Following the money has long been a journalist’s creed—an ethos popularized by *All the President’s Men*—and enables them to decode the invisible currents reshaping society.
Shane Goldmacher and Theodore Schleifer of The New York Times recently uncovered that at least $1 billion in dark money—funds from anonymous donors—is flowing into upcoming midterm elections.
How did they find something deliberately obscured? To explore this and similar investigations, Schleifer and Amy Gardner, a deputy editor on the Politics desk, discussed the importance of dark money and their methods in a series of edited reflections leading up to the final stretch of the midterm races.
<p class=”css-12m5bll evys1bk0″><strong class=”F_p3NG_bold”>Let’s start with a couple of broad questions: What does money buy in politics? And is there anything it can’t purchase?><>
<p class=”css-12m5bll evys1bk0″><strong class=”F_p3NG_bold”>THEODORE SCHLEIFER:
I have covered campaign finance for over a decade, and several of my previous stories have proven to be weak. Early coverage of the 2016 election made it seem as though Donald Trump lacked any realistic chance against Hillary Clinton simply because she was raising money month after month while he was not.
My understanding of how money functions in politics has evolved considerably. While having more resources is generally advantageous, candidates can still win despite receiving substantially less support—and even turn an opponent’s financial advantage into a political liability, particularly when that funding comes from a controversial source.
<p class=”css-12m5bll evys1bk0″><strong class=”F_p3NG_bold”>AMY GARDNER:
This remains a crucial question we are still working to answer throughout this cycle. I want to give readers a deeper look at how voters gather their information about campaigns, because the answer is changing rapidly. The rise of influencers, social media, online advertisements, and younger voters who rarely tune into traditional television raises fundamental questions about whether the billions spent on advertising truly translate into the same level of political influence they once did.
Regarding the second point—I believe nothing, let alone a good candidate, can be bought outright.
<p class=”css-12m5bll evys1bk0″><strong class=”F_p3NG_bold”>What is dark money, and how has it come to dominate modern campaigns?>
<p class=”css-12m5bll evys1bk0″><strong class=”F_p3NG_bold”>THEODORE:
I appreciate the question because the term “dark money” has been dramatically twisted by partisans in recent years to signal “that scary thing I dislike.” Contrary to common belief, however, it does not refer solely to all super‑PACs—the canonical outside groups that may accept unlimited donations. There is some legitimate debate around edge cases, but broadly speaking, dark money describes donations or expenditures made by entities that refuse to disclose their donors, which are typically nonprofit organizations. While the word can evoke a slightly ominous perception, in my view it merely reflects a more precise technical definition.
Dark‑money spending existed before the 2010 Citizens United decision that relaxed campaign‑finance rules, but the amount has grown significantly since then. These groups pour larger budgets into advertising and spending, often linking together in elaborate networks. One dark‑money organization may transfer millions to another, which forwards funds onward until the earnings eventually support direct mailing operations at your doorstep. Tracing every single transaction proves extraordinarily difficult.
<p class=”css-12m5bll evys1bk0″><strong class=”F_p3NG_bold”>When contributions remain hidden, how do you know where to look for them?>
<p class=”css-12m5bll evys1bk0″><strong class=”F_p3NG_bold”>THEODORE:
Most nonprofit donors operate anonymously, but nonprofit spending** is required to be disclosed. When a nonprofit produces direct mail, there is a statement identifying who paid for that mail. Television advertisements allow trackable disclosures through media‑buying firms that retrieve public records detailing amounts and geographic locations. Contributions donated to super‑PACs are recorded in corresponding filings with the Federal Election Commission.
<p class=”css-12m5bll evys1bk0″><strong class=”F_p3NG_bold”>Even so, we are only scratching the surface. I am convinced that significant nonprofits are producing persuasive or contentious material in the midterms that has escaped detection entirely. Such groups likely intend to file their tax returns in late 2027—well after the election has concluded—and I doubt anyone else would volunteer to read those filings. (Okay, I work here for a living.)
<p class=”css-12m5bll evys1bk0″><strong class=”F_p3NG_bold”>Dark money has reached “industrial scale,” as I described earlier. Faced with such a formidable investigative target, where does your research begin?>
<p class=”css-12m5bll evys1bk0″><strong class=”F_p3NG_bold”>THEODORE:
This investigation started for Shane and me simply because of a gut instinct. After years covering campaign finance, neither of us felt we could take another easy pass on hiding donor identities. Our intuition grew stronger the longer we lived among sources and documents.
<p class=”css-12m5bll evys1bk0″><strong class=”F_p3NG_bold”><EM ITALIC>Feeling like we shouldn’t reveal donors is a powerful sentiment, but we needed evidence. That drive proved accurate.
<p class=”css-12m5bll evys1bk0″><strong class=”F_p3NG_bold”>AMY:
It can be challenging to communicate that certain subjects are novel or groundbreaking given how complex campaign finance is, and in particular how opaque dark money has become. We lack complete knowledge of the overall volume of dark‑money expenditure, so we cannot confirm that totals have risen compared to previous cycles. All we can assert is what we have observed for the first time. We are seeing an enormous aggregate sum traced through identifiable channels, and this money is permeating far more races across both primary and general elections.
<p class=”css-12m5bll evys1bk0″><strong class=”F_p3NG_bold”>We included an explanation of the methodology developed by Theodore and Shane near the bottom of the story to help readers understand the data origins and to clarify that our findings represent only what has been publicly accessible, not necessarily the totality of the situation.>
<p class=”css-12m5bll evys1bk0″><strong class=”F_p3NG_bold”>HOW DOES THIS KIND OF FUNDRAISING WORK? CAN AND DO CAMPAIGNS COORDINATE WITH OUTSIDE GROUPS BEHIND LARGE CONTRIBUTIONS?>
<p class=”css-12m5bll evys1bk0″><strong class=”F_p3NG_bold”>THEODORE:
Campaigns generally prohibit formal coordination with external groups, though there are notable exceptions—some of which former operatives tell me are becoming increasingly comfortable with. For example, we learned that Senator Susan Collins of Maine attended a July dinner hosted for her by Stronger America, a nonprofit aligned with her interests. Collins is aware of the attendees, but the public remains unaware because Stronger America does not disclose its donors.
<p class=”css-12m5bll evys1bk0″><strong class=”F_p3NG_bold”>How does dark money influence campaigns?>
<p class=”css-12m5bll evys1bk0″><strong class=”F_p3NG_bold”>AMY:
One area of particular interest lies in how substantial wealth accumulation affects political operatives. When nonpartisan groups receive vast sums, staff can secure a share of those payouts—such as cuts from advertisement sales—which incentivizes further fundraising even as newer, cost‑effective outreach tools like social‑media targeting and digital ads emerge.
<p class=”css-12m5bll evys1bk0″><strong class=”F_p3NG_bold”>What should we monitor next in this arena of politics?>
<p class=”css-12m5bll evys1bk0″><strong class=”F_p3NG_bold”>AMY:
I am curious whether shifts in voter discovery—how people learn about candidates—will prompt different spending strategies from both campaigns and outside agencies. At present, neither party has appeared to radically alter their approaches despite recognizing persistent monetary challenges.
<p class=”css-12m5bll evys1bk0″><strong class=”F_p3NG_bold”>THEODORE:
In my view, this dynamic will intensify during the 2028 presidential race. Super PACs are likely to become largely funded by conglomerate‑scale charities explicitly dedicated to patriotic messaging, many of which are incorporated in disclosure‑resistant states such as Delaware or Wyoming mere days before channeling billions toward federal contests. The idea is straightforward, although I temper it with realism.
