Three Hedgies At The Hustings In New York

Jan 29 2010 | 9:49am ET

A trio of first-time candidates with hedge fund ties is looking to shake up New York’s political world this November.

Reshma Saujani, a 34-year-old lawyer who works for Fortress Investment Group, plans to take on one of the most powerful members of New York’s congressional delegation in the Democratic primary. Saujani is running for the Manhattan and Queens seat that has been held by Rep. Carolyn Maloney for 17 years, and she’s already won some prominent supporters, including Maureen White, a former national finance chief for the Democratic National Committee. White is also the wife of Quadrangle Group founder and former U.S. auto czar Steven Rattner, who has close ties to the Obama administration.

Reshma SaujaniReshma SaujaniShe also is developing some powerful enemies.

“She’s ending her political career before it starts,” Geraldine Ferraro, the former Queens congresswoman and 1984 vice-presidential candidate, told The New York Times. “That’s not a threat, it’s a statement of fact.”

Saujani, who is seeking to become the first Indian-American woman in Congress, is certainly at odds with her party when it comes to Wall Street.

“Instead of browbeating Wall Street, I want to invite them to help create jobs,” Saujani told the Times. “If you go to Texas, you’ll never hear a congressional member speak poorly of the oil industry. In Michigan, you’ll never hear a congressional member speak poorly of the auto industry. This is our bread and butter.”

But while Saujani, who moved to the district last summer, promises to run “on my Wall Street record, not from it,” some of those ties could come back to haunt her. She worked for Democratic fundraiser Hassan Nemazee, who last year was hit with bank fraud charges. Saujani says she had left his firm before the trouble struck. After leaving that post, she worked at the Carlyle Group.

Meanwhile, a little further north, former hedge fund manager Harry Wilson launched his bid for state comptroller this week.

Wilson, who lives in Scarsdale, is the first Republican to throw his hat in the ring. If he becomes the party’s nominee, he’ll face off against incumbent Democrat Thomas DiNapoli, who took the job after former Comptroller Alan Hevesi resigned in disgrace in 2006.

“I’m not a professional politician; I am a professional money manager and an expert in fixing broken organizations and problems,” Wilson said. “And my professional analysis of our state government is bleak.”

Wilson has worked at hedge fund Silver Point Capital and private equity firms Clayton Dubilier & Rice and the Blackstone Group. He also spent time at Goldman Sachs. And like Rattner, he served on Obama’s auto task force—the only Republican among its leadership.

Michael GrimmMichael GrimmMichael Grimm’s ties to the hedge fund industry are somewhat more unorthodox. Grimm, a Republican who is seeking to unseat freshman Democrat Michael McMahon spent almost two years undercover as a Wall Street hedge fund manager for the Federal Bureau of Investigation. Grimm spent more than a decade with the FBI, beginning with the organized crime branch before moving on to the financial fraud branch.

Grimm is not alone in seeking the Republican nomination for New York’s 13th congressional district, which covers all of Staten Island and parts of southern Brooklyn. But he has won the support of former New York City Mayor Rudolph Giuliani and former Borough President Guy Molinari.

And of the three “hedge fund candidates,” he would certainly seem to have the greatest chance of success: The district he seeks is the only New York City congressional district to go for Sen. John McCain (R-Ariz.) over President Barack Obama in the 2008 election, and had been held by Republicans for 16 years before former Rep. Vito Fossella bowed out two years ago after he admitted fathering a child with a woman with whom he was having an affair.


In Depth

Q&A: Neil Azous Talks Global Macro Investing

Nov 24 2014 | 12:41pm ET

Neil Azous is the founder and managing member of Rareview Macro, an advisory firm...

Lifestyle

Cohen Buys $101 Million Sculpture

Nov 12 2014 | 9:17am ET

Steven Cohen was the sole bidder for a rare Alberto Giacometti sculpture at Sotheby...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    Nov 4 2014 | 9:45am ET

    Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

November 2014 Cover

Building a better market

Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.