Hedge Funds Help Fund Obama Inauguration

Jan 20 2009 | 2:11am ET

Today’s inauguration of Barack Obama as the 44th president of the United States will be the most expensive in history. And despite their troubles, hedge fund managers and employees are helping to foot the bill.

The bill for Obama’s swearing-in may hit $150 million—more than $100 million of which is for security costs. And among those giving the maximum $50,000 per individual are Soros Fund Management’s George Soros and D.E. Shaw Group’s David Shaw, leading a large number of hedge fund industry professionals to pay for the inauguration.

The Presidential Inauguration Committee has raised more than $27 million, of which $7.1 million came from those involved in finance, according to the Centre for Responsive Politics. The Soros family alone gave $200,000. Other hedgies (or former hedgies) giving the max include Grosvenor Capital Management’s Stephen Malkin and Michael Sacks (and Sacks’ wife, Cari), Paloma Partners CEO Donald Sussman and Oaktree Capital Management Chairman Howard Marks.

Also giving $50,000 was CNBC personality Ron Insana, who recently shuttered his hedge fund, Insana Capital Partners, and Howard Kagan, late of activist shop Harbinger Capital Partners. Howard Gottlieb, a retired partner at Glenwood Financial Group, now owned by Man Group, gave $50,000, as did his wife, Anne. Marsha Laufer, the wife of Renaissance Technologies chief scientist Henry Laufer, also gave as much as she could, along with Naomi Aberly, the wife of HBK Capital Management’s Lawrence Lebowitz. Chess Capital Partners founder Shonda Warner, Fletcher Asset Management deputy CEO Denis Kiely, GEM Investors senior managing partner Barry Malkin, McGarr Capital’s Cappy McGarr, Seminole Capital Partners founder Michael Messner, Taconic Capital Advisors founder Frank Brosens, and Willow Creek Capital Management founder Aaron Braun each gave the maximum.

While Obama’s committee chose not to accept donations from corporations, lobbyists, unions or political action committees, it certainly did take them from Wall Street. The CRP said that 118 people with Wall Street ties gave a total of $3.6 million to fund the festivities, followed by lawyers ($2.5 million) and people with ties to the entertainment business ($1.7 million).

Big donors and bundlers—those who collected big money from multiple donors—are reportedly able to get special access and tickets to the events including the inaugural parade and the inauguration itself on the west front of the U.S. Capitol. With as many as two million people expected to crowd the District of Columbia today for the inauguration, tickets to any of the events have become a very hot commodity.


In Depth

Q&A: Executive Recruiter Talks Hedge Fund Closures, Hiring Trends

Dec 19 2014 | 6:58am ET

This year, hedge funds have been closing at a rate not seen since the financial...

Lifestyle

Cooper-Hohn Won't Contest Divorce Settlement

Dec 18 2014 | 9:51am ET

The ex-wife of hedge fund billionaire Christopher Hohn will not contest a divorce...

Guest Contributor

Alternative Investment Funds Face A Communications Imperative

Dec 19 2014 | 6:10am ET

A handful of the top alternative investment firms on both sides of the Atlantic...

 

Sponsored Content

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

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

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.