Hedge fund managers throw weight behind Obama

Discussion in 'Wall St. News' started by archon, Jul 11, 2008.

  1. archon



    Hedge fund managers throw weight behind Obama
    Fri Jul 11, 2008 1:03pm EDT

    By Svea Herbst-Bayliss

    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.

    "My goal is not to pay less taxes," said William Ackman, head of hedge fund Pershing Square Capital Management, who is known for pressuring management of companies to improve profits by cutting costs or selling divisions. "My goal is to elect an incredibly smart and capable guy."

    Traditionally, investment managers have funded fiscally conservative presidential candidates who promise to keep taxes low and regulation at bay....