Bloomberg Gives $2.5M to Help Democrats Keep Senate

by Ben Nanamaker | January 8, 2014 8:00 am

NewLetters Bloomberg Gives $2.5M to Help Democrats Keep Senate[1]Michael Bloomberg may be out of office in New York, but he’s not giving up on politics.

The former mayor announced yesterday that he is giving $2.5 million to a super PAC[2] dedicated to keeping the U.S. Senate in Democratic hands.

Bloomberg’s money went to Senate Majority PAC. The group is currently focusing on the 2014 midterm elections, in which 35 Senate seats are up for grabs. Of those seats, 21 are currently held by Democrats.

Previously, Bloomberg gave $1 million each to campaigns to get Cory Booker elected to the Senate from New Jersey, and for Terry McAuliffe’s successful run for Virginia governor.

While it may seem strange for the previously Republican mayor to support Democrat campaigns, his political career has had many party twists and turns. Bloomberg started as a Democrat, shifted to the Republican Party before running for mayor for the first time, and became independent during his second term in office.

In addition to supporting Democratic candidates, he has put time and money towards liberal issues. He created Mayors Against Illegal Guns, which pushes for increased gun control laws, and created a super PAC[3] in 2012 that promised to give money to candidates who supported gun control, education overhauls, and legalizing same-sex marriage.

Some speculate that this is just the beginning for the 2014 campaign season. With a personal wealth estimated at $31 billion[4], $2.5 million is certainly a drop in the bucket for him. What impact that money will have on the elections, given the large amount of money and advertising the Koch brother-backed Americans for Prosperity will be rolling out, remains to be seen.

The opinions contained in this column are solely those of the writer.

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Endnotes:
  1. [Image]: mailto:letters@investorplace.com
  2. $2.5 million to a super PAC: http://politicalticker.blogs.cnn.com/2014/01/07/bloomberg-opens-wallet-for-senate-democrats/?hpt=po_c2
  3. created a super PAC: http://www.nytimes.com/2012/10/18/nyregion/bloomberg-forming-super-pac-to-influence-2012-races.html?_r=0
  4. estimated at $31 billion: http://www.forbes.com/profile/michael-bloomberg/

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