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“You’d think we could have more influence,” Charles Koch told the F.T. last month over pulled-pork sandwiches at the staff commissary of Koch Industries in Wichita, Kansas. The wealthy industrialist and conservative impresario was giving a rare interview in support of his new book, but his disillusionment with the state of the Republican presidential race (and politics in general) was apparent. In 2012, he and his younger brother, David Koch, raised approximately $400 million through their donor network with the primary goal of electing Mitt Romney—only to be outmaneuvered in the end by Barack Obama’s campaign. During the intervening years, the Kochs’ political operatives studied what had gone wrong in 2012 and redoubled their efforts to ensure that the same fate would not befall them again. By the start of the 2016 election cycle, the brothers and their allies had pledged to raise nearly $900 million to elect Republicans, particularly whomever ends up facing Hillary Clinton—or, perhaps, Bernie Sanders—in the general election.
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