Republican PAC Attracts Hedge Fund Stars

April 16, 2014 Ryan James In the News

According to a U.S. Federal Election Commission report two billionaire hedge fund managers gave substantial donations to a super-political action committee whose goal is to help elect republican candidates to Congress.

The super-PAC, known as Ending Spending, was founded by Ameritrade’s Joe Ricketts, and taken over by his son Todd in 2013. President of Elliot Management, Paul Singer, donated $350,000 to the PAC, while the Baupost Group, a Boston-based fund, gave $450,000. Founder Ricketts also contributed $550,000. The combined value of the three donations, $1.35 million, is the sum total of all donations Ending Spending has received for the first quarter of 2014.

The Baupost gift should have been recorded in FEC paperwork as coming directly from Seth Klarman, Baupost’s chief, said the firm’s spokeswoman Diana DeSocio.

Ending Spending has been primarily a pet project of the Ricketts’ family until Todd Ricketts took over its operations, trying to promote the cause and elicit funding from outside family sources. The super-PAC and its partner non-profit, which does not publicize its donors, have raised about $25 million since 2010 when Joe founded it.

The elder Ricketts made his fortune through the Omaha-based TD Ameritrade online brokerage service, valued at about $3 billion, says the Bloomberg Billionaires Index. Todd and his three siblings have a majority stake in the Chicago Cubs.

Baupost, Diana DeSocio, Joe Ricketts, Paul Singer, Seth Klarman,

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