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October 25, 2009

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Blooming big spender for office

New York Mayor Michael Bloomberg has spent more of his own money in pursuit of public office than any other individual in US history, spending US$85 million as of Friday on his latest reelection campaign, the New York Times reported yesterday.

Citing newly released campaign records, the Times said Bloomberg was on track to spend between US$110 and US$140 million before the November 3 mayoral election. That means the self-made billionaire will have spent more than US$250 million in his three bids for mayor of America's most fabled city.

In contrast, New Jersey Governor and former Goldman Sachs Chairman Jon Corzine spent about US$130 million in two races for governor and one for the US Senate, the Times reported.

And publisher Steve Forbes poured US$114 million into two bids for president, it said.

Bloomberg's wealth, much from the Bloomberg LP media and information empire, is estimated at US$16 billion. He has used it to establish what the Times called an "insurmountable financial dominance" in the race.

His Democrat opponent, William C. Thompson, has spent US$6 million and one of his campaign workers told the Times the mayor's spending was "obscene."

Most of Bloomberg's money has gone into television, radio and Web advertising.


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