Wall St Putting Cash on These Presidential Horses (CNBC)
Wall Street’s political kingmakers are reaching for their wallets again. The presidential election campaign may be in its infancy, but prominent members of the financial community are already picking favorites. Those getting involved include hedge fund magnate Bob Mercer backing Ted Cruz, billionaire investor Marc Lasry raising funds for Hillary Clinton and private equity titan Henry Kravis supporting Jeb Bush. If trends continue, traders and financiers will give more money than ever this election.
Ben Bernanke to Advise Billionaire Ken Griffin’s Hedge Fund (Bloomberg)
Former Federal Reserve Chairman Ben S. Bernanke is joining Citadel LLC, the hedge fund run by Chicago billionaire Kenneth Griffin, as a senior advisor. Bernanke will consult with Citadel on developments in monetary policy, financial markets and the global economy, the firm said in a joint statement with Bernanke on Thursday. “Citadel is a dynamic firm with tremendously talented people and a rigorous approach to research and investing,” Bernanke said. “I look forward to adding my perspective on a range of issues affecting our global economy.”
Hotel That Hosted Kennedy Put Up for Sale by DuPont (Bloomberg)
In its heyday, the 102-year-old Renaissance-style Hotel DuPont in downtown Wilmington, Delaware, hosted First Lady Eleanor Roosevelt and President John F. Kennedy. Out in the city’s suburbs, the DuPont Country Club offers a choice of three 18-hole golf courses. A sale of the hotel and the club would line up with changes sought by activist investor Trian Fund Management, which is seeking the election of four nominees to the company’s board next month. Trian, founded by veteran activist Nelson Peltz, says DuPont has as much as $4 billion of “excess” costs and should be broken up.