Hedge fund managers throw weight behind Obama

Reuters on Yahoo ^ | 7/11/08 | Svea Herbst-Bayliss

[NormsRevenge]

BOSTON (Reuters) - Hedge fund managers are famous for betting against conventional wisdom, and this year many are doing just that by backing Democrat Barack Obama's White House bid and defying Wall Street's usual embrace of Republicans.

New figures show the Illinois senator and presumptive Democratic presidential nominee has drawn $822,375 in campaign contributions from employees of hedge funds, compared to $348,300 for his Republican rival, Arizona Sen. John McCain.

The figures, compiled for Reuters by the Center for Responsive Politics, a nonpartisan campaign finance research group, reflect mounting concern over the rising cost of health care and other domestic issues where several hedge fund managers said Obama had an edge over McCain.

--snip--

MCCAIN GETTING SOME TOO

McCain also has considerable hedge fund backing. Managers and other staff at Moore Capital Management LLC in New York donated $42,600 to his campaign. In May, McCain raised more money from the industry, netting $59,875, compared to Obama's $20,400, the data show.

While Citadel ranks as Obama's biggest donor, its employees also gave $11,400 to McCain this campaign season. Highbridge Capital Management, the hedge fund arm of JP Morgan Chase & Co, donated $14,800 to Obama and $15,900 to McCain, the data show.

"People are clearly looking to gain influence with the candidates down the line and are making their bets accordingly," said a hedge fund manager in Chicago who declined to be identified so he could speak candidly.

Anecdotal evidence also suggests that thousands of young, highly educated hedge fund managers are more aligned with the Democrats than the Republicans this cycle.

[avacado]

"Hedge fund managers throw weight behind Obama"

Betting against an economy is what made Soros rich! Obama is a sure bet!

[elpadre]

haven’t I read on FR before that many if not most hedge funds are controlled by openly Democrat managers??

[astounded]

Support from the conniving rob-America greedy thieves that brought us the real-estate meltdown? Another in the long, long line of questionable Obama supporters.

[Libertarianize the GOP]

According to this article Hedge fund managers, and others, need the government to create the conditions for the next asset bubble; which will be in the energy market, preferably alternative energy. If th hedge fund managers buy the theory then they may feel Obama is more amenable to making them richer.
The Next Bubble: Priming the markets for tomorrow’s big crash Thursday July 10, 00:39:46 GMT-0700 2008 · by grey_whiskers · 28 replies · 1,067+ views Harper’s ^ | February 2008 | Eric Janszen http://www.freerepublic.com/focus/f-news/2043298/posts

[Spok]

This is the trend with Democrat presidential candidates. They preach against corporations, threaten increased taxes on corporations and all sorts of legislation against corporations and financial institutions to protect the ‘little man’. Then they get huge corporate support. Why? Because the contributing corporations know they are buying influence and special considerations for their contributions, notwithstanding the rhetoric: they know they’ll get their money’s worth from a Democrat.

[2 Kool 2 Be 4-Gotten]

defying Wall Street’s usual embrace of Republicans.

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Highly questionable statement - for starters you have Robert Rubin, Larry Summers, Jon Corzine. I think there are many, many more than that. Above may have been true in Herbert Hoover’s time but not now. But of course it’s a nice RAT agitprop line.

[freespirited]

Let’s just say that hedge fund types are not the most moral animals in the human universe. IMO that’s why they are more comfortable around RATS.

[Shermy]

“defying Wall Street’s usual embrace of Republicans.”

I think the media lies started with Clinton. Wall Street, that is the financial houses and such, have been Democrat, not Republican, moneybags.