GOP Donor Shifts Money To Dems After Trump Election

Patrick McDermott-USA TODAY Sports via REUTERS

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Robert Donachie Capitol Hill and Health Care Reporter
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A GOP mega-donor and hedge fund billionaire is fed up with the president and Republicans’ inability to get things done despite having control of the Congress and the White House, so he’s giving his money to Democrats.

“The Republicans in Congress have failed to hold the president accountable and have abandoned their historic beliefs and values,” Seth Klarman, a Boston hedge fund billionaire, told The Boston Globe. “For the good of the country, the Democrats must take back one or both houses of Congress.”

Klarman showered more than $7 million on Republican candidates and groups while former President Barack Obama was in office, hoping the party would be able to take back the White House and Congress. The insurgence of President Donald Trump, along with congressional Republicans’ willingness to support him, have Klarman changing his tune.

The billionaire has shelled out nearly $222,000 since the 2016 presidential election to Democrats running for Congress. For example, Klarman gave failed Democratic candidate Jon Ossoff, whose race in Georgia garnered national attention, $2,700 in April 2017.

Klarman says he is using his returns from the $1.5 trillion GOP tax cut on Democratic candidates for the House and Senate in 2018.

“I received a tax cut I neither need nor want,” Klarman said. “I’m choosing to invest it to fight the administration’s flawed policies and to elect Democrats to the Senate and House of Representatives.”

He has cut checks to Senate Minority Leader Chuck Schumer and other top Democrats in the House and Senate.

Additionally, Klarman has donated roughly $2 million to left-leaning nonprofits organizations pushing gun control, environment protections and other initiatives.

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