Bankers Eager to Donate to Obama’s Campaign

Washington Post reports:

Despite frosty relations with the titans of Wall Street, President Obama has still managed to raise far more money this year from the financial and banking sector than Mitt Romney or any other Republican presidential candidate, according to new fundraising data. . . As a result, 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. . .

Obama has raised a total of $15.6 million from employees in the industry, according to the Post analysis. Nearly $12 million of that went to the DNC, the analysis shows.

Romney has raised less than half that much from the industry, while Texas Gov. Rick Perry brought in about $2 million. No other Republican candidate has raised more than $402,000 from the finance sector, which also includes insurance and real estate interests.

The ultra-conservative Washington Post uses this information to paint Obama as pro-banks and pro-financial sector in order to make him less attractive to progressive voters. Of course, people who follow politics at least minimally will find this information to be very belated. We all remember how Obama appointed Summers and Geithner, of all people, to key positions two seconds after he was elected. This gave us all the information we could have possibly needed about the new President’s position on the economy. Today, we are reaping the results of those appointments.

In my opinion, the huge support that the financial sector offers Obama today has to do with Wall Street’s realization that Obama is the only candidate who might, if given enough reason to, listen to the #Occupy protesters and start bringing back some of the regulation measures on the financial industry that are the only way of saving us all from complete and utter economic collapse.

At this point, Obama is not listening to his erstwhile progressive supporters. However, he might. Especially, if the protests intensify as the election draws closer. This is why Wall Street is trying to buy him off as fast as possible. Overall, I’d say this is very good news because it demonstrates that the bankers are finally taking the #Occupy protesters seriously. President Obama will be well served to do the same.

11 thoughts on “Bankers Eager to Donate to Obama’s Campaign

  1. Is this really any terribly different than any other president? Donations flow to the incumbent because the incumbent is more likely to win (the devil we know scenario). The number of 2 Term presidents out weighs the one-term placeholders. And it’s usually pretty obvious why/when someone will be a one-term leader:

    George W – 2 Terms
    Clinton – 2 Terms
    Bush Sr – One term – mainly because the end of the recession wasn’t apparent to the masses & Clinton was extremely charismatic
    Reagan – 2 Terms
    Carter – 1 Term – mainly due to a continued economic recession and Reagan was a charismatic figure
    Ford – 1 term (almost) – Call it the Nixon hangover
    Nixon – 2 terms (almost)
    Johnson – 1.5 terms – Vietnam
    Kennedy – < 1 term – not really his fault
    Eisenhower – 2 Terms
    Truman – 2 terms
    FDR – 4 Terms

    I think it's safe to say Obama has a better than average chance to take a 2nd term: he has the economy working against him, but there is a clear lack of the charismatic opponent to bring him down.

    It would be interesting to review how the donation split fell out from the financial sector over the last 30 years. I would guess it follows the pattern you see with Obama. Nothing sinister going on here.


    1. I might be mistaken but I think I remember that donations from the financial sector were spit evenly between the 2 parties for the last 2 presidential elections.

      I might be completely wrong, though.

      Does anybody know?
      Sent via BlackBerry by AT&T


      1. Once the GOP has an actual candidate, you’ll likely see the donations even out. I’m talking about at this particular juncture – a few months before the primary season begins.


        1. Will the GOP have a real candidate? Nobody seems to work out for them. And I can’t see Romney as a likely winner of these elections. He has his religion and his healthcare plane going against him. Besides, he’s very non-charismatic.


      2. A ‘real candidate”? I’m sure it won’t be a cardboard cut out. Or a cyborg. Whether it will be a viable candidate. . . the field, thus far, is far from inspiring.


        1. I’m trying to cut down on coffee, so my brain is on the fritz. By a “real candidate” I meant the candidate who has any chance of winning.

          I’d really like to see the Republicans produce a good candidate. There is a great need for a valid Conservative alternative in this country.


      3. “Will the GOP have a real candidate?”

        Given the current row of options I’m thinking they’re finally going to settle on Al Pacino’s portrayal of Satan in the 1997 Keanu Reeves vehicle “Devil’s Advocate.”


  2. bloggerclarissa :
    Will the GOP have a real candidate? Nobody seems to work out for them. And I can’t see Romney as a likely winner of these elections. He has his religion and his healthcare plane going against him. Besides, he’s very non-charismatic.

    Honestly, I don’t think they will. They didn’t really in 2008, either. McCain squeaked through because everyone was divided between the frontrunners. They’ll pick someone–but there aren’t really any frontrunners this time. The last poll I saw stated that more people were undecided than supported any one candidate. The GOP will jump behind that candidate, but there won’t be any real enthusiasm for whomever it is.


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