Obama & Hedge Funds
Barack Obama & The Hedge Fund Industry
A timely piece just came out in Fin about Barack Obama and what affect his presidency is going to have on the hedge fund industry. Please see below for a short excerpt:
The Illinois senator, who just four years ago was a state senator in the Land of Lincoln, became the first Democratic candidate since Jimmy Carter in 1976 to win an outright majority of votes cast, winning such traditionally Republican states as Indiana and Virginia, both of which had last given their electoral votes to a Democrat in 1964. Obama was buoyed in no small part by the ongoing financial crisis, which he successful pinned on the policies of the incumbent Republican president, George W. Bush, and his supporters in Congress, including Obama's rival for the presidency, Sen. John McCain (R-Ariz.).
Obama, who enjoyed the substantial financial backing of the hedge fund industry and many of its top players, has taken a bellicose tone with the industry on the campaign trail. Notably, he derisively riffed on McCain as the candidate of "Joe the Hedge Fund Manager." McCain staked much of his late campaign on trying to win over the "Joe the Plumbers" of the electorate.
Obama's four years in the Senate haven't produced a voluminous body of legislative work that might point in the direction that his policies might take. But there are some clues to how he will tackle the economic crisis in general, and the question of hedge fund regulation in particular. Read more...