A few weeks before playing a central role in fraud charges against Goldman Sachs, hedge fund titan John Paulson invited colleagues to a fundraiser for Senator Chuck Schumer -- "one of the few members of Congress that has consistently supported the hedge fund industry" -- according to a copy of the invitation obtained by POLITICO.
Paulson is not a defendant in the SEC's lawsuit against Goldman Sachs, though he was Goldman's partner in the alleged fraud, and Fortune reports that he may yet be an SEC target.
Schumer has been an ally on "important issues such as finantical regulation, carried interest, and investor rights," Paulson wrote, and "against protectionist legislation."
"Regardless of your party affiliation, I hope you will come to show your strong support for an important leader and supporter of our industry," Paulson wrote in the letter, circulated to hedge fund managers and provided by a person in the industry.
Schumer is credited by some with helping to kill a Democratic push to tax carried interest, which would have put a dent in the massive earnings of a small number of ultra-wealthy money managers.
With Goldman, and perhaps Paulson, in the SEC's sights, some of the taint may rub off on their allies -- and both of New York's senators are among them. Schumer's junior colleague, Kirsten Gillibrand, is the single top recipient of contributions from Goldman Sachs employees
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