How One Hedge Fund Millionaire Is Try...

How One Hedge Fund Millionaire Is Trying To Buy A Seat In Congress

Posted in the Minneapolis Forum

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Toidi Slayer

Saint Paul, MN

#1 Sep 11, 2012
Robert Mercer, the millionaire hedge-fund manager has been a consistent funder of right wing causes. In recent years, the co-CEO of Renaissance Technologies has bankrolled an Islamaphobic effort to stop a Muslim Community Center in New York City, given $1 million each to the pro-Mitt Romney Restore Our Future super PAC and Karl Rove’s American Crossroads, and spent $200,000 on ads against Rep. Peter DeFazio (D-OR), an advocate for more regulation of hedge funds. Now, public disclosure forms reveal he is the main benefactor for a new super PAC helping to elect New York Republican House candidate Randy Altschuler.

Prosperity First Inc. registered in April as a super PAC and reported on its July quarterly report that it had raised $635,500 in its first three months in operation. Of that, a whopping $500,000 came from Mercer. Until this weekend, it was unclear what Prosperity First would do with the money. Friday, the group reported its first $273,472 independent expenditure — an ad supporting Altschuler. This expenditure — the vast majority of which was funded by Mercer — is in addition to a pair of $2,500 contributions directly from the hedge-fund millionaire to Altschuler’s official campaign. In the post-Citizens United world, wealthy donors like Mercer can legally circumvent the legal limits and attempt to buy elections for their favorite candidates.

Why would Mercer spend so much to elect this candidate? After narrowly losing in 2010, Altschuler is again challenging Rep. Tim Bishop (D-NY). One key difference between the two candidates is their view on Wall Street regulation: Bishop voted for the Wall Street Reform and Consumer Protection Act of 2009 (commonly known as Dodd-Frank), while Altschuler blasted the law as a “flawed piece of legislation” that would “kill jobs and shrink tax revenues for New York State.” Renaissance Technologies did not much like the bill’s regulations for hedge funds — the company has spent over $1 million since the start of 2010 on federal lobbying including a significant focus on Dodd-Frank’s hedge-fund provisions.

Altschuler promises that if elected, he would “roll out the red carpet” for businesses like Renaissance Technologies, instead of “red tape.” He says he will make the elimination of what he calls “job-killing government regulations” a priority. Altschuler’s let-business-do-whatever-it-wa nts approach would probably be good for the bottom line for hedge-fund millionaires like Mercer — though they would likely not be so good for consumers anxious to avoid a repeat of the 2008 financial sector meltdown. For a person who earns $125 million in one year, the Supreme Court’s effective elimination of campaign finance limits may have made buying a House seat — or several — a legal and doable proposition.
goose

Saint Paul, MN

#2 Sep 11, 2012
It's the America way - buying off the government.

If it's good enough for the Koch Brothers, it's good enough for any old billionaire.

Since: Oct 08

Location hidden

#3 Sep 11, 2012
Toidi Slayer wrote:
Robert Mercer, the millionaire hedge-fund manager has been a consistent funder of right wing causes. In recent years, the co-CEO of Renaissance Technologies has bankrolled an Islamaphobic effort to stop a Muslim Community Center in New York City, given $1 million each to the pro-Mitt Romney Restore Our Future super PAC and Karl Rove’s American Crossroads, and spent $200,000 on ads against Rep. Peter DeFazio (D-OR), an advocate for more regulation of hedge funds. Now, public disclosure forms reveal he is the main benefactor for a new super PAC helping to elect New York Republican House candidate Randy Altschuler.
Prosperity First Inc. registered in April as a super PAC and reported on its July quarterly report that it had raised $635,500 in its first three months in operation. Of that, a whopping $500,000 came from Mercer. Until this weekend, it was unclear what Prosperity First would do with the money. Friday, the group reported its first $273,472 independent expenditure — an ad supporting Altschuler. This expenditure — the vast majority of which was funded by Mercer — is in addition to a pair of $2,500 contributions directly from the hedge-fund millionaire to Altschuler’s official campaign. In the post-Citizens United world, wealthy donors like Mercer can legally circumvent the legal limits and attempt to buy elections for their favorite candidates.
Why would Mercer spend so much to elect this candidate? After narrowly losing in 2010, Altschuler is again challenging Rep. Tim Bishop (D-NY). One key difference between the two candidates is their view on Wall Street regulation: Bishop voted for the Wall Street Reform and Consumer Protection Act of 2009 (commonly known as Dodd-Frank), while Altschuler blasted the law as a “flawed piece of legislation” that would “kill jobs and shrink tax revenues for New York State.” Renaissance Technologies did not much like the bill’s regulations for hedge funds — the company has spent over $1 million since the start of 2010 on federal lobbying including a significant focus on Dodd-Frank’s hedge-fund provisions.
Altschuler promises that if elected, he would “roll out the red carpet” for businesses like Renaissance Technologies, instead of “red tape.” He says he will make the elimination of what he calls “job-killing government regulations” a priority. Altschuler’s let-business-do-whatever-it-wa nts approach would probably be good for the bottom line for hedge-fund millionaires like Mercer — though they would likely not be so good for consumers anxious to avoid a repeat of the 2008 financial sector meltdown. For a person who earns $125 million in one year, the Supreme Court’s effective elimination of campaign finance limits may have made buying a House seat — or several — a legal and doable proposition.
Just so I understand, What he/they, are doing is perfectly legal, unlike ACORN'S voter registration campaign. There is nothing illegal about contributing to people's campaigns, not lobbying for issues or laws you don't agree with. George Soros bought the Presidency, but I guess that is OK with liberals, but it is wrong if it is done by Conservatives! This whole post is crap!

Since: Sep 11

Rogers, MN

#4 Sep 11, 2012
Or even any old millionaire like Dayton or Pelosi?
Kerry or Edwards? Wise up and realize that every seat in Congress has been bought and paid for by someone.

Smart Liberal

“The one and only Smart Liberal”

Since: Aug 12

Former MN Tax Payer

#5 Sep 11, 2012
Didn't the former Democrat Governor of Illinois, and now prisoner, Rod Blagojevich go to prison for trying to sell Obama's Senate seat?

Isn't Jesse Jackson Jr currently under Congressional subpoena and investigation for trying to buy that very Senate seat?

Democrats are so honest.
Justice for All

Bismarck, ND

#6 Sep 11, 2012
Well Gov Corzine of NJ, JFK and John Kerry did it, Obama funded by Billionare Soros in 2008
need more names let me know

Smart Liberal

“The one and only Smart Liberal”

Since: Aug 12

Former MN Tax Payer

#7 Sep 11, 2012
Democrat Mayor of Trenton, NJ

Sept 10, 2012

TRENTON — Federal agents arrested the Trenton’s mayor Monday on corruption charges, alleging he agreed to accept bribes in connection with a proposed parking garage — actually a fake project created by authorities trying to snare him.

Mayor Tony Mack, his brother Ralphiel and convicted sex offender Joseph Giorgianni, a Mack supporter who owns a Trenton sandwich shop, were each accused of a single charge: conspiring to extort the undercover informants who pulled them into the scheme.

U.S. Attorney Paul Fishman said the city-owned land for the garage, a few blocks from City Hall, was assessed at $271,000. He said Mack and Giorgianni agreed to accept $100,000 for the land for the city coffers — as long as the purported developers paid a bribe of $100,000 to be split between the two alleged conspirators.

Another very honest Democrat. I love honest Democrats.

Smart Liberal

“The one and only Smart Liberal”

Since: Aug 12

Former MN Tax Payer

#8 Sep 11, 2012
Democrat Mayor of Detroit

Kwame Malik Kilpatrick (born June 8, 1970) is a former mayor of Detroit, Michigan.[3] Kilpatrick's mayorship was plagued by numerous scandals and rampant accusations of corruption, with the mayor eventually resigning after being charged with ten felony counts, including perjury and obstruction of justice. Kilpatrick was sentenced to four months in jail after pleading guilty to reduced charges, but with good time awarded to county jail inmates in Michigan, he was released on probation after serving 99 days. On May 25, 2010, he was sentenced to 18 months to 5 years in prison for violating his probation,[4] and served time at the Oaks Correctional Facility in northwest Michigan. He is also under a 38-charge felony indictment on additional corruption charges, in what a federal prosecutor called a "pattern of extortion, bribery and fraud" by some of Detroit's most prominent officials.

More honest Democrats. What a great country we live in!

“Earn it one day at a time”

Since: Sep 09

Madison WI

#9 Sep 11, 2012
Hedge funds and George Soros are one in the same

Since: Sep 11

Rogers, MN

#10 Sep 11, 2012
Smart Liberal wrote:
Didn't the former Democrat Governor of Illinois, and now prisoner, Rod Blagojevich go to prison for trying to sell Obama's Senate seat?
Isn't Jesse Jackson Jr currently under Congressional subpoena and investigation for trying to buy that very Senate seat?
Democrats are so honest.
He did in fact. And his hair was perfect. Not so much anymore.

Smart Liberal

“The one and only Smart Liberal”

Since: Aug 12

Former MN Tax Payer

#11 Sep 11, 2012
cantmakeitup wrote:
<quoted text>
He did in fact. And his hair was perfect. Not so much anymore.
Blago's new boyfriend says he is still just as cute as he used to be when on TV. Poor Rodney.

Since: Sep 11

Rogers, MN

#12 Sep 11, 2012
Smart Liberal wrote:
<quoted text>
Blago's new boyfriend says he is still just as cute as he used to be when on TV. Poor Rodney.
Yeah. I think Illinois is working on getting rid of their next governor now.
redeemer

Minneapolis, MN

#13 Sep 11, 2012
goose wrote:
It's the America way - buying off the government.
If it's good enough for the Koch Brothers, it's good enough for any old billionaire.
Excellent Post!

No one can serve two masters,either he will hate the one and love the other,or he will be devoted to the one and despise the other.
ou canot serve both God and Money..........Matthew 6:24

Since: Oct 08

Location hidden

#14 Sep 11, 2012
redeemer wrote:
<quoted text>Excellent Post!
No one can serve two masters,either he will hate the one and love the other,or he will be devoted to the one and despise the other.
ou canot serve both God and Money..........Matthew 6:24
Are you really following this thread, or just jumpping in whenever the urge moves you?
Amused Slew

Kent, WA

#15 Sep 11, 2012
Pot/kettle...

Since: Oct 08

Location hidden

#16 Sep 11, 2012
Barack/Biden/BS

Since: Sep 11

Rogers, MN

#17 Sep 11, 2012
Smart Liberal wrote:
Didn't the former Democrat Governor of Illinois, and now prisoner, Rod Blagojevich go to prison for trying to sell Obama's Senate seat?
Isn't Jesse Jackson Jr currently under Congressional subpoena and investigation for trying to buy that very Senate seat?
Democrats are so honest.
And remember, Obama cut his political teeth in Illinois and is most likely bought and paid for by the Daley regime. He and Blago were tight. He is a corrupted politician on that fact alone.

Since: Sep 11

Rogers, MN

#18 Sep 11, 2012
And then there's Franken whose net worth is around $8,000,000. Do you really believe he is looking out for the middle class? Do you really think he will vote for any bill that will actually increase his tax burden. He's one of the "evil rich" you know.
Who do you think bought his senate seat?
Smiling Slew

Kent, WA

#19 Sep 11, 2012
cantmakeitup wrote:
<quoted text>
And remember, Obama cut his political teeth in Illinois and is most likely bought and paid for by the Daley regime. He and Blago were tight. He is a corrupted politician on that fact alone.
SO, he's corrupt---most likely ??? Go to Russia, you belong there....
Disaster

United States

#20 Sep 11, 2012
Trust find baby brat Mark Dayton bought an election in MN.

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