People like to point to Barack Obama’s huge fundraising and point out just how much money Wall Street donated in 2008…and they’d be right to say that he raked in lots and lots of money from Wall Street. But he also raked in lots of money everywhere else, and frankly – after 8 horrible years under George W. Bush and twelve years of a Republican Congress….it was pretty clear that John McCain didn’t have a chance. So – Wall Street did what it has always done…it hedged it’s bets.
In the past three years – President Obama has signed several pieces of legislation that have had significant impact on the profits of Wall Street. And while President Obama does not command the “TrustBusting” style of a Teddy Roosevelt – he has shown that he was not willing to simply capitulate to Wall Street, although they got plenty. Wall Street is now going all in on one of their own – Mitt Romney; they’ve apparently decided that hedging their bets on Obama would just be throwing money into the trash. To illustrate just how one-sided the support for Mitt Romney is consider this…in 2012 – President Obama will win approximately the same % of the black vote as Mitt Romney will win a % of Wall Street contributions.
OpenSecrets does the math:
And in so doing, the securities and investment industry is betting hard on the candidacy of one of its own: Mitt Romney. Between his campaign committee and a monster super PAC supporting his candidacy, Romney has benefited from about 72% percent of the near $33 million Wall Street has contributed through February.
The sheer amount of cash Wall Street has sent Romney represents an extremely lopsided giving pattern. No other presidential candidate, including President Barack Obama, comes close to tapping the motherlode of industry riches.
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