Hedge-Fund Managers Vote Republicans over Obama
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Gas prices are on the rise in the US, land of cheap gas. President Obama and the Republicans have been going head to head over the energy policy – the president wants to repeal oil tax subsidies, House Speaker John Boehner issued a statement that oil companies should “pay their fair share”.
Gas prices are on the rise in the US, land of cheap gas. President Obama and the Republicans have been going head to head over the energy policy – the president wants to repeal oil tax subsidies, House Speaker John Boehner issued a statement that oil companies should “pay their fair share”.
Obama pressed the republicans on revoking the billions in tax oil subsidies, calling the tax breaks “unwarranted” and “wasteful”. The president believes the revenue can be used in clean energy instead and reduce the US dependence on foreign oil.
However republicans argued Obama’s energy policies were stifling American production and promoted legislation to increase domestic oil drilling.
The hedge-fund managers agree. With the republicans, and are actively supporting them instead. In a story on WSJ:
Daniel Loeb, founder of Third Point LLC, was one of the biggest Obama fund-raisers in 2008, rounding up $200,000 for him, according to campaign-finance records. In the decade prior, Mr. Loeb and his wife donated $250,000 to Democrats and less than $10,000 to Republicans.
But since Mr. Obama’s inauguration, Mr. Loeb has given $468,000 to Republican candidates and the GOP, and just $8,000 to Democrats. Hedge-fund kings have feelings, too, and the president appears to have hurt them.
“I am sure, if we are really nice and stay quiet, everything will be alright and the president will become more centrist and that all his tough talk is just words,” Mr. Loeb wrote in an email about four months ago expressing frustration with the president’s posture toward Wall Street. “I mean, he really loves us and when he beats us, he doesn’t mean it.” The email, sent to eight friends, was widely circulated on Wall Street.
Read the full story on WSJ.
