Warren Buffett to host Obama fundraiser in Chicago

September 21, 2011 (CHICAGO) (WLS) -- There will be a convergence of presidential politics, high finance and Chicago glitter next month as billionaire Warren Buffett holds a fundraiser for President Barack Obama.

Even though investor Warren Buffett was the only person to lose some of his wealth among Forbes' top 20 richest Americans, with $39 billion left, he has enough to throw Obama a couple of fundraising parties.

Buffett is to throw one in New York at the end of this month, and then here in Chicago on Thursday, October 27th.

Seven months ago, President Obama put the Presidential Medal of Freedom on Warren Buffett - the nation's highest civilian honor. The president called Buffett "not only one of the world's richest men," but also "one of the most-respected."

Obama is now also using the country's second richest man to help fight his budget battle, proposing the so-called "Buffett Rule" that would force millionaires to pay the same percentage of taxes as the middle class.

Next month in Chicago, Buffett will have the opportunity to help Obama. Buffett will be the host of a $35,000-a-ticket fundraiser at the north lakeshore home of Byron Trott, who owns BDT Capital Partners, a high-stakes and very private investment firm.

Trott was in the news this week as his company led an investment group buying the Chicago landmark Wrigley Building.

The co-hosts of the Obama fundraiser are Chicago business magnates John Rogers, Jr. and Penny Pritzker. Pritzker ran the national finance committee for the 2008 Obama campaign.

Obama is not expected at the Chicago fundraiser, but not because there won't be enough room for him and the presidential entourage. Byron Trott's lakefront estate is said to be about 25,000 square feet on three-and-a-half acres.

Trott is also thought to be Buffett's choice to eventually take over his company, Berkshire Hathaway.

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