Wall Street Hates Obama

Wall Street Democrats are turning on President Barack Obama, especially those that helped him the most. In a column on his blog in the

Andrew Ross Sorkin writes that hedge fund manager Daniel S. Loeb had written a note to investors damning Washington for its "bash Wall Street tactics", and that he isn't alone. SAC Capital president Stevie Cohen and J.P. Morgan

CEO Jamie Dimon are also feeling betrayed by the Obama administration. Wall Street saw Obama as their choice, due to the fact he was intelligent, came from an Ivy League background and was articulate. He was supposed to be a breath of fresh air, after the past 8 years. Wall Street knew that regulation was coming, as were higher taxes. What they didn't foresee was being cast as villains. Interestingly enough, I feel that the broader American population sees the government AND Wall Street as villainous, not just Wall Street. In the letter, Loeb wrote, "'We have given a great deal of thought about the impact that public policy has on individual companies, industries and the economy generally.'" Examples of this are selling its stakes in big banks due to increase regulatory reform, selling its stake in Wellpoint

, despite being described as "a statistically cheap stock owned by several hedge funds, but which we saw as being overly exposed to unpredictable government regulation," and going short the for profit education names. Personally, I feel the education names were due to receive some increased regulatory scrutiny from the government. The facts speak for themselves. The students from these schools default at a higher rate than non for profit education, and students aren't getting the bang for their buck. Something has to do be done about that. Intel

CEO Paul Otellini said last week, "the next big thing will not be invented here. Jobs will not be created here." It's becoming more and more obvious that the Obama administration has an anti-business policy, and those that voted for him are paying the price now. Loeb's letter to shareholders was extremely critical of Obama, particularly this line: "Perhaps our leaders will awaken to the fact that free market capitalism is the best system to allocate resources and create innovation, growth and jobs. Perhaps too, a cloven-hoofed, bristly haired mammal will become airborne and the rosette-like marking of a certain breed of ferocious feline will become altered. In other words, we are not holding our breath." Despite all their intelligence, algorithms, and hobnobbing, Wall Street didn't have the foresight to see that Obama is bad for business. Now that the rooster has come home to crow, they are crying. Next time, maybe they'll vote with their brains and wallets, instead of their egos.