The title of the post is what I hope the hedgies donating to the DNC are doing, but - alas I fear this is largely not true. There are a whole lot of BSDs walking around with no balls these days. Indeed, many young bankers and hedgies I've met are Democrats - brainwashed into guilt for being successful from their days in undergrad, and eager to do anything - including giving the pants off their ass (the shirt is already being ripped off by current bonus taxes) to feel good about themselves. Anything, but rationally think through the policies fronted by Democratic candidates and the DNC and - if they disagree with them (and if they don't, why are they in the business of "ripping off" Grandma Millie?) - take a stand for what they believe in.
Over the past three election cycles, hedge fund managers and their colleagues have become some of the most important donors to Democrats and Democratic candidates. Of the more than $3 million in hedge fund cash given to presidential candidates last year, 75% went to Democrats. Party leadership is hoping to leverage this newfound strength with a New York fundraiser aimed specifically at hedge fund professionals. Even after last year’s aborted attempt by Democratic congressional leaders to more than double the tax rate paid by some in the alternative investment industry, hedge fund money continues to pour in “When people with high incomes, or who benefit from particularly low capital gains rates, support Democrats, it’s because they care about the posture of the United States abroad. They care about an utter lack of fiscal discipline. In other words, there is a set of issues that people care about that becomes more important than their marginal tax rate.” |
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