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Getbig Main Boards => Politics and Political Issues Board => Topic started by: dario73 on April 26, 2011, 05:02:11 AM
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http://online.wsj.com/article/SB10001424052748703461504576231121265117538.html?mod=WSJ_hp_LEFTTopStories
Hedge-Fund Titans Who Backed Dems Open Their Wallets for GOP in 2012
Published April 26, 2011
The Wall Street Journal
Hedge-fund managers made a big bet on Barack Obama and other Democrats in 2008. Now, with the 2012 contest gearing up, some prominent fund managers have turned their backs on the party and are actively supporting Republicans.
Daniel Loeb, founder of Third Point LLC, was one of the biggest Obama fund-raisers in 2008, rounding up $200,000 for him, according to campaign-finance records. In the decade prior, Mr. Loeb and his wife donated $250,000 to Democrats and less than $10,000 to Republicans.
But since Mr. Obama's inauguration, Mr. Loeb has given $468,000 to Republican candidates and the GOP, and just $8,000 to Democrats. Hedge-fund kings have feelings, too, and the president appears to have hurt them.
"I am sure, if we are really nice and stay quiet, everything will be alright and the president will become more centrist and that all his tough talk is just words," Mr. Loeb wrote in an email about four months ago expressing frustration with the president's posture toward Wall Street. "I mean, he really loves us and when he beats us, he doesn't mean it." The email, sent to eight friends, was widely circulated on Wall Street.
Mr. Loeb is part of a shift in political allegiance within the world of hedge funds that also includes such big names as Steven Cohen's SAC Capital Advisors and Kenneth Griffin's Citadel Investment Group. Managers and employees of hedge funds directed a majority of their contributions to the GOP in the 2009-2010 election season, a pattern not seen since 1996, when the industry was much smaller.
Managers of hedge funds—private investment partnerships that cater to institutions and wealthy people—are reacting to what some criticize as Mr. Obama's populist attacks on Wall Street, as well as to Democrat-led efforts to raise their tax bills. They had hoped to be protected from such a tax move by their relationships with prominent Democratic members of Congress. "Hedge funds bankrolled the Democrats in the 2006 and 2008 elections, and the very people they helped put in power turned around and screwed them," said Sam Geduldig, a former Republican congressional staffer who is a Wall Street lobbyist.
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And, it could get even worse, if states like Wisconsin keep up the collective-bargaining laws, yanking away one of the biggest DNC spigots of cash: Mandatory union dues.
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it will be ok; I haven't sent my check in yet.
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it will be ok; I haven't sent my check in yet.
Why would you donate to obama for 2012?
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Firefighters union halting federal contributions
By SAM HANANEL, Associated Press Sam Hananel, Associated Press – 1 hr 44 mins ago
WASHINGTON – The nation's largest firefighters union and one of the Democrats' most reliable sources of campaign money says it will quit donating to federal candidates this year because members of Congress are not doing enough to support organized labor.
International Association of Firefighters President Harold Schaitberger says there is a more urgent need to spend money defending anti-union measures sweeping GOP-controlled statehouses across the country.
Schaitberger wants the move to send a message that lawmakers shouldn't take firefighters' support for granted. He says members of Congress should be doing more to speak out against efforts in states to take away collective bargaining rights and weaken union clout.
The union and its 300,000 members are among the most influential and biggest-spending lobbying groups on Capitol Hill.
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Haha, Obama will just fleece the poor sheeple out of more money in order to reach that $1 billion warchest the DNC set as their campaign goal. $1 billion ripped out of the pockets of the very same Americans they claim to be fighting for. ::)
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Haha, Obama will just fleece the poor sheeple out of more money in order to reach that $1 billion warchest the DNC set as their campaign goal. $1 billion ripped out of the pockets of the very same Americans they claim to be fighting for. ::)
Something is seriously fucked up when you need a billion to run for reelection