A small network of hedge fund executives pumped at least $10 million into Republican campaign committees and allied groups in last years elections, helping bankroll GOP victories that changed the balance of power in Washington, according to a review of campaign records and interviews with industry insiders.
The net effect has given hedge funds important new allies at a time when they are fending off some regulations mandated by the Dodd-Frank financial reform law and an aggressive Justice Department investigation into insider trading.
A prime example is Rep. Scott Garrett, a little known Republican from northern New Jersey who has been a staunch defender of the hedge fund industry and will now chair the House financial services subcommittee on capital markets. As it became increasingly clear late last summer that Republicans were likely to capture the House, executives at the hedge fund Elliott Management Co. raised at least $195,800 for two committees that benefited Garrett directly and bolstered his standing with key Republicans. Paul Singer, chairman of the $17 billion Manhattan firm, has been one of the GOPs most prolific fundraisers and donors.
Hedge Funds Bet Heavily on Republicans at End of Election - The Center for Public Integrity
The net effect has given hedge funds important new allies at a time when they are fending off some regulations mandated by the Dodd-Frank financial reform law and an aggressive Justice Department investigation into insider trading.
A prime example is Rep. Scott Garrett, a little known Republican from northern New Jersey who has been a staunch defender of the hedge fund industry and will now chair the House financial services subcommittee on capital markets. As it became increasingly clear late last summer that Republicans were likely to capture the House, executives at the hedge fund Elliott Management Co. raised at least $195,800 for two committees that benefited Garrett directly and bolstered his standing with key Republicans. Paul Singer, chairman of the $17 billion Manhattan firm, has been one of the GOPs most prolific fundraisers and donors.
Hedge Funds Bet Heavily on Republicans at End of Election - The Center for Public Integrity
