Hedge Fund Advertising in Politics – Hedge Fund Ad With Errors

Hedge Fund Advertising in Politics – Hedge Fund Ad With Errors

Democrats Susan Bysiewicz and rival Chris Murphy are in a bit of a scuffle over hedge fund contributions, the Hartford Courant reports. ast week, Susan Bysiewicz, who is battling Rep. Chris Murphy for the nod to seek the seat currently held by the retiring Sen. Joseph Lieberman (I-Conn.), released an advertisement accusing Murphy of taking more “hedge fund money than any other Democrat in Congress.” She also alleged that Murphy has taken more than $700,000 from Wall Street donors. According to campaign finance records, Murphy has received $10,200 from hedge funds in the Senate campaign, making him 21st among all House members this year. Among Senate candidates this year, he’s 37th in hedge fund money—and Bysiewicz is 41st.  In addition, Murphy has received $328,195 from Wall Street firms this year. That does indeed make him the biggest Democratic recipient of such campaign cash in the House—but not among hedge funds.  Bysiewicz says the donations are proof that Murphy is in Wall Street’s pocket, criticizing him for voting against closing a hedge fund tax loophole. Bysiewicz ran an ad accusing Murphy of receiving around $700,000 in campaign contributions from financial firms, saying he has more “hedge fund money than any other Democrat in Congress.” Murphy says his primary rival’s new TV ad is based largely on false claims and hypocrisy.
The Courant reports:
Murphy’s campaign spokeswoman said the ad was untrue and hypocritical. What’s more, she said, Bysiewicz’s people got their Murphys mixed up. The top Democratic recipient of hedge fund money in Congress in 2010 was then-Rep. Scott Murphy of New York, not Chris Murphy of Connecticut. “We did not confuse the Murphys,” Bysiewicz Campaign Manager Jonathan Ducote shot back. Bysiewicz’s campaign manager eventually conceded in a statement, saying, “Obviously, the research team could have been a little more thorough.” According to OpenSecrets.org, in this cycle, Murphy has taken $10,200 from hedge funds and Bysiewicz has taken $6,500, the newspaper reports.

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