CNBC reported the impact of shadow bankers on this years political elections.
A small group of ultra-wealthy private fund managers are dominating political spending this cycle, making up for declining involvement from banking executives.PEU wankers replace banksters and this is somehow comforting?
Private equity professionals also are giving in record amounts for the midterms, which historically attract far less cash than presidential election years. PE pros have donated $28.8 million this election cycle, up from $20.5 million in 2010, according to CRP. Like hedge funds, the industry gave equally to both parties in 2010 but now favors the GOP nearly 2 to 1. Top PE firm donors include J.W. Childs, Blackstone Group, BLS Investments, Bain Capital and Carlyle Group.
The rise of PE and hedge fund spending comes as bankers slow down.
It all adds up to a record for the financial community. "Wall Street has ramped up its giving this cycle, delivering more than $120 million and already exceeding what they spent throughout the entire last midterm."I sense another free pass for preferred carried interest taxation. That should be safe and sound for the sixth or seventh time.
