine of New Jersey, the former head of Goldman Sachs, who spent $62 million to win a seat in 2000 and is now running for reelection as governor of the Garden State.

But for every captain of commerce who has succeeded in politics, there are many who have failed. Money provides an entree, but is no substitute for experience in the art of politics, and it is hardly a guarantee of success. "You can't just spend money and get there; you have to have something to say,'' said Robert M. Shrum, a leading Democratic strategist.

In Politics, Money Can't Always Buy You Love [Boston Globe]

Filed Under: Senate, 2010 Elections

Tagged: Daily Guidance, DailyGuidance

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