Politics Hedge Fund Manager: Bought Politicians Should Stay Bought

Hedge Fund Manager: Bought Politicians Should Stay Bought Hot

Lots of people believe that large campaign donations are little different from bribes — that when politicians accept big donations, they are basically being bought. When people believe this, they consider it a criticism of the system. Politicians aren't supposed to vote simply to please donors.

But if you work on Wall Street, the opposite is apparently the case: making big donations to political campaigns in exchange for political cover is normal, accepted, and moral.

The New York Times:

If anything, they say, people should show some gratitude.

“Who do you think pays the taxes?” said one longtime money manager. “Financial services are one of the last things we do in this country and do it well. Let’s embrace it. If you want to keep having jobs outsourced, keep attacking financial services. This is just disgruntled people.”

He added that he was disappointed that members of Congress from New York, especially Senator Charles E. Schumer and Senator Kirsten Gillibrand, had not come out swinging for an industry that donates heavily to their campaigns. “They need to understand who their constituency is,” he said.

Pay careful attention to the emphasized quote: the constituency of a politician is not the people who vote, but the people who pay. Politicians are not obligated to do things that help the voters and other citizens, but to help the rich finance executives who donate lots of money to political campaigns.

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