FacebookTwitterGoogle+RedditEmail

Hedge Funds are Part of a Tricky Money Maneuver to Put Hillary in the White House

At the Democratic debate at Drake University in Des Moines, Iowa on November 14, 2015, Hillary Clinton attempted to portray herself as the fierce enemy of hedge funds. She told the audience the following:

“You have two billionaire hedge fund managers who started a Super PAC and they’re advertising against me in Iowa as we speak. So they clearly think I’m going to do what I say I will do….”

But two hedge fund billionaires backing a Republican candidate pales in comparison to the tens of millions of dollars flooding into Hillary Clinton’s campaign from other hedge fund billionaires – including money flowing into a joint fundraising committee called the “Hillary Victory Fund” that is sluicing money to both Hillary’s main candidate committee, Hillary for America, as well as into the Democratic National Committee and 33 separate state Democratic committees, which has some observers crying foul.

A recent article at CounterPunch, which questioned the ethics of the arrangement, quotes Paul Blumenthal, campaign finance reporter for the Huffington Post, as follows:

“It is a highly unusual arraignment if only because presidential candidates do not normally enter into fundraising agreements with their party’s committees until after they actually win the nomination. And second, Clinton’s fundraising committee is the first since the Supreme Court’s 2014 McCutcheon v FEC decision eliminated aggregate contribution limits and congress increased party contribution limits in the 2014 omnibus budget bill.”

The Democratic National Committee has come under repeated fire for showing favoritism toward Hillary Clinton’s candidacy versus that of Bernie Sanders. Federal Election Commission (FEC) filings show that the Hillary Victory Fund has given over $600,000 to the Democratic National Committee and tens of thousands of dollars each to the individual state committees that signed on to the joint fundraising plan.

Hedge funds and private equity firms are desperate to hold on to their tax perversion known as “carried interest,” which allows their winnings to be taxed at rates lower than those paid by some plumbers and nurses. In no small part, it’s how hedge fund operators ended up as billionaires, effectively subsidized by the wage earner.

Federal Election Commission records show that S. Donald Sussman, founder of hedge fund Paloma Partners, gave $343,400 to the Hillary Victory Fund while also donating $2.5 million to Priorities USA, the Super Pac supporting Hillary. Hedge Fund billionaire George Soros donated $343,400 to the Hillary Victory Fund while sluicing a whopping $7 million into Priorities USA to enhance Hillary’s efforts to move into the Oval Office. Jay T. Snyder of HBJ Investments, a private equity firm, gave over $300,000 to the Hillary Victory Fund.

Dozens of other hedge fund and private equity operators gave lesser amounts to the Hillary Victory Fund. For example, Scott Shleifer of Tiger Global Management kicked in $167,000 while Mark Gallogly of Centerbridge Partners anted up $66,800.

Other hedge fund billionaires have skipped the Hillary Victory Fund while writing out stunning amounts to the Super Pac supporting Hillary. On January 11 of this year, James Simons, the billionaire founder of hedge fund Renaissance Technologies, who now runs a family office called Euclidean Capital, wrote out a single check for $3.5 million to Priorities USA.

According to the latest filing at the FEC, the Hillary Victory Fund joint fundraising committee has raised $26.9 million. According to the Center for Responsive Politics, Priorities USA has raised $55.6 million while Hillary’s own campaign committee, Hillary for America, has raised $159.9 million.

This article originally appeared on Bulls on Parade.

Weekend Edition
September 21, 2018
Friday - Sunday
Paul Street
Laquan McDonald is Being Tried for His Own Racist Murder
Brad Evans
What Does It Mean to Celebrate International Peace Day?
Alexandra Isfahani-Hammond
Hurricane Florence and 9.7 Million Pigs
Nick Pemberton
With or Without Kavanaugh, The United States Is Anti-Choice
Andrew Levine
Israel’s Anti-Semitism Smear Campaign
Jim Kavanagh
“Taxpayer Money” Threatens Medicare-for-All (And Every Other Social Program)
Jonathan Cook
Palestine: The Testbed for Trump’s Plan to Tear up the Rules-Based International Order
Jeffrey St. Clair
Roaming Charges: the Chickenhawks Have Finally Come Back Home to Roost!
David Rosen
As the Capitalist World Turns: From Empire to Imperialism to Globalization?
Jonah Raskin
Green Capitalism Rears Its Head at Global Climate Action Summit
James Munson
On Climate, the Centrists are the Deplorables
Robert Hunziker
Is Paris 2015 Already Underwater?
Arshad Khan
Will Their Ever be Justice for Rohingya Muslims?
Jill Richardson
Why Women Don’t Report Sexual Assault
Dave Clennon
A Victory for Historical Accuracy and the Peace Movement: Not One Emmy for Ken Burns and “The Vietnam War”
W. T. Whitney
US Harasses Cuba Amid Mysterious Circumstances
Nathan Kalman-Lamb
Things That Make Sports Fans Uncomfortable
George Capaccio
Iran: “Snapping Back” Sanctions and the Threat of War
Kenneth Surin
Brexit is Coming, But Which Will It Be?
Louis Proyect
Moore’s “Fahrenheit 11/9”: Entertaining Film, Crappy Politics
Ramzy Baroud
Why Israel Demolishes: Khan Al-Ahmar as Representation of Greater Genocide
Ben Dangl
The Zapatistas’ Dignified Rage: Revolutionary Theories and Anticapitalist Dreams of Subcommandante Marcos
Ron Jacobs
Faith, Madness, or Death
Bill Glahn
Crime Comes Knocking
Terry Heaton
Pat Robertson’s Hurricane “Miracle”
Dave Lindorff
In Montgomery County PA, It’s Often a Jury of White People
Louis Yako
From Citizens to Customers: the Corporate Customer Service Culture in America 
William Boardman
The Shame of Dianne Feinstein, the Courage of Christine Blasey Ford 
Ernie Niemi
Logging and Climate Change: Oregon is Appalachia and Timber is Our Coal
Jessicah Pierre
Nike Says “Believe in Something,” But Can It Sacrifice Something, Too?
Paul Fitzgerald - Elizabeth Gould
Weaponized Dreams? The Curious Case of Robert Moss
Olivia Alperstein
An Environmental 9/11: the EPA’s Gutting of Methane Regulations
Ted Rall
Why Christine Ford vs. Brett Kavanaugh is a Train Wreck You Can’t Look Away From
Lauren Regan
The Day the Valves Turned: Defending the Pipeline Protesters
Ralph Nader
Questions, Questions Where are the Answers?
Binoy Kampmark
Deplatforming Germaine Greer
Raouf Halaby
It Should Not Be A He Said She Said Verdict
Robert Koehler
The Accusation That Wouldn’t Go Away
Jim Hightower
Amazon is Making Workers Tweet About How Great It is to Work There
Robby Sherwin
Rabbi, Rabbi, Where For Art Thou Rabbi?
Vern Loomis
Has Something Evil This Way Come?
Steve Baggarly
Disarm Trident Walk Ends in Georgia
Graham Peebles
Priorities of the Time: Peace
Michael Doliner
The Department of Demonization
David Yearsley
Bollocks to Brexit: the Plumber Sings
FacebookTwitterGoogle+RedditEmail