In this first presidential election since the Citizens United decision of the Supreme Court took away Congress's legislative ability to reduce the corrupting influence of big money on the U.S. electoral process, there are worrisome manifestations of that influence every week. For example, Mitt Romney right now is doing some fund-raising in Britain among banking nabobs on the heels of the Libor-fixing scandal. A cochair of an event that is charging $25,000 to $75,000 a head to schmooze with the presumptive GOP nominee is the chief lobbyist of Barclays. He replaced in that role former Barclays chief executive Bob Diamond, who resigned (from his bank job and from his role in the Romney fund-raiser) because of his bank's central role in the scandal.
But if I had to identify one source of big money whose influence is most worrisome on issues I happen to think about a lot, it would be someone who will meet Romney at a later stop on his current overseas trip, in Israel. That source is casino magnate Sheldon Adelson. Two things about Adelson's role in this post-Citizens United world stand out. One is the sheer magnitude of the money involved. Adelson appears to be on track to be the single biggest individual donor in this U.S. election year—although we may never know that for sure, given the way the bundling of political money works and the refusal of the Romney campaign to identify the sources of its bundled money. Adelson's fortune is currently estimated at about $24 billion. He has taken in stride the fluctuation of his wealth by many billions as shares of the Las Vegas Sands Corporation tanked during the recession before recovering, and he has repeatedly commented about how wide he intends to open his wallet to the candidate of his choice. During the primary season, that candidate was Newt Gingrich. Adelson said he would have been willing to give as much as $100 million to Gingrich's campaign, before that campaign ended and Adelson turned his support to Romney.
The other distinguishing characteristic of Adelson is the strength of his affinity to a foreign government—not just to a foreign country but to the policies of the current government of that country. It is appropriate that Adelson will be one of the greeters when Romney arrives in Israel because, although Adelson is a U.S. citizen, his declared primary allegiance is to Israel. Adelson once commented that when he did military service as a young man it “unfortunately” was in a U.S. uniform rather than an Israeli one and that all he and his Israeli wife “care about is being good Zionists, being good citizens of Israel, because even though I am not Israeli born, Israel is in my heart.”
Adelson is using his fortune to push a political agenda in Israel as well as in the United States. One way he has done that is by establishing five years ago a free-distribution newspaper, Israel Hayom, which has become the highest-circulation daily in Israel. The paper follows a firmly rightist, pro-Netanyahu line. As a business the newspaper is a money loser, but Adelson cheerfully has indicated his willingness to continue losing money on the paper (not a significant loss, in comparison with his fortune) to get its message across.