Here’s where Chris Christie gets his campaign money
Political strategists wonder why New Jersey Gov. Chris Christie wants to compete with more than a dozen other Republicans for the 2016 presidential nomination, given that home-state scandals have tarnished his reputation and deflated his approval ratings. Here’s one possible answer: Smart money is behind him.
As the ambitious Republican governor of a state across the river from Wall Street, Christie has become well-acquainted with some of the world’s richest money movers. With New York and Connecticut in Democratic hands, Christie is the go-to governor for Republican financiers seeking a voice in national politics. Many of them urged Christie to run for president in 2012, when he declined, choosing instead to bide his time and run for a second term as New Jersey governor. By that logic, 2016 looked like the year the stars might align for Christie.
But his second term has been marred by the “Bridgegate” scandal—in which aides seem to have deliberately clogged traffic near the George Washington Bridge as political retribution against a mayor who bucked Christie—and by controversies over luxury trips paid for by third parties with political interests in Christie’s state.
Christie, 52, is a confrontational politician to start with—famous for interrupting critics and shouting back at hecklers—and his rough second term haw raised doubts about whether he can bear the heat of a presidential election.
If Christie’s rich friends stick with him, he might have a chance against Jeb Bush and other candidates less likely to offend. But with so many Republicans running, many wealthy donors are in a holding pattern until the field narrows. Here are some of the top backers who have supported Christie before and may do so again:
Ken Langone. The billionaire co-founder of Home Depot (HD) may be Christie’s most ardent backer. He pushed the governor to run for president in 2012 and has since introduced him to hundreds of wealthy donors. Langone won’t be a lone sugar daddy, though—he said recently that unlike a few other rich donors, he won’t be writing any checks for $10 million.
[See where all the presidential candidates get their campaign money.]
Stanley Druckenmiller. The billionaire money manager has called Christie a “once-in-a-generation leader,” and is one of the few people to have publicly praised the way Christie handled the Bridgegate controversy. Like Langone, Druckenmiller has been nudging Christie toward the White House for years.
Other money magnates. Hedge funders Steve Cohen, Paul Singer, Dan Loeb, Bruce Kovner and David Tepper have backed Christie in the past. They haven’t all decided who they’re supporting in 2016, but Christie starts with entrée to some of the deepest pockets in politics.
Nick Loeb. The heir to a New York banking fortune -- and ex-fiance of actress Sofia Vergara -- will help run Christie's political-action group, Leadership Matters for America. Loeb is a prominent socialite who might bring a few celebrity pals to Christie's camp.
Al Hill, Jr. The Texas oil heir has signed on as a Christie supporter, according to Bloomberg, giving Christie a fundraising foothold beyond the New York money circles he's most familiar with.
Charles Schwab. The brokerage honcho is another Christie backer from the past sure to be wooed this time around.
Mark Zuckerberg. The Facebook (FB) CEO hosted a fundraiser for Christie at his California home in 2013, three years after donating $100 million to help transform public schools in Newark, N.J. That doesn’t mean Christie and Zuck are tight today, however. Zuckerberg’s huge donation is now seen as a flop, and a key intermediary, Cory Booker, has since moved from the Newark mayor’s office to the U.S. Senate.
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Meg Whitman. Christie stumped for Whitman when she ran for governor of California in 2010, even shouting down a heckler during a Whitman campaign stop. The following year — after Whitman had become CEO of Hewlett-Packard (HPQ) -- she returned the favor by hosting a Christie fundraiser at her California home. In political time, however, that was eons ago, and Whitman has since donated to 2012 Republican presidential nominee Mitt Romney and Louisiana Gov. Bobby Jindal—but not to Christie. No doubt he’ll appear to her again.
Rick Newman’s latest book is Liberty for All: A Manifesto for Reclaiming Financial and Political Freedom. Follow him on Twitter: @rickjnewman
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