Thursday, October 20, 2011
I wonder what the Occupy Wall Street protesters will make of this one?
Despite frosty relations with the titans of Wall Street, Obama has still managed to raise far more money in 2011 from the financial and banking sector than Mitt Romney or any other Republican presidential candidate, according to new fundraising data. Obama has brought in more money from employees of banks, hedge funds and other financial service companies than all of the GOP candidates combined, according to a Washington Post analysis of contribution data. The numbers show that Obama retains a persistent reservoir of support among Democratic financiers who have backed him since he was an underdog presidential candidate in 2007. Obama’s fundraising advantage is clear in the case of Bain Capital, the Boston-based private-equity firm that was co-founded by Romney, and where the Republican made his fortune. Not surprisingly, Romney has strong support at the firm, raking in $34,000 from 18 Bain employees, according to the analysis of data from the Center for Responsive Politics. But Obama has outdone Romney on his own turf, collecting $76,600 from Bain Capital employees through September 2011 — and he needed only three donors to do it. In response to the OWS protests, the Obama campaign and other Democrats have stepped up their attacks on Romney and other Republicans. One top banking executive who raises money for Obama, discussing fundraising efforts on the condition of anonymity, said that reports of disaffection with Obama are exaggerated and overblown. He said that a strong contingent of financiers in New York, Chicago and California remains supportive of Obama and his economic policies. Obama retains a core group of supporters on Wall Street who are central to his fundraising efforts. About a third of his top 40 fundraisers, who have helped bundle together $500,000 or more in contributions, hail from the finance sector, including big names such as former New Jersey governor Jon S. Corzine of MF Global, hedge-fund manager Orin Kramer and UBS executive Robert Wolf. Obama’s chief of staff, William M. Daley, was also vice chairman at J.P. Morgan Chase before coming to the White House in 2011.