Business

Top hedge fund mgrs donate almost exclusively to Dems

The world’s top-earning hedge fund managers have bankrolled almost exclusively Democratic campaigns, according to Silla Bush of The Hill:

The top 10 highest-paid hedge fund managers in 2009 have dished out campaign contributions almost only to Democrats.

Over their lifetimes, those managers have given almost $33 million in campaign contributions to Democrats, according to research by the National Republican Congressional Committee (NRCC) and that is based on data maintained by the nonpartisan CQMoneyline.

The same managers gave roughly $600,000 to Republicans, according to the research. The contributions went 98 percent to Democrats and two percent to Republicans.

The money went to Democratic campaign committees, individual lawmaker’s election bids and other political action committees.

In the 2010 campaign cycle, finance, insurance and real estate interest have given approximately 54 percent of contributions to Democrats versus the 45 percent Republicans have received, which might explain why labor unions have been miffed over the  contentious financial overhaul bill:

As the Senate prepares to debate possibly hundreds of amendments to a Wall Street overhaul bill, labor unions and others have criticized the bill for not having tough restrictions on hedge funds.

“It’s very disconcerting to see this legislation moving forward that gives them a complete pass,” said Heather Slavkin, of AFL-CIO.

Full story: Hedge funds donate big to Democrats

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  • doncicciofitipaldi

    That’s because they like to pick winners. This should really worry you, my Regressive friends.

  • badmotherfarker

    I was trying to find an article from a few days ago and now I can’t. Basically, it demonstrated that most of the significant de-regulation events that have led to (in my opinion) and out of control Wall Street and banking system, were done under/by democratic congresses.

    • adamincalifornia

      It is a simple matter of money.

      What city/state is in the business of moving money around?

      How does that city vote and what is that city’s party registration mix?

      Democrats are smart enough to not kill off a golden goose of campaign funds and have no problem giving indulgences to contributors even when it goes against what the party supposedly stands for. Just like Republicans have time and again (corporate welfare is no problem and they passed the prescription Drug “benefit” which simply was a perma-subsidy to big Pharma. All while bending intellectual property laws to benefit pharma over consumers).

      The worst thing is that Wall Street used to provide an engine to capitalism in this country back when it was in the business of actually investing in economic activity.

      The money isn’t in investing anymore – it is in derivative trades which yields no contribution to GDP yet soaks up capital. Wall Street is now, to a degree, a parasite on capitalism wherein it sucks out savings and gambles it and then returns the savings at a paltry interest rate while pocketing the gains. When losses accrue they are passed to consumers/taxpayers.

      And Chuck Schummer, Kirsten Gillibrand, Harry Reid, Dick Durbin and Chris Dodd are die hard defenders of the system while Republicans can’t articulate a rationale for attacking it.

      • badmotherfarker

        That was an EXCELLENT post!! Pretty much sums up my feelings exactly.

    • adamincalifornia

      BTW – I have a post on this thread on BlackStone that has stuck in moderation since last night. BlackStone will be Obama’s TeaPot Dome.

      • adamincalifornia

        Oooops … BlackRock. BlackStone is the long armed energy subsidary that funnels cash to Harry Reid. Same people tho.

  • Spalding

    Hedge funds….do what they do. They hedge. Hedge funds always know that the grief to their biz model comes from the liberal side. So what do you do? You pay the Democrats hush or damage control money and give them jobs when they get kicked out office. Paying off the Democrats is a hedge. It’s a political hedge. Repubs win..no worries. Dems win…we gave you money.

    As for Unions….I hear Greece is nice at this time of year.

  • adamincalifornia

    Spin it oeno.

    The money flows into the Obama camp are unmistakable as are the policy distortions carved out for the givers.

    Take Harry Reid’s comfy relationship with Blackrock. Blackrock is an under the radar super fund that invests in businesses who see big outcome upside from manipulating policy.

    BlackRock was able to get handed all sorts of assets during the financial crisis and managed to get the power to determine asset values on behalf of the government and then have the governments power to simply buy them. And they did.

    http://www.propublica.org/ion/bailout/item/bailout-player-blackrock-becomes-biggest-money-manager

    When the full Blackrock story breaks the Clintons will stand there with their mouths open realizing that they weren’t nearly as brazen and cynical as the Obamatons in playing populist while being on the take. This is Rezko times a trillion.

  • patrick

    there are no clean hands in this thing. Wall street understands power. They further understand that over the last 2 years it has consolidated in Washington. They further understand that democrats rule DC currently. My concern is that Republicans need to break this trend this time around. I have no hope for democrats and no observant honest person should expect them to be anything but corrupt.

    • oeno

      On an ideological level or just a human level? Interesting that I don’t hear the “fallen nature” argument too much anymore.

  • thephranc

    And yet the liberals and their media keep pushing the dishonest meme that it is republicans that are in the pocket of Wall Street.

    • oeno

      Actually I believe that there are plenty of stories that are in conservative press, like the WSJ reporting that Boehner was groveling to Wall Street just a short time ago.

      These “Person X got Y amount of money from Z company” stories are rather boring.
      Putting aside the rather general way they are reported, what precisely is the interest (as in if someone has a rather large contingent in a district or a state it only makes sense)that is in question. Do these donations correlate with a piece of legislation?

  • ojfl

    What, those hedge funds that made “irresponsible” bets on Wall Street? They like the Democrats? Color me surprised.

  • oeno

    Wow! You mean the fact that the Democrats have been in bed with Wall Street since the Clinton administration is news to some people? I knew this years ago and every time I saw that Obama had cornered the “small donor” base I wondered why there wasn’t some talk about the “Wall Street” base.