In both senses of the word. A New Yorker article by Chrystia Freeland tries to explain why the ultra-ultra rich, the 0.1%, are so unhappy with President Obama. It focuses on a hedge-fund manager named Leon Cooperman and a letter he wrote to the President in November of 2011. In it Cooperman complains that the President is conducting class warfare against Cooperman and his class :

You should endeavor to rise above the partisan fray and raise the level of discourse to one that is both more civil and more conciliatory…. Capitalism is not the source of our problems, as an economy or as a society, and capitalists are not the scourge that they are too often made out to be.

Freeland goes on:

Evident throughout the letter is a sense of victimization prevalent among so many of America’s wealthiest people. In an extreme version of this, the rich feel that they have become the new, vilified underclass. T. J. Rodgers, a libertarian and a Silicon Valley entrepreneur, has taken to comparing Barack Obama’s treatment of the rich to the oppression of ethnic minorities—an approach, he says, that the President, as an African-American, should be particularly sensitive to. Clifford S. Asness, the founding partner of the hedge fund AQR Capital Management, wrote an open letter to the President in 2009, after Obama blamed “a small group of speculators” for Chrysler’s bankruptcy. Asness suggested that “hedge funds really need a community organizer,” and accused the White House of “bullying” the financial sector. Dan Loeb, a hedge-fund manager who supported Obama in 2008, has compared his Wall Street peers who still support the President to “battered wives.” “He really loves us and when he beats us, he doesn’t mean it; he just gets a little angry,” Loeb wrote in an e-mail in December, 2010, to a group of Wall Street financiers.

Felix Salmon reads this article and concludes that these financiers have come to expect that they’ll be held in awe, respected by all the world:

It’s notable that all of the 0.01% moaning about Obama in Chrystia’s piece are financiers of one stripe or another. The financial sector was the first to rebound out of the crisis, and in many ways is the sector of the economy least exposed to the plight of the 47%. Hedge fund managers like Leon Cooperman don’t make their money from little people; indeed, it’s quite amazing how rich you need to be before people like Cooperman think you actually have money. For instance, Cooperman tells Chrystia, of a cardiologist friend of his who has accumulated some $10 million in savings, that “it was shocking how tight he was going to be in retirement”, especially since “he needed four hundred thousand dollars a year to live on”.

[snip]

So my feeling is that the sense of victimization is one part narcissism, one part greed, and one part tactical. It’s not a very pretty sight, and it’s not very easy to feel particularly righteous about.

I’ll buy that conclusion. The narcissism is pretty obvious. The greed comes from a sense that if they thought they had it good with Obama in office, imagine if it were Romney. And the tactical is that you can show the Romneys and the other Republicans that you were on the “right” side in this election year.