Tycoon-as-Politician

Recycled Fortunes

Ashes to ashes, dust to dust.

--Genesis

As it is with men, so it is with their fortunes.

In this country, at least, it seems like vast business fortunes often get returned to the economy -- or at least, media consultants -- in the form of spending on political campaigns.

That would certainly be the case in two of yesterday's key races: Jon Corzine, incumbent New Jersey Governor (who lost); and New York Mayor Michael Bloomberg (who won, but narrowly).

Corzine, who is estimated to have made $400 million while at Goldman Sachs, has now spent a good chunk of that money funding his campaigns for Senate and Governor.

Bloomberg, who made a good deal more than that creating his eponymous business news empire, reportedly spent more than $100 million to get re-elected.

Of course, long-time Minnesotans will recall that Al Checchi, who looted Northwest Airlines in an (in)famous leveraged buyout in the early '90's, spent a sizable chunk of that trying to get elected governor of California.

Rebuffing him may have been the last smart thing that that electorate did . . .