Lasry 'Shocked' By Hedge Fund Industry's Antipathy For Obama

Dec 4 2012 | 11:45am ET

Nearly a month after the U.S. presidential election, Avenue Capital Group's Marc Lasry remains mystified that most of his colleagues didn't join him in backing the winner.

While the majority of hedge fund managers backed President Barack Obama four years ago, most of them switched sides this year, including Third Point's Dan Loeb, whose enthusiasm for the president in 2008 was matched by his antipathy for him this time around. But in spite of widespread financial backing from hedge funds for Obama's rival, former Bain Capital chief Mitt Romney, the president won reelection rather comfortably.

"It's kind of shocking," Lasry, a longtime Democrat donor and the former employer of Chelsea Clinton, the daughter of former President Bill Clinton and outgoing Secretary of State Hillary Clinton, told Reuters TV last week at the Reuters Global Investment Outlook 2013 Summit on Friday. "Anyone of Wall Street has done very well since the president came into office."

Lasry said he did not understand the depth of the anger towards Obama, although he noted that some of his colleagues were unhappy with Obama's "rhetoric" against Wall Street and his push for higher taxes on the wealthy. Obama also pushed through major regulatory reforms for the financial services industry, including new rules for hedge funds.

"I hope it wasn't about higher taxes," Lasry said.


In Depth

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

Why Is The Shipping Industry Underwater?

Jul 31 2014 | 7:31am ET

Anyone who’s taken a look at the global shipping industry recently probably knows...

 

Publisher's Note