How else to explain the obsession with naked short
How much clout do big Republican donors have? A lot,
apparently. Allegations that the Securities and Exchange
Commission bowed to pressure from one of President Bush's top
Wall Street backers was just the latest in a string of events
that seem to point to a new heavy-handed political approach in
Washington, and elsewhere.
In the most recent case, an SEC enforcement attorney claims
that he was stopped from interviewing Morgan Stanley chairman
and chief executive John Mack, a big Bush fundraiser, during an
insider trading investigation of Pequot Capital Management. But
whether the political influence helps hedge funds - as could be
the case with Pequot - or hurts them depends on who's forking
over the big bucks.
Another big Republican donor throwing his weight around is
Patrick Byrne, the chairman and chief executive of
Overstock.com, which is suing Gradient Analytics and...