“Mandel wants power and control,” said one Connecticut lawmaker, describing the billionaire’s growing political influence.

In the summer of 2023, gearing up for his bid for a second term, President Joe Biden gathered with a cadre of wealthy donors at a $7.5 million mansion in Greenwich, Connecticut. As the $25,000-a-seat fundraising dinner began, the president turned to thank his host: Stephen Mandel, a billionaire hedge fund manager and devoted Democratic donor. “I wouldn’t be here, standing here as president of…

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