This commentary is by Eric Peterson of Bennington, a theater director who has written newspaper columns for decades.
An Ohio senator who served early in the 20th century, Mark Hanna, once said, “There are two important things in politics. The first is money and I can’t remember the second.”
Cryptocurrency fraudster Sam Bankman-Fried’s trial is big national news and it has a Vermont connection because some of his ill-gotten gains wound up having a huge influence in a Vermont political race for the U.S. House of Representatives.
FTX, Bankman-Fried’s cryptocurrency exchange, gave a $1 million donation to a not-for-profit as a pass-through to support the campaign of Becca Balint. Her campaign received another $26,100 directly from Bankman-Fried associates. These basic facts have been known for some time but new articles in VTDigger and Seven Days have put a brighter spotlight to the story.
One million dollars for a political campaign in Vermont is an astronomical contribution. The state is small. There is relatively little media here and newspaper ads and TV and radio commercials are less expensive than in neighboring states such as New York and Massachusetts. Our household in Bennington received as many as six or eight mailings a week from the Balint campaign during last year’s political season.
Ms. Balint defeated the then-lieutenant governor, Molly Gray, in the Democratic primary 59% to 37% in what had been expected to be a much closer race between two popular, talented politicians. Ms. Balint then coasted to election, winning 62.7% of the vote against five opponents in the November general election, becoming the first woman to represent the state in Washington. The Republican got less than 28%.
Vermont is a blue state politically. No Republicans need apply unless their name is Phil Scott. The governor may be our last GOP major officeholder for some time.
Rep. Becca Balint is far younger than the rest of the state delegation in Washington and because the state’s voters tend not to throw out our elected officials, she could well represent us in Washington for decades.
Ms. Balint, at this point, certainly is the favorite to succeed Sen. Bernie Sanders if he decides not to run for reelection next year at the age of 82. Our other senator, Peter Welch, is only in his first term, but he will be 81 in five years when that term ends.
An experienced legislator, Rep. Balint served for years in the Vermont Senate, where she rose to president pro tem. In addition, she is smart, energetic and an excellent campaigner. Vermont voters chose wisely. She has the qualities needed to be a forceful advocate for Vermont and the nation.
It is difficult to imagine any politician turning down a campaign gift of $1 million. She might well have won without the huge infusion of cash from a corrupt mogul’s company that lost many millions for some wealthy folks who can afford the write-off. There was never any doubt that Ms. Balint would win the general election. But without the crooked Crypto King’s cash, the primary race against Ms. Gray would certainly have been much closer. That one contribution about doubled Ms. Balint’s campaign coffers and it came at a crucial time.
Ms. Balint, when asked about the huge amount being spent by an out-of-state organization on her behalf, said she did not invite the expenditure. The problem is the system, which allows outside third-party money to give contributions to not-for-profit advocacy groups to funnel money to whichever campaign they choose.
To put this in perspective, Dan Goldman gave his campaign for a House seat in New York City $4 million. Goldman, a wealthy former prosecutor who worked on the impeachment of President Trump, has a bright future in politics. He may well be a senator someday representing the Empire State; the presidency seems in his grasp in the future. The ability to spend large amounts of his own money will undoubtedly give him an advantage.
Jesse Unruh, a California political op who worked on John F. Kennedy’s presidential campaign, famously said, “Money is the mother’s milk of politics.” Wealthy candidates have a huge advantage in any political race. And don’t get me wrong; I lived in New York City years ago and would have voted for Mr. Goldman. I did vote for Rep. Balint.
If the big bucks have to go to someone, I prefer they go to candidates I support. Money talks, always has. But should money decide important political races in a democracy? In a one-mile race, every racer should begin at the starting line, not with a lead of a quarter of a mile.
Correction: Becca Balint is a former state senator and president pro tem of the Vermont Senate. An earlier version of this commentary misstated her legislative experience.
