Big-dollar donors are a major force for Obama

Split allegiances
Mr. Obama has pledged not to accept donations from lobbyists or political action committees registered with the federal government. But some top donors clearly have policy and political agendas. Hedge-fund executives, for example, have bundled large sums for Mr. Obama at a time when their industry has been looking to increase its clout in Washington.

Kenneth C. Griffin, chief executive officer of Citadel Investment Group in Chicago, has collected more than $50,000 for Mr. Obama. But Mr. Griffin, whose $1.5 billion in income in 2007 made him one of the country’s highest-paid hedge-fund executives, has given generously over the years to Republicans as well, and he recently helped to hold a fund-raiser for Mr. McCain. Citadel has spent more than $1.1 million, dating back to 2007, in lobbying against higher tax rates for hedge-fund gains. (Mr. Obama has supported the higher tax rates.)

Similarly, Paul Tudor Jones, a billionaire hedge-fund manager from Connecticut, has raised more than $100,000 for Mr. Obama. But he also gave to Mr. McCain, to Rudolph W. Giuliani and to Mitt Romney. Mr. Jones, who has given more than $900,000 over the last decade to federal candidates and political organizations, helped form a trade association that has fought hedge-fund regulation.

Many fund-raisers sit on the campaign’s array of policy working groups, getting a chance to weigh in on policy positions and speeches. Mr. Genachowski, a Harvard Law School classmate of Mr. Obama, leads the technology working group. Fund-raisers from private equity and hedge funds sit on Mr. Obama’s economic policy group.

Old (party) money
Despite Mr. Obama’s image as a newcomer, many of his bundlers are Democratic Party stalwarts, including people who were some of the top fund-raisers for Senator John Kerry in 2004. At least 58 of them appear to have personally made more than $100,000 in contributions to federal candidates and committees over the last decade. Updated bundler lists released recently by the McCain and Obama campaigns show that they have similar numbers of high-dollar fund-raisers.

The Obama fund-raising operation is meticulously organized. Bundlers are assigned tracking numbers, and the finance staff sends them quarterly reminders of how they are doing in meeting their goals.

“There’s no price for admission,” said Alan D. Solomont, a top Democratic fund-raiser in Boston who made his fortune in the nursing home industry and has given more than $1.5 million to Democratic candidates and causes. “We value every donation and every donor equally. But we are a performance-based organization. We want everybody to feel like they’re included, but at the same time we’re not here to have tea together.”

Mr. Obama began courting many of his fund-raisers soon after he burst upon the national scene with his rousing speech at the 2004 Democratic National Convention.

Building a personal connection
Mr. Solomont, a major fund-raiser both for Mr. Kerry and for Bill Clinton during their presidential runs, received a call on his cellphone in February 2005, a year after Mr. Obama’s election to the Senate, from a member of his staff who asked if he would like to get together with Mr. Obama.

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They met for Chinese food in Washington the following week, and Mr. Obama scored points with Mr. Solomont when he pointed out that they had both been community organizers earlier in their careers.

“I’ve been involved in politics a long time,” Mr. Solomont said. “Nobody’s bothered to know that about me.”

Early that same year, Mr. Obama attended a dinner in the Bay Area for about 20 major Kerry supporters. The dinner was organized by Mark Gorenberg, a Silicon Valley venture capitalist who was Mr. Kerry’s single biggest fund-raiser, after Mr. Obama’s staff members contacted him. Several of those on hand, including Mr. Gorenberg and John Roos, head of a Silicon Valley law firm, became among the earliest and biggest check collectors for Mr. Obama’s presidential bid.

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