Back in 2008, financial services companies, Goldman Sachs in particular, loved the Democrat Party and then-Senator Barack Obama.
“[E]mployees of New York-based Goldman gave three-fourths of their campaign donations to Democratic candidates and committees, including presidential nominee Barack Obama,” Bloomberg reports.
But then something happened. He got elected.
After the 2008 presidential election, members of the financial community were no longer valued donors but were instead “fat cats” who don’t pay their “fair share” or “play by the rules.” And then the White House condoned and coddled that whole “Let’s Destroy Capitalism” Occupy Wall Street thing.
What we’re trying to say is that members of the financial community, Goldman employees in particular, seem a little sore with Team Obama. So much so, in fact, that the Obama campaign has repeatedly tried to convince Wall Street that they’re not out to get them.
Apparently, it’s not working: Goldman employees are “showering 70 percent of their contributions on Republicans.”
“The company’s employees gave $6.1 million in 2008, 75 percent to Democrats,” Bloomberg reports. “This year, Goldman employees have given $4.9 million, also more than anyone else, with 70 percent going to Republicans [emphasis added].”
“That’s the biggest switch among the 25 companies whose employees have given the most to candidates and parties since 1989,” the report adds.
But is this change in the financial sector all that noticeable?
“Six of the 13 corporations whose employees reversed their political giving are financial institutions, including four of the top five. They are: Goldman, Bank of America Corp., Morgan Stanley (MS) and JPMorgan Chase & Co. (JPM) The other two are Citigroup Inc. (C) and UBS AG. (UBSN),” Bloomberg reports.
“Much of their money went to Romney’s presidential campaign and the joint fundraising committee set up with the Republican National Committee. Of the 10 companies whose employees gave the most money to Romney Victory, nine were Wall Street firms,” the report adds.
While a few people believe the financial services sector has switched loyalties because of President Obama’s anti-banking rhetoric, others think Wall Street has simply decided to support Republican candidates, most especially former Massachusetts Gov. Mitt Romney, who have pledged to do away will onerous and stifling “reformatory” legislation such as Dodd-Frank.
“Wall Street fell in love with Obama in 2008,” Stephen Hess, a professor of media and public affairs at George Washington University in Washington, tells Bloomberg. “It had more to do with the heart than the head. And love affairs, at least of the political variety, usually end in disappointment or disillusion. So Wall Street has now returned to its own reality — as well as one of its own.”
Final Thought: We’re going to go ahead and predict that this will become a major talking point for Team Obama (if it isn’t already). They’ll argue that Romney is making deals with Wall Street and he’s, like, totally buying the election … or something.
But, you know, back when Team Obama was raking in record-smashing amounts of cash from the financial sector — we don’t remember hearing many complaints. Just saying.
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