Presidential Candidates Profit From Alternatives

Apr 18 2007 | 11:44am ET

The top presidential candidates are raking in campaign contributions from Wall Street, but for alternatives cash, it helps to know people.

According to Federal Election Commission filings, Democratic presidential candidates took in more than $1.3 million in contributions from top investment banking firms during the first quarter, with the Republicans garnering just about $1.1 million. Hedge funds and private equity firms are getting in on the action, too, but some firms have preferred (and connected) candidates.

Ex-Bain Capital executive Mitt Romney, the former Massachusetts governor, took in almost $80,000 in the first three months of 2007 from that firm’s employees. On the other side of aisle, former North Carolina Sen. John Edwards got more than $150,000 from employees of Fortress Investment Group, where he served as a senior adviser after leaving the Senate.

Steve Cohen’s SAC Capital has gone to bat for its hometown candidate: The Stamford, Conn.-based firm’s employees have given $175,000 to the state’s senior senator, Christopher Dodd.

It also helps to recruit hedge fund executives as fundraisers. “I’ve never had a higher hit ratio in terms of asking people for money and them saying yes,” Barack Obama-backer and Torrey Associates CEO James Torrey told Bloomberg News. “There are one or two people who are zealots within these firms and when they get behind a candidate, other people within these firms follow.”

Obama must have some backers at the Blackstone Group and Carlyle Group, then: He raised $35,000 between the two. Also benefiting from in-house support is former New York Mayor Rudy Giuliani, who named Elliott Associates founder Paul Singer regional finance chairman for his bid. It paid off: Elliott employees gave his campaign $168,400 in the first quarter.


In Depth

Will Liquid Alts’ Performance Sustain Future Asset Flows?

Aug 25 2014 | 10:34am ET

Liquid alternative investment funds saw the highest percentage of capital inflows...

Lifestyle

Hedgies, Economists and Musicians Mingle At Milkin Mixers In Hamptons

Aug 25 2014 | 6:00am ET

Leave it to Michael Milken to bring some gravitas and sweat to the Hamptons -- along...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

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.