With millions and even billions of dollars earned each year, the elite hedge fund managers on Wall Street can have much leverage in the upcoming elections in terms of contributions. Republican presidential candidate John McCain seems to be the most likely candidate for receiving the hedge fund contributions, as hedge funds have traditionally supported fiscally conservative candidates and tax cuts. On the other hand, Democratic presidential candidate Barack Obama constantly talks about getting tough on the wealthy, and backs a legislation called the Stop Tax Haven Abuse Act that limits offshore accounts of wealthy hedge funds. But to many people’s surprise, many of the top 10 hedge fund managers have contributed money to Barack Obama. In many respects, Obama is relatively new to national politics and has many seats to fill in this inner circle. McCain has already established his buddies from the worlds of banking decades ago. Though Obama has taken a stand on changing the politics of lobbying, so it remains to be seen how much influence these hedge fund managers can get through political contributions to Obama. Reuters has reported that Obama has received $822,375 from hedge funds, compared to McCain, who received $348,300.
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