Hedge funds donate big to Democrats

The top 10 highest-paid hedge fund managers in 2009 have dished out campaign contributions almost only to Democrats.

Over their lifetimes, those managers have given almost $33 million in campaign contributions to Democrats, according to research by the National Republican Congressional Committee (NRCC) and that is based on data maintained by the nonpartisan CQMoneyline.

The same managers gave roughly $600,000 to Republicans, according to the research. The contributions went 98 percent to Democrats and two percent to Republicans.

The money went to Democratic campaign committees, individual lawmaker’s election bids and other political action committees.

The data looks at the 10 highest-paid hedge fund managers in 2009, as identified by AR: Absolute Return+Alpha magazine. The New York Times published a story in March identifying the hedge fund managers, including John Paulson and George Soros.

As the Senate prepares to debate possibly hundreds of amendments to a
Wall Street overhaul bill, labor unions and others have criticized the
bill for not having tough restrictions on hedge funds.

“It’s very disconcerting to see this legislation moving forward that gives them a complete pass,” said Heather Slavkin, of AFL-CIO.

Sen. Jack Reed (D-R.I.) is planning an amendment that would require tougher disclosure requirements for hedge funds and private equity firms.

A request for comment at the Democratic Congressional Campaign Committee (DCCC) was not returned by press time.

Last week, Republicans prevented Democrats for three days from opening debate on the Wall Street overhaul bill. Democrats repeatedly criticized the GOP for standing up for Wall Street.

Since 1990, finance, insurance and real estate interest have given nearly $2.4 billion to Democrats and Republicans, according to the Center for Responsive Politics. The contributions went 45 percent to Democrats and 55 percent to Republicans.

In the 2010 campaign cycle, 54 percent of the contributions have gone to Democrats and 45 percent to Republicans, according to the center.