https://www.nytimes.com/2018/09/17/business/dealbook/gop-business-donors.html?smid=fb-nytimes&smtyp=cur

Top business donors break from the G.O.P.

Seth Klarman of the hedge fund Baupost Group was the biggest Republican donor in New England. Now, he’s donating millions to Democrats to help them take back Congress. Such is the rate of his giving that, according to the Center for Responsive Politics, he could end up giving more to Democratic candidates than George Soros does over this election cycle.

Les Wexner, chief executive of L Brands and one of the biggest Republican donors in the Midwest, is also withdrawing his support of the party. “I won’t support this nonsense,” the Columbus Dispatch quoted him as saying.

President Trump and his policies have alarmed many traditional conservative backers, but many others remain quiet, satisfied with tax cuts and the appointment of conservative judges. Mr. Klarman told Bari Weiss of the NYT’s editorial pages that those points don’t make up for Mr. Trump’s failings:

“One of the reasons I’m willing to come out of my shell and talk to you is because I think democracy is at stake. And maybe I’ll be able to convince some other people of that. And get them to support Democrats in 2018.”

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Marc Benioff

CreditMatt Edge for The New York Times

Marc Benioff is the latest billionaire-turned-media mogul

The Salesforce co-founder and his wife, Lynne, will buy Time magazine from the Meredith Corporation for $190 million. Mr. Benioff follows in the footsteps of other billionaires, including Jeff Bezos, who bought the WaPo; Patrick Soon-Shiong, who acquired the L.A. Times; and Sheldon Adelson, who purchased the Las Vegas Review-Journal.

The Benioffs, whose estimated net worth is $6 billion, will provide the news publication with deep pockets and, for now, a promise to maintain Time’s editorial independence. (Mr. Benioff told the NYT: “We are only stewards of a historic and iconic brand.”)

Still, the deal highlights the tension of media outlets selling themselves to billionaires. Doing so may provide financial security, but there’s no way to prevent new owners from exerting more editorial control in the future. And if the outlets can’t make money, benefactors could sell them or shut them down.

(http://www.autoadmit.com/thread.php?thread_id=4079911&forum_id=2#36828931)

Yeah, yeah, yeah, but Ms. Weis ignores a more specific reason Mr. Klarman is mad at Mr. Trump: for the president calling for Puerto Rico’s creditors, such as Klarman, to take a haircut on Puerto Rican debt after Hurricane Maria. From CNBC last year:

Hedge-fund billionaire Klarman says Puerto Rico should pay its debts

Baupost owned $911 million of the island’s bonds through Decagon Holdings entities, according to a July public court filing.

“In the case of Puerto Rico, expunging the debt would almost certainly eliminate any ability the Commonwealth would have to borrow money in the future at reasonable rates, which will be critical to the island’s rebuilding efforts,” Klarman writes in an investor letter.

The firm has $30 billion of assets under management as of March 2017.

Tae Kim | @firstadopter

Published 1:56 PM ET Fri, 20 Oct 2017

Seth Klarman, the value investing giant who draws comparisons to Warren Buffett, is telling his clients it is in Puerto Rico’s interest to pay its debt.

Klarman’s hedge fund, Baupost, owned $911 million of the island’s bonds through Decagon Holdings entities, according to a July public court filing. …

Last month the island was hit by Hurricane Maria, a Category 4 storm that left widespread devastation and wiped out electric power for most of the population. Puerto Rico currently has more than $70 billion in debt and is already in a type of bankruptcy status as it tries to negotiate with creditors.

There have been calls for debt forgiveness as Puerto Rico struggles to recover. President Donald Trump himself pledged to wipe out its debt in an interview with Fox News earlier this month. The island’s general obligation bonds fell to 31 cents on the dollar Friday versus 56 cents on the dollar last month.

The hedge-fund billionaire pushed back on debt forgiveness talk.

(http://www.autoadmit.com/thread.php?thread_id=4079911&forum_id=2#36829936)

(http://www.autoadmit.com/thread.php?thread_id=4079911&forum_id=2#36829974)

New England Yankee Seth Klarman, broad-shouldered Midwesterner Lee Waxman, and California beach boy Marc Benioff all agree: Trump has got to go!

(http://www.autoadmit.com/thread.php?thread_id=4079911&forum_id=2#36829119)

also, lol @ how low their valuations are. jeff bezos could own all print media in america and still have $150B left over

(http://www.autoadmit.com/thread.php?thread_id=4079911&forum_id=2#36830596)