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Anyone? Even a third-party candidate like, say, Colin Powell, who'd probably be as leery as anyone else about the notion of privatizing Social Security? "Maybe," says Michael Steinhardt, the hedge-fund guru who chairs the Progressive Foundation, which will publish the manifesto. Steinhardt is one of about two dozen wealthy Democrats behind the project, a roster that includes entertainment mogul Barry Diller; investment bankers Steve Rattner, Felix Rohatyn and Barrie Wigmore; and entrepreneurs Mitch Hart, who started Electronic Data Systems with Ross Perot, and Sandy Robertson, who assembled much of the California support so vital to Clinton...
Most of these bankrollers are backing Clinton, says Steinhardt, who identifies himself, Diller and Hart as the three most willing to walk away from Clinton right now. "Precisely because we could be washed out in a Clinton loss, I hope our 'third way' leads to a third party," says Steinhardt. "That's a ticket to irrelevance," Rattner retorts. "We should stick with Clinton as we try to remake the party." "But why support someone who's conned you?" asks Diller...
Which means what? "Al feels a loyalty to Clinton because he feels responsible for electing him," says Steinhardt. "But what we're planning is bigger than some psychological thing. We'll just have to see if Clinton buys our new stuff. If not, and someone else takes it on, then we'll probably fracture." Then Clinton will have even more trouble than he has already...
...thereby drive down the prices of the underlying bonds. The worst fallout occurred in Europe, where bond prices plunged and interest rates, which move in the opposite direction of prices, climbed about one full percentage point. The biggest loser amid the global turmoil was legendary Wall Street investor Michael Steinhardt, who as of last week has lost $1 billion since the beginning of the year, or a quarter of the funds under his management. Another big-name investor, George Soros, got caught in the February mayhem, which people inside his Quantum hedge fund called the "St. Valentine's Day Massacre...
...Arnold Steinhardt, violin, and Virginia Eskin, piano: Harvard's Gardner Museum...