Democrats have spent years insisting there is too much money in politics and angling to impose heavy regulations on Wall Street investors and hedge fund managers. But a review of political donations by hedge fund donors finds their big money has heavily favored Hillary Clinton over businessman Donald Trump.
According to the review of donations by hedge fund owners and employees, Hillary Clinton has been the recipient of up to $122.7 million in political donations this election cycle. Donald Trump, however, has gotten a paltry $19,000 from that same segment of donors.
According to The Wall Street Journal, the amount given to Hillary Clinton by denizens of the hedge fund sector is more than twice what they gave in 2012 and constitutes a whopping 14 percent of all money donated to her so far.
The review of Clinton’s donors shows that her top five donors are owners or employees of investment firms, and seven such firms have contributed up to $48.5 million to her.
This sector of political donors have given to Republicans, but the Journal also points out that hedge funders who have given to Republican candidates have picked candidates who opposed Mr. Trump.
The massive donations to Team Hillary are in stark contrast to Clinton’s oft proclaimed desire to put an end to these types of political donations.
During her Thursday acceptance speech at the Democratic National Convention, for instance, Clinton again pledged to appoint Supreme Court justices “who will get money out of politics.” If necessary, she said, “we’ll pass a constitutional amendment to overturn Citizens United!”
The Supreme Court’s 2010 Citizens United ruling helped ensure the ability of people and corporations to make political donations to whomever they wish, classifying such donations as covered under our right to freedom of speech.
In the past, Clinton has declared that the right to free political speech has had a “pernicious effect” on the country.
On the other hand, Clinton made more than $21 million delivering closed-door speeches to dozens of big banks, hedge fund companies, and investment firms.
Nonetheless, the very people on whom she says she would lower the boom have donated large sums of money to her campaign.
An old practice in Washington is that those who proclaim long lists of regulations often find high donations from those who would be regulated. It is money donated in a desperate attempt to have a seat at the table when those regulations are put in place.
This is why health insurance companies donated so heavily to President Obama and his cohorts in the run-up to Obamacare, for instance–not that those donations helped the average American.
Follow Warner Todd Huston on Twitter @warnerthuston or email the author at email@example.com.