Why Wall St. donors are deserting Obama

Daniel S. Loeb, the hedge fund manager, was one of Barack Obama’s biggest backers in the 2008 presidential campaign.

A registered Democrat, Mr. Loeb has given and raised hundreds of thousands of dollars for Democrats. Less than a year ago, he was considered to be among the Wall Street elite still close enough to the White House to be invited to a speech in Lower Manhattan, where President Obama outlined the need for a financial regulatory overhaul.

So it came as quite a surprise on Friday, when Mr. Loeb sent a letter to his investors that sounded as if he were preparing to join Glenn Beck in Washington over the weekend.

“As every student of American history knows, this country’s core founding principles included nonpunitive taxation, constitutionally guaranteed protections against persecution of the minority and an inexorable right of self-determination,” he wrote. “Washington has taken actions over the past months, like the Goldman suit that seem designed to fracture the populace by pulling capital and power from the hands of some and putting it in the hands of others.”

Over the weekend, the letter, with quotations from Thomas Jefferson, Ronald Reagan and President Obama, was forwarded around the circles of the moneyed elite, from the Hamptons to Silicon Valley. Mr. Loeb’s jeremiad illustrates how some of the president’s former friends on Wall Street and in business now feel about Washington.

Full Story: Dealbook Column – Why Wall St. Donors Are Deserting Obama – NYTimes.com

Gold sparkles for investors

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  • libertyatstake

    The dummies on Wall Street should stick to growing my 401K. Oh wait, they screwed that up, too.

    “Because the Only Good Progressive is a Failed Progressive”

  • des1

    Tucker, your site sucks ass! I am beyond sick and tired of having to repost 5 to 10 times per post because it keeps telling me I’m posting “too fast.” I know I’m not the only one.

    Why is it that your people are too incompetent to fix this?

  • truebearing

    The Wall Street fools got hoodwinked by the ConMan-In-Chief, Maobama, and his puppetmaster, George Soros( who is now pulling his money out of this country).

    The Marxist/Progressives executed a classic judo move, using the greed of Wall Streeters to throw them, and it worked perfectly. Now Wall Street sees the enemy and realize how gullible they were to get in bed with Obama’s Fascist schemes. It may be too late now, but like the other idiots who voted for Obama, they are furious at being made into such fools. They have themselves to blame.

  • riseabove

    Jesus said that it was easier for a camel to go through the eye of a needle than for a rich man to enter the Kingdom of God. Funny they only seem to care about honor when their wealth is threatened. Next time try donating more to charitable organizations and less to political causes.

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