Tuesday, April 26, 2011

Wall Street Spurns Democrats; Opens Wallet for Republicans Instead

From the WSJ:
"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."

"The very people they helped put in power turned around and screwed them."

Indeed. As did the scorpion when it came to the frog. Neo-bolsheviks just can't help themselves.

But money is politics mother's milk. These neo-bolsheviks can't outright kill the cow. So they talk out of both sides of their mouth to entice the cash cow to siphon off much of it's bounty in exchange for a dubious promise that the butcher's knife will spare at least three of the cow's legs.

But Wall Street, like many other corporations, are fools who've quickly regretted their folly. They cannot  afford the massive hemorrhage of money to a neo-marxist ruling class so eager to amputate at least one other leg from their cash cow.
"The shift started near the end of the 2008 campaign, when Mr. Obama began blaming hedge funds for some of the country's economic problems.

In April 2009, when talks about saving Chrysler through a bankruptcy filing bogged down, the president faulted bond-holding hedge funds for the delay. "They were hoping that everybody else would make sacrifices, and they would have to make none." Mr. Obama said. "I don't stand with them."

That amounted to "bullying," one prominent fund manager, Cliff Asness of AQR Capital Management, wrote on his personal web page."
And we all know how Pres. Obama feels about bullying.
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