Reuters: Hedge fund managers throw weight behind Obama

[sabra]

http://www.reuters.com/article/marketsNews/idUSN1136083920080711?pageNumber=1&virtualBrandChannel=10215

BOSTON, July 11 (Reuters) - Hedge fund managers are famous for betting against conventional wisdom, and this year many are doing just that by backing Democrat Barack Obama's White House bid and defying Wall Street's usual embrace of Republicans.

New figures show the Illinois senator and presumptive Democratic presidential nominee has drawn $822,375 in campaign contributions from employees of hedge funds, compared to $348,300 for his Republican rival, Arizona Sen. John McCain.

The figures, compiled for Reuters by the Center for Responsive Politics, a nonpartisan campaign finance research group, reflect mounting concern over the rising cost of health care and other domestic issues where several hedge fund managers said Obama had an edge over McCain.

"My goal is not to pay less taxes," said William Ackman, head of hedge fund Pershing Square Capital Management, who is known for pressuring management of companies to improve profits by cutting costs or selling divisions. "My goal is to elect an incredibly smart and capable guy."

...

But his plans for healthcare and education are resonating with many in the industry who say those issues are more crucial to the economy and their own pocketbooks than tax cuts and tighter regulation of their industry.

[anonymous171]

1. A better economy is good for everybody

Including business.

[mrreowwr_kittty]

2. The desire of the RW to cut taxes has never been to put more money in anyone's pocket

They want to dismantle the government, remove it from the hands of the unruly people, and privatize it so that all profits go to the elite at the top. To drown it in the bathtub, as Norquist said. Tax cuts, coupled with drastic cuts to social services are usually the quickest way to acheive that. Taxes are really beside the point to them. They'd be happy to charge us all a 70% tax rate, so long as it went directly to the plutocrats and the people didn't actually expect anything from their tax dollars.

[zbdent]

3. I'm not sure this is a good thing ...

"Hedge funds" - isn't that like selling short? Expecting that the stocks will go way down?

So, if this is correct, then they're rooting for Obama, hoping that the stocks will fall?

I would think that, if that's their logic (despite what they SAY), then they would really prefer McSame in the White House ...

[Coexist]

4. "My goal is not to pay less taxes,"

Imagine that.