Hedge Funds

Greasing the wheels of power


How else to explain the obsession with naked short selling?

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