The Power Broker: Robert Moses and the Fall of New York

Public authorities in the United States are quasi-governmental entities established by federal, state, or local governments to perform specific functions or deliver certain services that are deemed to be in the public interest. Importantly, they operate independently of the government and can raise their own funds. Robert Moses used his control of the Triborough Bridge Authority to raise funds and develop infrastructure projects without having to fear government oversight.

The issuance of public bonds allows governments to raise funds for essential infrastructure projects while spreading the cost over time through debt financing. When managed responsibly, bond financing can be an effective tool for funding public investments and promoting economic development. Moses sells bonds for many of his projects, often using toll revenue from bridges and tunnels to guarantee these bonds on behalf of banks and investors.

New York City is divided into five boroughs: Manhattan, Brooklyn, Queens, The Bronx, and Staten Island. The borough system provides a framework for local governance and community engagement, allowing residents to participate in decision-making processes that impact their neighborhoods and quality of life. Moses, operating outside the traditional government framework, sidesteps many of the borough politicians who tried to oppose him.