Just as [Rahm] Emanuel has helped Wall Street, Wall Street has helped Emanuel. This past election cycle, more than a third of Emanuel’s campaign contributions from political action committees came from financial sector PACs.
His top source of campaign funds this year was the subprime-rattled UBS (the Swiss bank’s PAC and employees gave, corporations cannot give campaign contributions), who benefited from the housing bailout which Emanuel supported and has already shown an interest in expanding.
Hedge funds and private equity firms are also close with Emanuel. Over his career, Emanuel’s best source of funds has been the private equity firm Madison Dearborn Partners. Hedge funds, facing a new slew of regulations, handouts, and rules, dramatically increased their contributions this year, and Emanuel was also their favorite House member.
The $96,900 Emanuel pulled in from hedge funds places him above any Senator besides presidential candidates. In fact, Emanuel garnered from hedge funds more than the top 11 Republican lawmakers, combined.
Friday, November 7, 2008
Emanuel Will be Wall Street's Man in the Obama White House
My November 7, 2008 Washington Examiner column: