It would seem that President Obama is asking the private equity community to do just one simple thing for him- reelect him back to office.
Barrack Obama, the president of the US asking the private equity community to get him back to office so that he can finish repairing the economy, and carry out all pledges that he had undertaken. He recently visited the apartment of Tony James, the head at The Blackstone Group L.P. (NYSE:BX), the globe’s largest private equity firm to pass on his message.
David Einhorn's Greenlight Capital returned -2.9% in the second quarter of 2021 compared to 8.5% for the S&P 500. According to a copy of the fund's letter, which ValueWalk has reviewed, longs contributed 5.2% in the quarter while short positions detracted 4.6%. Q2 2021 hedge fund letters, conferences and more Macro positions detracted 3.3% from Read More
Mr. James contributed $38,500 the maximum legal amount that can be contributed by a person for the dinner that was to host 60 people, and each head contributing a similar amount. In fact, most of those at the dinner have some form of ties to private equity.
It was also on the same day that the Obama campaign team produced a video that attacked Mitt Romney’s private equity experience. The video released on Mitt Romney is said- by the Obama campaign team- to be a reflection of what he lived by as a businessman, and what he may live by as president. It portrays Romney as a selfish, profit seeking businessman.
However, it would seem that President Obama is making a turnaround since Mr. Warren Buffet at one point in his last election campaign was supporting him, and the Berkshire Hathaway Inc. (NYSE: BRK.B) head is a representative of the private equity sector. Furthermore, Mr. Obama’s mantra that he has no problem raising taxes on the wealthy seems to be a backhanded statement since he took power seems to have forgotten any such thing.
So, it seems that Obama’s wooing of the private equity sector is nothing more but a pretense so that he can be able to get contributions for his campaign.