The hedge funds that aced the midterm elections
November 30, 2010
Charting the firms that backed the right elephants.
Hedge funds went long Republicans and short Democrats in the November midterm elections, powering into office a fresh group of political leaders who fund managers hope will keep taxes low, corral regulators and limit the impact of financial reform legislation.
Representatives such as Eric Cantor (R-Va.), Ed Royce (R-Calif.) and Scott Garrett (R-N.J.) and senators such as Pat Toomey (R-Pa.), Marco Rubio (R-Fla.) and Mark Kirk (R-Ill.) all enjoyed significant funding from hedge fund employees, either directly or through political action committees (hedge funds themselves can not contribute).
That successful bet is part of a broader shift to the right. For the first time since 1996, hedge fund employees gave more to Republican congressional candidates: would-be GOP politicians took in $1.99 million, while $1.88 million went to Democrats during the 2010 election cycle, according to...
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