President Barack Obama is heading to New York to collect money for his reelection campaign from the hedge fund managers and others on Wall Street who have not abandoned him for the Republican candidates for his job.
Obama will hold a $38,500-a-plate dinner at ABC Kitchen on March 1. Among those sponsoring the fundraiser are Avenue Capital Group's Marc Lasry, Centerbridge Partners' Mark Gallogly and Centerview Partners' Blair Effron.
Obama's 2008 election campaign was financed in part by big donations from the hedge fund community. But most of those donors, angered by Obama's financial regulation and tax policy, have poured their millions into the coffers of Republicans, notably former private equity honcho Mitt Romney, this time around.
Obama's campaign manager recently promised Wall Street that the president would not seek to demonize finance during his reelection campaign.