Oversight of Hedge Funds/Top Dem Donors Postponed Until After Election

For indispensable reporting on the coronavirus crisis, the election, and more, subscribe to the Mother Jones Daily newsletter.


On Friday, the House Oversight and Government Reform Committee announced that a hearing scheduled for Thursday, October 16 on the role of hedge funds in the current financial crisis would be postponed until after the election. The committee, chaired by Henry Waxman (D-Calif.), says the postponement is to “accommodate the schedules of witnesses.” Fine. But several of the hedge fund execs asked to testify at the hearing are big Dem donors who the party might not want to embarrass before the election. And by big Dem donors, I mean BIG Dem donors. Here are the numbers for the 2008 election cycle (excluding 527 contributions):

  • John A. Paulson, President, Paulson & Co., Inc: $86,974, $43,400 of that to Democrats
  • George Soros, Chairman, Soros Fund Management, LLC : $111,190, $110,150 of that to Democrats
  • Philip A. Falcone, Senior Managing Director, Harbinger Capital Partners: $0
  • James Simons, President, Renaissance Technologies, LLC: $117,050, $105,050 of it to Democrats (only $2,000 to Republicans—the rest went to a PAC.
  • Kenneth C. Griffin, Chief Executive Officer and President, Citadel Investment Group: $70,100, $60,750 of it to Democrats

That’s $385,314 worth of 2008 election cycle donations from five witnesses (one of whom didn’t give anything). $319,350 of it, or 82.9 percent, went to Democrats.

DOES IT FEEL LIKE POLITICS IS AT A BREAKING POINT?

Headshot of Editor in Chief of Mother Jones, Clara Jeffery

It sure feels that way to me, and here at Mother Jones, we’ve been thinking a lot about what journalism needs to do differently, and how we can have the biggest impact.

We kept coming back to one word: corruption. Democracy and the rule of law being undermined by those with wealth and power for their own gain. So we're launching an ambitious Mother Jones Corruption Project to do deep, time-intensive reporting on systemic corruption, and asking the MoJo community to help crowdfund it.

We aim to hire, build a team, and give them the time and space needed to understand how we got here and how we might get out. We want to dig into the forces and decisions that have allowed massive conflicts of interest, influence peddling, and win-at-all-costs politics to flourish.

It's unlike anything we've done, and we have seed funding to get started, but we're looking to raise $500,000 from readers by July when we'll be making key budgeting decisions—and the more resources we have by then, the deeper we can dig. If our plan sounds good to you, please help kickstart it with a tax-deductible donation today.

Thanks for reading—whether or not you can pitch in today, or ever, I'm glad you're with us.

Signed by Clara Jeffery

Clara Jeffery, Editor-in-Chief

We Recommend

Latest