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Defying the Odds

Defying the Odds
New book about the 2016 election.

Wednesday, December 16, 2009

The President and Wall Street

In an article in The Washington Examiner, Timothy Carney notes that the president has close ties to Wall Street:
Obama raised $14.8 million from Wall Street in the 2008 election, according to the Center for Responsive Politics -- more than any politician ever, and more than George W. Bush raised in both of his elections combined. From the fattest cat, Goldman Sachs, Obama raised $997,095, more than four times McCain's Goldman haul and more than any candidate has raised from any single company since the McCain-Feingold campaign finance regulations.
In 2008, the Center reports, the securities industry gave 56 percent of its presidential contributions to Democrats. In comparison with Obama's total, McCain only got $8.7 million.

As Carney points out, the industry has been sympathetic to the administration's agenda. After the House passed its regulatory bill a few days ago, the CEO of the Securities Industry and Financial Markets Association wrote: “While we may disagree on certain policy details, there is no doubt that the industry shares the same goal of reforming our financial system as President Obama and the Congress. We stand committed to further constructive engagement on these issues as the legislative process moves forward."