07/11/08 Obama's Cash Flows From Hedge Funds

Hedge fund managers throw weight behind Obama
guardian.co.uk, UK

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...

....Part of the reason may be what one New York hedge fund manager called deep frustration with Bush's Republican administration.

"People want to throw this party out and so you are seeing even people whose financial interests might be elsewhere line up behind the Democrats," said the manager, who also declined to be identified.

Another draw for Obama could be more elusive -- his star power. Many hedge fund managers, who have proven their mettle in forcing change at some of the biggest U.S. corporations, may identify with a young, charismatic candidate who they see as a bit like themselves.

"They clearly want to be with other stars" and Obama is considered to be that right now, said Philip Duff, a hedge fund industry veteran who launched Duff Capital Advisors in Greenwich, Connecticut, in March.

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