AFP- Wealthy hedge fund managers closely guard their investment strategies, but mounting political donations reveal how some “hedgies” are betting in the crowded US presidential race.
Hedge funds’ campaign donations have skyrocketed in recent years as trading profits have ballooned and the industry has lobbied Congress aggressively this year against raising taxes on managers’ often multimillion-dollar earnings.
Democratic White House hopefuls have been more successful so far, compared with their Republican rivals, in winning funds.
The top-grossing recipient is Democratic Senator Christopher Dodd who garnered 714,500 dollars in donations from the hedge fund industry in the first nine months of the year, according to the Center for Responsive Politics (CRP).
The CRP, which tracks political cash flows, says Republican presidential aspirant Rudolph Giuliani holds second place with donations of 565,000 dollars followed by Democratic contenders Barack Obama, Hillary Clinton and John Edwards.
“They want to make friends in Washington and campaign contributions are a good way to do that,” said Massie Ritsch, a spokesman for the research center.
