Media debacles are a recurrent nightmare for presidential candidates. Yet few have ever confronted a more devastating publicity firestorm than the Republican candidate James G. Blaine did on a fateful day in October 1884.
The U.S. Securities and Exchange Commission will oversee hundreds more private advisers at hedge funds and private equity firms than it first predicted, expanding the reach of one of the most controversial requirements of the Dodd-Frank Act.
Near the end of his campaign for U.S. president in 1884, James Blaine attended a fundraising dinner at Delmonico’s with 200 of the nation’s richest men. The next day a huge cartoon caricaturing the most reviled of them appeared on the front page of Joseph Pulitzer ’s newspaper, the World, under the headline: “The Royal Feast of Belshazzar Blaine and the Money Kings.”
Widespread U.S. unhappiness with the government would seem to call for a blockbuster election, such as the one we had exactly a century ago, when both candidates offered sweeping plans for public renewal.
The U.S. Securities and Exchange Commission, stepping up its oversight of investment advisers, is examining whether asset managers that channel money to hedge funds are acting in investors’ best interest.
Edward Lampert, the hedge fund manager who controls Sears Holdings Corp., has more than $160 million in paper profits on shares of the retailer acquired last month from a long-standing client, the Ziff family.