Will Bloomberg Buy His Way Onto a Presidential Ticket?

NY Mayor Mike Bloomberg announced the other day that he would not be running for president as an independent, but one of his aides is suggesting that hizzoner might be available for a VP slot on a major party ticket:

March 2, 2008 -- While Mike Bloomberg finally decided not to run for president as an independent this week, he still might decide which party wins the White House in November.

That's because in this $1 billion election year, Bloomberg could not only be a bridge to moderate-minded independent voters - he could self-fund a presidential ticket, Republican or Democrat, if he were tapped as vice president.

It's a shady and unprecedented scenario, but it's not illegal under current FEC rules. In fact, the FEC doesn't have enough voting members to stop such an experiment even if a complaint were filed. President Bush nominated four people to fill the vacant FEC posts months ago, but the Democratic Congress has so far declined to vote on their confirmation. The two remaining members of the Commission do not constitute a quorum - they've been reduced to impotent overseers of the most expensive presidential election in American history.

The likely nominees John McCain and Barack Obama both have compelling reasons to consider Bloomberg for veep - as well as considerable risk to their reputations as reformers.

As the father of campaign-finance reform, McCain would be the most open to accusations of hypocrisy. But the ticket would make personal and policy sense. Bloomberg has privately donated to McCain's senate campaigns in the past, and the two broadly agree on economic issues, immigration and climate change. Moreover, throughout his career McCain has demonstrated the ability to appeal to independents and Bloomberg would highlight this crossover appeal, while undercutting Democratic attacks that McCain offers nothing but a continuation of Bush administration policies. But it would likely provoke outright rebellion on the far right, which would see an independent vice presidential pick as the ultimate insult from a nominee they feel has been insufficiently ideological in the past.

The Obama campaign needs Bloomberg's money less than McCain. But Bloomberg's executive experience in building a multi-billion-dollar private business as well as managing America's largest city could help balance Obama's relative inexperience.

The possibility that a multi-billionaire could essentially purchase a constitutional office is likely not what the founding fathers intended. But what is not illegal is allowed in the campaign arena, and the nominees would be foolish not to explore this option.

If Bloomberg runs as a VP it won't be on McCain's ticket. Bloomberg left the GOP last summer while I was in New York and I don't see him coming back. My guess is his politics align much more closely with Obama than McCain. He could also help Obama in the experience department - adding a little gravitas as they said of Dick Cheney in 2000.