Aug. 14 (Bloomberg) — Democrats are collecting more than two-thirds of the campaign donations from employees of the biggest hedge funds and buyout firms, as the party taps into one of Wall Street’s fastest-growing sources of wealth.
Of the $7.4 million contributed by employees of the 100 largest hedge funds and 50 biggest buyout firms in 2005-06, Democrats received $5 million, Federal Election Commission records show. The biggest checks went to congressional campaign committees led by New York Senator Charles Schumer and Illinois Representative Rahm Emanuel, which took in $2.8 million.
Donors say they’re giving more to Democrats because of their dismay over President George W. Bush’s performance on issues such as the war in Iraq and because they see a real chance for Democrats to win control of Congress for the first time in 12 years. They say they view Schumer and Emanuel — who are courting Wall Street donors — as key to that goal.
