Contributor: Tom Steyer’s stumble shows the perils facing self-funded candidates
With Tom Steyer all but eliminated from California’s top-two gubernatorial runoff in November, he joins a long conga line of beaucoup-bucks, self-funding candidates who tried to buy their way into elected office in our state and failed miserably. This includes Carly Fiorina, Meg Whitman, Al Checchi and Michael Huffington. Whitman, a former CEO of eBay, was the fifth-wealthiest woman in California when she became the last rich, first-time candidate to try to make the governorship a corporate-takeover target. She reached into her purse for a total of $144 million in the 2010 governor’s race, setting a record for the most ever spent on a statewide race in American history. For her trouble, she was demolished in the general election by Jerry Brown, 54-41. Steyer, for his part, made Whitman look like a piker, breaking all national records by finding $216 million in his spare-change drawer. I had my own first-hand experience with one of these wealthy first-time candidates in the 1998 governor’s race, in which I ran then-Lt. Gov. Gray Davis’ successful campaign. Our chief …






