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Defying the Odds

Defying the Odds
New book about the 2016 election.

Sunday, October 16, 2011

Wall Street Money

In 2008, President Obama did well raising campaign money from hedge funds and other elements of the financial community. Nicholas Confessore and Griff Palmer write at The New York Times:

It is no secret that the relationship between President Obama and Wall Street has chilled. A striking measure of that is the latest campaign finance reports.

Mitt Romney has raised far more money than Mr. Obama this year from the firms that have been among Wall Street’s top sources of donations for the two candidates.

That gap underscores the growing alienation from Mr. Obama among many rank-and-file financial professionals and Mr. Romney’s aggressive and successful efforts to woo them.

The imbalance exists at large investment banks and hedge funds, private equity firms and commercial banks, according to a New York Times analysis of the firms that accounted for the most campaign contributions from the industry to Mr. Romney and Mr. Obama in 2008, based on data from the Federal Election Commission and the nonpartisan Center for Responsive Politics