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Wall Street helps pay for Obama inauguration bash

The economy and the markets may be reeling, but the Champagne flowed at Obama's inauguration balls thanks largely to donations from Wall Street movers and shakers.

The economy and the markets may be reeling, but the Champagne flowed at Obama's inauguration balls thanks largely to donations from Wall Street movers and shakers, according to a New York Times blog .The Obama administration did not take money from corporations, lobbyists, unions or political action committees to fund its inauguration tab. Instead, with the help of Bill Clinton, it reached out to wealthy individuals, including many in the financial industry.

The Times reports that those giving the maximum allowed amount of $50,000 per person included Ray McGuire, co-head of investment banking at Citigroup, and Ronald G. Insana, who recently closed his fund-of-funds, Insana Capital Partners.

Other donors include David E. Shaw, founder of the hedge fund D.E. Shaw & Company, hedge fund executives Grosvenor Capital Management's Stephen Malkin and Michael Sacks; Willow Creek Capital Management founder Aaron Braun; Paloma Partners founder Donald Sussman; Seminole Capital Partners founder Michael Messner; Taconic Capital Advisors founder Frank Brosen; and Oaktree Capital Management chairman Howard Marks.

The Times notes that the heavy contingent from the hedge fund world is interesting, "especially considering that Mr. Obama's nominee to lead the Securities and Exchange Commission, Mary Schapiro, has already put tighter hedge-fund regulation on her agenda if she is confirmed."The economy and the markets may be reeling, but the Champagne flowed at Obama's inauguration balls thanks largely to donations from Wall Street movers and shakers. Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in April 2007, Melanie lived in Paris, where she worked for the International Herald ... View Full Bio

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