What a curious relationship exists between newly-elected US President Barack Obama and hedge funds.
The industry has donated over $1m to Obama’s campaign, according to OpenSecrets.org (small change to a hedge fund manager, perhaps, but it still makes Obama the biggest recipient of the industry’s largesse this year — and is nearly double what rival presidential candidate John McCain received).
But despite the contributions, Obama’s taken a somewhat hostile stance towards the barrons of Mayfair and Stamford. Notably, he accused McCain of being the candidate of ‘Joe the Hedge Fund Manager’ as opposed to all-American blue-collar hero “Joe the Plumber.”
Wednesday, November 5, 2008
Hedge Funds: "Yes We Can!"
From FT Alphaville: