Friday, March 02, 2007

Politicians Take Hunt for Money To Wall Street

A front page story in today's WSJ:

Politicians Take Hunt for Money To Wall Street

Hedge-Fund Riches Create New Patrons; Obama on Clinton Turf
March 2, 2007; Page A1

After a stop in Hollywood, the Democratic money chase is headed to Wall Street -- home to establishment bankers and the newly rich young hedge-fund managers who are joining the field of potential kingmakers.

Amid the most wide-open presidential contest in decades, Illinois Sen. Barack Obama has scheduled two major fund-raisers for March 9 in Manhattan -- backyard of the party's front-runner, New York Sen. Hillary Clinton. At the first gala, donors are being asked to pony up $2,300, the maximum allowed by law. Later that night, Mr. Obama will meet "young professionals" paying $100 a head. He also plans to meet privately with young managers of private-investment funds, other banking executives and real-estate executives, said people involved in fund raising.

The battle highlights the growing importance of raising money in New York.


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