The Financiers Who Helped Back N.Y. Gay Marriage Campaign
MICHAEL J. DE LA MERCED, On Monday June 27, 2011, 6:46 am EDT
The New York Times
Much of the attention around the legalization of same-s*x marriage in New York has revolved around the back-room politicking involved: the deals, the cajoling, the organizing.
But as The New York Times reported over the weekend, a crucial fount of support came from a seemingly unusual source: Wall Street donors known in large part for conservative leanings.
According to The Times, Gov. Andrew M. Cuomo sought the backing of three financiers: Paul E. Singer, the founder of Elliott Management and an ardent Republican donor; Clifford S. Asness, the head of the quant fund AQR Capital; and Daniel S. Loeb, the leader of Third Point.
From The Times:
Would the donors win over the deciding Senate Republicans? It sounded improbable: top Republican moneymen helping a Democratic rival with one of his biggest legislative goals.
But the donors in the room -- the billionaire Paul Singer, whose son is gay, joined by the hedge fund managers Cliff Asness and Daniel Loeb -- had the influence and the money to insulate nervous senators from conservative backlash if they supported the marriage measure. And they were inclined to see the issue as one of personal freedom, consistent with their more libertarian views.
Within days, the wealthy Republicans sent back word: they were on board. Each of them cut six-figure checks to the lobbying campaign that eventually totaled more than $1 million.
Mr. Singer's backing of Republican causes is well-known, as is his friendship with politicians like Rudolph W. Giuliani.
Both Mr. Asness and Mr. Loeb backed Barack Obama in the 2008 presidential race, only to have since raised substantial criticisms of the president. Two years ago, Mr. Asness wrote a widely disseminated jeremiad against Mr. Obama's treatment of hedge funds in the Chrysler bankruptcy case, while Mr. Loeb used his famously acidic pen against the president last year.
But the news isn't as surprising as it may seem. Both Mr. Singer and Mr. Loeb have lent support to gay-marriage efforts in the past, including at an American Foundation for Equal Rights event last fall.
The Times's Frank Bruni found a direct quote from Mr. Singer about the issue:
At a fund-raiser for same-s*x marriage last year, he recalled leafing through the wedding album of "my son and son-in-law," married in Massachusetts. "At the moment they are pioneers," he said, according to a transcript, "although I felt like a loving father and father-in-law, not a pioneer, as we were looking at the pictures."
The New York Times
Much of the attention around the legalization of same-s*x marriage in New York has revolved around the back-room politicking involved: the deals, the cajoling, the organizing.
But as The New York Times reported over the weekend, a crucial fount of support came from a seemingly unusual source: Wall Street donors known in large part for conservative leanings.
According to The Times, Gov. Andrew M. Cuomo sought the backing of three financiers: Paul E. Singer, the founder of Elliott Management and an ardent Republican donor; Clifford S. Asness, the head of the quant fund AQR Capital; and Daniel S. Loeb, the leader of Third Point.
From The Times:
Would the donors win over the deciding Senate Republicans? It sounded improbable: top Republican moneymen helping a Democratic rival with one of his biggest legislative goals.
But the donors in the room -- the billionaire Paul Singer, whose son is gay, joined by the hedge fund managers Cliff Asness and Daniel Loeb -- had the influence and the money to insulate nervous senators from conservative backlash if they supported the marriage measure. And they were inclined to see the issue as one of personal freedom, consistent with their more libertarian views.
Within days, the wealthy Republicans sent back word: they were on board. Each of them cut six-figure checks to the lobbying campaign that eventually totaled more than $1 million.
Mr. Singer's backing of Republican causes is well-known, as is his friendship with politicians like Rudolph W. Giuliani.
Both Mr. Asness and Mr. Loeb backed Barack Obama in the 2008 presidential race, only to have since raised substantial criticisms of the president. Two years ago, Mr. Asness wrote a widely disseminated jeremiad against Mr. Obama's treatment of hedge funds in the Chrysler bankruptcy case, while Mr. Loeb used his famously acidic pen against the president last year.
But the news isn't as surprising as it may seem. Both Mr. Singer and Mr. Loeb have lent support to gay-marriage efforts in the past, including at an American Foundation for Equal Rights event last fall.
The Times's Frank Bruni found a direct quote from Mr. Singer about the issue:
At a fund-raiser for same-s*x marriage last year, he recalled leafing through the wedding album of "my son and son-in-law," married in Massachusetts. "At the moment they are pioneers," he said, according to a transcript, "although I felt like a loving father and father-in-law, not a pioneer, as we were looking at the pictures."
Of course I would never say this, but "Money talks and Bull S**t walks."