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Hedge Funds Spent $10 Million to Help GOP Win Election

HeadlineJan 06, 2011

The Center for Public Integrity is reporting a small network of hedge fund executives pumped at least $10 million into Republican campaign committees and allied groups in last year’s elections to help Republicans win control of the House. Much of the money came late in the campaign or was funneled through obscure “joint fundraising committees” in order to avoid disclosing the names of big donors. In one case, executives at the hedge fund Elliott Management Corp. raised at least $195,800 for Republican Congressman Scott Garrett of New Jersey, who has just become the new chair of the House Financial Services Subcommittee on Capital Markets. The Elliott contributions provided about 96 percent of all the funds raised by Garrett’s victory committee.

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