In the era of Donald Trump, New England's biggest GOP donor is funding Democrats
By Annie Linskey GLOBE STAFF APRIL 15, 2018
Boston hedge fund billionaire Seth Klarman lavished more than $7 million on Republican candidates and political committees during the Obama administration, using his fortune to help underwrite a GOP takeover of the federal government. But the rise of Donald Trump shocked and dismayed Klarman, as did the timid response from the Republican-controlled House and Senate, which have acquiesced rather than challenge the presidents erratic and divisive ways. So, in an astonishing flip, Klarman, at one point New Englands most generous donor to Republicans, is taking his money elsewhere: Hes heaping cash on Democrats.
Hes given roughly $222,000 since the 2016 election to 78 Democrats running for Congress, according to federal election data from 2017 and a preview of Klarmans first-quarter donations provided to the Globe by a person familiar with his giving.
The Republicans in Congress have failed to hold the president accountable and have abandoned their historic beliefs and values, Klarman said in a prepared statement to the Globe, opening up for the first time about the reasons behind his change in political giving. For the good of the country, the Democrats must take back one or both houses of Congress.
Klarman said hes financing his new political donations using his share of the $1.5 trillion tax cut Trump signed into law late last year.
I received a tax cut I neither need nor want, said Klarman, who Forbes estimates is worth $1.5 billion. Im choosing to invest it to fight the administrations flawed policies and to elect Democrats to the Senate and House of Representatives.
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