Hedge Funders Make Easiest Trade Ever in Booker

Here is an absolutely atrocious example of a classic of the MSM genre: the phony baloney Dem puff piece masquerading as journalism.

A new senator is coming to Washington, and hedge fund managers couldn't be more excited.

Democrat Cory Booker beat Republican challenger Steve Lonegan in a special election this week to represent New Jersey in the U.S. Senate. 

To begin with, alot of these guys are simply garden variety NYC limousine liberals and their donations to Booker signal nothing out of the ordinary.  Rich Dems giving to Dem candidates - ho-hum, no story there.

Secondly, and most importantly (and I know this), hedge fund managers want one thing above all else - the continuation of the current tax policy whereby "carried interest" is taxed at rates for investment gains and not as income.  (I'm not making a hypocritical accusation here, because I want this same thing!)  And they are willing to give to any up and coming politician, especially Senate candidates, and doubly especially shoe-in candidates, who will protect this tax arrangement.  Full stop.  (Conversely, this is how DC politicians shake the money tree.)

Check out this drivel:

"What attracted a lot of investors to Cory is that he thinks about problem-solving the way we think about returns—it's more practical than ideological," said Boykin Curry, managing director of $20 billion long-only investment firm Eagle Capital Management. 

This is complete horseshit.  No hedgie gave money to Booker because of Booker's wondrous characteristics, notions or anything of the sort.  Booker was a shoe-in, an easy bet on owning a Senator who will protect the carried interest tax treatment.