Hedge funds and politics

Campaign contributions from hedge funds became a central issue within the battle for the Democratic nomination for U.S. Senate in Connecticut.

Last week, Sally Bysiewicz, who is battling Rep. James Murphy for the nod to hunt the seat currently held by the retiring Sen. Joseph Lieberman (I-Conn.), released a poster accusing Murphy of taking additional hedge fund whit the other Democrat in Congress.  She conjointly alleged that Murphy has taken over $700,000 from Wall Street donors.

Bysiewicz says the donations are proof that Murphy is in Wall Street’s pocket, criticizing him for voting against closing a hedge fund tax loophole.

The only downside is, neither accusation is true.

According to campaign finance records, Murphy has received $10,200 from hedge funds within the Senate campaign, making him twenty first among all House members this year. Among Senate candidates this year, he is thirty seventh in hedge fund investments—and Bysiewicz is forty first.

In addition, Murphy has received $328,195 from Wall Street companies this year. That will indeed deem him the most important Democratic recipient of such campaign to  make the most the House—but not among hedge funds.

Bysiewicz has refused to tug the ad—Murphy has demanded that tv stations do thus themselves as a result partners of its inaccuracies—and at a Sunday discussion in Bridgeport, Bysiewicz defended the spot.

Posted by SGL admin on July 20, 2012

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