Republican donor Sheldon Adelson needed just a few hours to earn enough money to dramatically alter the course of the Republican presidential election, a powerful example of the asymmetry between the cost of campaigns and the wealth of the richest of the rich.
Casino mogul Adelson, one of the richest men in the world, threw the race into chaos by injecting $5 million into a super PAC backing Newt Gingrich. Mitt Romney appeared to have clinched a cakewalk to the GOP nomination with a strong finish in the Iowa caucuses and a resounding win in New Hampshire. But the Adelson-funded PAC blasted away at Romney in South Carolina, where Gingrich vaulted from behind to secure a surprise victory. Adelson’s wife, Miriam Ochsorn, followed her husband’s donation with a $6 million infusion, keeping Gingrich going through Florida, Nevada and beyond.
In 2011 alone, Adelson made $7 billion, according to Forbes. That translates to about $134.6 million a week, or $19.2 million a day, assuming a 7-day work week. Assuming a 40-hour work week, Adelson reaped $3.3 million an hour. At that rate, it would take him less than two hours to make the $5 million needed to alter the race.
His family’s total $11 million Gingrich payout is equivalent to less than a half-day’s work. Assuming a grueling 70-hour average work week, Adelson made $1.9 million per hour, making the $11 million donation equivalent to about 6 hours of work.
Adelson met with Gingrich this past week at The Venetian in Las Vegas to discuss the former House speaker’s electoral strategy over the coming months, and has publicly praised his main rival, GOP frontrunner Romney. The meeting at Adelson’s hotel and casino lasted several hours, according to news reports — enough time for him to earn an amount that would fund the Gingrich campaign to the convention.
As Forbes reported, Adelson became the 8th-richest American in 2011, after scoring $7 billion over the course of the year, predominantly through gains on his stock ownership of Las Vegas Sands Corp. Adelson’s company operates dozens of resorts and casinos all over the world, and the 78-year-old’s total personal net worth is about $21.5 billion. His company’s stock took a beating during the early months of the recession, but has surged in recent years on strong profits from Asia, particularly China. Gingrich routinely invokes political talking points about the United States losing competitive edges to China, a tactic being repeated with xenophobic gusto in congressional races.
Join the official YWN WhatsApp status
6 Responses
So what is the author’s point? That campaigns ought to cost more? Or that Gingrich should alter his message to suit the interests of a powerful donor? What I’m getting is that the constitution is working as designed. Despite the high cost of campaigning, there are people who can help someone with a message to lay before the people. And despite the enormous benefit Gingrich has reaped from Adelson’s money, he has not pandered to him; and despite this Adelson continues to donate, and has not demanded that Gingrich change his message to suit his own interests. That speaks volumes for the integrity of both men.
Oy veh! Why must we be so prominent and call unwanted attention to ourselves.
This is predicated on the assumption that money makes campaigns succeed. That’s not true, money follows successful candidates. http://goo.gl/LyBxL
Good for him!! The more the merrier!!! Ich fargin em nisht!!
No No No,
The message is that there is really no democracy. it is all a fake, and money rules whether it is, democracy monarchy, or communism.
Bekitzur, Ein Od Milvado!
Except that that isn’t the case.