08 November 2012

Sorry for Romney? Save some pity for Adelson.

If you think Mitt Romney lost big on Tuesday night, give a thought to poor old Sheldon Adelson. The casino mogul is one of those very rich Americans trying to buy up the political system.

After backing Newt Gingrich in the Republican primaries (not much luck there for the gambler), he then swung hard behind Romney. According to Mother Jones, he and his wife invested more than $57-million in pro-Republican super-PACs.

And invest is the right word. If Romney had won and instituted his proposed tax cuts, Adelson could have saved an estimated $2-billion. That's billions, folks, not millions. Furthermore, his largesse could have proved valuable in solving his legal woes. Aside from three lawsuits he faces over his Macau operations, he is also involved in a bribery scandal and claims he violated U.S. anti-money laundering laws. With his businesses under investigation by the U.S. Justice Department and other agencies, he could have used a friend in the White House.

Investing in politics is, as in business, often a gamble. The king of casinos rolled the dice ... and crapped out.

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