How did Robert Moses use Triborough Bridge Authority bonds to lock in his power?

Patel explains that the 1933 Triborough Bridge Authority Act was meant to dissolve the authority once its bonds were repaid. Moses added a clause letting it refinance with new bonds for any corporate purpose, and another letting bond contracts include terms on tolls and surpluses. Because the US Constitution bars states from impairing contracts, those powers could not be revoked by the legislature, governor or mayor for the life of the bonds.

• The original act allowed two bridges, but connecting roads and related facilities let Moses reshape roads, parks and housing across New York.
• Commissioners could be removed midterm only on stated charges after a formal hearing, and Caro describes Moses as personally honest about money.

Source: our own transcription of the episode. The full conversation is on Dwarkesh Podcast (2026-10-29). Read the whole episode summary →

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