And Mr. Obama? He backs something called the Stop Tax Haven Abuse Act, a measure that would limit all offshore accounts that the wealthiest hedge funds have set up. That’s not something Wall Street wants.
And yet for all of this, many of the wealthiest hedge fund managers are lining up behind the Obama campaign.
Many of the top 10 managers on Alpha magazine’s mind-blowing 2007 rich list, which was released last week, have put money on Mr. Obama, according to the Center for Responsive Politics, which tracks campaign contributions. They have each given the maximum donation allowed, $2,300. (Let’s face it, this is pocket lint to these guys.)
Mr. Obama’s hedge fund contributors include:
John Griffin, the founder of Blue Ridge Capital, who made $625 million in 2007, according to Alpha. Mr. Griffin is backing Mr. Obama after initially supporting Mitt Romney.
Kenneth C. Griffin (no relation) of the Citadel Investment Group in Chicago, who earned $1.5 billion. He contributed to the Obama campaign after the senator came to his office last year.
Stephen Mandel of Lone Pine Capital, who took home $710 million last year.
And, of course, George Soros, who earned almost $3 billion last year. It is no surprise that Mr. Soros, a Democratic stalwart, is backing Mr. Obama. Mr. Soros campaigned against President Bush in 2004, and Moveon.org, which the billionaire investor has plied with tens of millions of dollars, endorsed Mr. Obama in February.
Of course, not every Richie Rich is backing Mr. Obama.
James H. Simons, the mathematician who runs Renaissance Technologies, who made $2.8 billion last year, has donated to Mrs. Clinton.
And Steven Cohen of SAC Capital, whose take home pay was $900 million, is splitting his money down the middle: He donated $28,500 to both the Democratic and Republican Senatorial Campaign Committee. (He had given money to John E. Sununu and Christopher J. Dodd.)
John Paulson of Paulson & Company, the top earner, with $3.7 billion last year, doesn’t appear to have a financial dog left in the hunt: He gave to Mitt Romney and Rudolph Giuliani.