Hedgefund Executives Spent At Least $10 Million on Last Election
Hedgefund Executives Spent At Least $10 Million on Last Election
By Peter H. Stone and Michael Isikoff / publicintegrity.org
Jan 6, 2011

A small network of hedge fund executives pumped at least $10 million into Republican campaign committees and allied groups in last year’s elections, helping bankroll GOP victories that changed the balance of power in Washington, according to a review of campaign records and interviews with industry insiders.

The review by the Center for Public Integrity and NBC found that some of the heaviest contributions from industry leaders came late in the campaign or were funneled through obscure “joint fundraising committees” and other independent GOP allies — some of which were set up to maximize campaign fundraising or to avoid disclosing the names of big donors. The Center and NBC analyzed campaign data compiled by CQ Moneyline and the Internal Revenue Service.

Bitterly opposed to economic and regulatory policies backed by President Barack Obama and Democrats — including proposals to increase taxes on some of their profits — top Wall Street hedge fund moguls were unusually energized during last year’s election. They held multiple fundraisers and coordinated strategy to direct what appear to be unprecedented sums into the coffers of GOP and allied political committees.

The net effect has given hedge funds important new allies at a time when they are fending off some regulations mandated by the Dodd-Frank financial reform law and an aggressive Justice Department investigation into insider trading.

4.0 ·
1

Support Films For Action

Films For Action empowers citizens with the information they need to help create a more just, sustainable, and democratic society.

We receive no government or corporate funding and rely on our supporters to keep us going. Donate today.

Trending Today
How Swedes and Norwegians Broke the Power of the ‘1 Percent’
George Lakey1,717 views today ·
What If Everything You Knew About Disciplining Kids Was Wrong?
Katherine Reynolds Lewis1,681 views today ·
Reason, Creativity and Freedom: The Communalist Model
Eleanor Finley1,349 views today ·
Cultural Appropriation: Whose Culture Is It Anyway, and What About Hybridity?
Sonny Hallett1,235 views today ·
This Facebook Comment About the UK Election Is Going Viral
Chris Renwick916 views today ·
Video Shows Shell Knew About The Dangers of Climate Change 25 Years Ago
2 min807 views today ·
How Norway Avoided Becoming a Fascist State
George Lakey798 views today ·
The Wizard of Oz Could Be A Subversive Critique of Capitalism
5 min588 views today ·
Have You Heard of The Great Forgetting? It Happened 10,000 Years Ago & Completely Affects Your Life
Daniel Quinn562 views today ·
Load More
Join us on Facebook
Hedgefund Executives Spent At Least $10 Million on Last Election