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Who Is Wall Street Supporting in 2012?

Who is Wall Street Supporting in 2012?Were earlier reports that Wall Street donors were abandoning President Obama false alarms?

Yes and no.

It doesn’t look like the president will match the amount of cash he raised from the financial industry in 2008 — but it’s starting to pick up.

President Barack Obama has raised twice as much in campaign funds as Republican front-runner Mitt Romney, and despite what some critics call “crippling regulations” established under his administration, Wall Street continues to be a top donor.

Obama has already brought in $161 million for his re-election bid, Federal Election Commission records show, and employees of Wells Fargo, JPMorgan Chase, and Goldman Sachs are big contributors.

“Their support indicates that Wall Street, which gave Obama $16 million for his successful 2008 White House run, is opening its checkbook again for the president,” Bloomberg reports.

So far, Romney has raised $75.6 million. However, seeing as how the former Massachusetts governor has not yet won the Republican nomination (if he does), the amount he has managed to raise is still a pretty good.

Who is Wall Street Supporting in 2012?Indeed, all things considered, Wall Street’s generosity towards Romney is impressive. Sixty percent of Romney’s donations have been made by securities and investment industry employees and their families — Romney had received a total of $6.6 million from them through January 31, compared to $2.3 million for Obama, according to the Center for Responsive Politics.

Wells Fargo employees gave $16,290 in donations to Obama’s campaign in February, JPMorgan executives gave $14,903, and Goldman employees gave $14,610. Microsoft employees have donated $91,881 to Obama, making the company the president’s largest known source of contributions. Obama also did well among small donors, with 54 percent of the money donated to his campaign coming in amounts of $200 or less.

“This cartoon caricature that political pundits have of Wall Street sitting around a table and deciding who’s in and who’s out has no relevance in political reality,” Robert Zimmerman, a Democratic National Committee member and Obama fundraiser, told Washington Post.

“Individuals on Wall Street give like other donors do, with their own agenda and their own goals and aspirations.”

[Editor’s note: portions of the above are from a cross post that originally appeared on Wall St. Cheat Sheet.]

Comments (32)

  • SamIamTwo
    Posted on March 27, 2012 at 4:43pm

    IIRC Wall Street has typically supported any DEMOCRAT for President.

    Report Post » SamIamTwo  
  • TangLaoYa
    Posted on March 24, 2012 at 8:53pm

    There are two ways for a big public firm to perceive a future administration.
    1. They might reduce regulations and help all businesses including our competitors or
    2. They might increase regulation in which case we want a seat at the table.
    Cartels and monopolies can only exist long term with government support. The gold ring of corporate greed is the chance to help write new regulations. The gold ring of national self interest is to reduce regulation to a minimum.

    Report Post » TangLaoYa  
    • TangLaoYa
      Posted on March 24, 2012 at 8:59pm

      Re: Murray Rothbard– America’s Great Depression.

      Report Post » TangLaoYa  
  • bedspirit
    Posted on March 23, 2012 at 9:07pm

    I guess those new regulations on WallStreet must not be so crippling after all. This only confirms what I’ve been saying all along. This president is in bed with the banks. Goofballs like Beck had been claiming all along that the president was going after the banks and he’s the most antibusiness president of all time. Turns out that was just delusional partisan hackery. Of course, Mitt would be equally friendly to the banks so I guess Wall Street can’t lose in this election. Nothing new, Wall Street never loses (even if they did, we would just bail them out anyway.)

    Report Post »  
    • TangLaoYa
      Posted on March 24, 2012 at 9:12pm

      New regulations don’t hurt the big dogs. They hurt their competitors.

      You know how they write those regulations? They ask people like Buffet and Immelt to make recomendations. At the beginning of the depression there were many tire companies in the U.S. Hoover invited the big 3– Goodrear, Goodrich and Firestone– to help write new regs for the industry. The new regs drove everyone else out of business.

      In the extreme case a few industrialists own all the property and pretend to run their companies while the government tells them what to do. It’s called Fascism.

      Report Post » TangLaoYa  
    • Osaka
      Posted on April 3, 2012 at 11:35am

      It‘s like we’re watching Atlas Shrugged literally unfold before our eyes. Unfortunately I don’t think there will be John Galt to save us…

      Report Post »  
  • Arshloch
    Posted on March 23, 2012 at 1:44pm

    Threats, when from ‘on high’, can force any company to waste funds on political hacks. Look

    Report Post » Arshloch  
  • EqualJustice
    Posted on March 23, 2012 at 9:40am

    OCCUPYIERS = ALL THE PRESIDENTS MEN. They ARE UNION & COMMIE Obama supporters. Why is there any question about who they support? I just wish the Police would DUMP their Union. They deserve better treatment and are being used as PAWNS.

    Report Post » EqualJustice  
  • Micmac
    Posted on March 23, 2012 at 3:08am

    JPM and Goldman Sachs are Primary Dealers (18 Primary Dealers in all) of Treasury bonds and this allows them a great advantage in lending. They make zillions off of this position and of course they will give NoBama ANYTHING he asks for, as long as it doesn’t look stinky. They also benefited from QE1, QE-lite and QE2. But they will also throw money Romney’s way so if he wins he will be indebted. Same ol’, same ol’.

    NoBama 2012

    Report Post »  
  • Micmac
    Posted on March 23, 2012 at 2:51am

    I don’t even have to read the article to know this as fact. His money boys Ber-knack-ee and the tax evader support wall street “corporate-government” largesse so wall street is returning the favor. So what’s new. Main Street is at the bottom of their list.

    NoBama 2012

    Report Post »  
  • Inlandmar2
    Posted on March 23, 2012 at 2:39am

    Wall street never learns. What do you expect from the fools that contributed to the demise of the American dream of home ownership. Oh yeah. They did get all those billions in bailout bucks!

    Report Post » Inlandmar2  
  • TeaPartyForRomney
    Posted on March 23, 2012 at 1:38am

    SADLY ANYONE THAT IS GOING TO COMBAT OBAMA’S BILLIONS, WILL HAVE TO GO WHERE THE MONEY IS AN TRY TO FIND DONORS

    Romney is the man to get that money, plus they give their money to those that will help the economy grown and the person that will fix the economy in this election. Hopefully they will donate to Romney.

    And we can do this while having a conservative candidate: http://www.thedailycandidate.com/video/2012/mar/romney_ad_conservative_record.html

    Report Post »  
  • COFemale
    Posted on March 23, 2012 at 12:41am

    Do the OWS know that Wall Street is donating to Obama? That might change their thinking. It isn’t those evil Republicans it is those evil Democrats that are sucking the life out of poor people. No surprise there. We need to publish names and political party just to see who is the real blood suckers.

    Report Post » COFemale  
  • Chromo200
    Posted on March 22, 2012 at 10:59pm

    A slut goes to congress for free stuff, and another slut, Debbie, goes to Wall Street to get more money.

    Report Post »  
  • soybomb315
    Posted on March 22, 2012 at 10:41pm

    It really is amazing that wall street has given so much money to romney (most of it long before he became the ‘likely’ candidate). It’s like the big banks and big corporations wanted him….Why? All the republican candidates are promising to cut regulations and whatnot.

    Perhaps the truth is that romney supported the bank bailouts and TARP. Yesterday, mitt romney was in maryland talking about how those george bush bailouts “SAVED” the economy. Romney may be a good businessman but he knows nothing about really fixing the economy. We cannot support any sort of bailout to private companies. You would think mitt would understand that
    http://www.huffingtonpost.com/2012/03/21/mitt-romney-george-bush_n_1371073.html

    Report Post » soybomb315  
  • HorseCrazy
    Posted on March 22, 2012 at 10:39pm

    wall street and bankers in general are a bunch of unloyal dishonest crooks. they are shape shifters trying to fit in with whoever they can use next. sorry obama we burned through all that stimulus money so now we will try and suck the life out of the next guy. I wish we were back to honest true capitalism, but no we are in a heavily regulated state where these banks and wall street investment firms can suckle heavily off of the government while we mostly end up screwed.

    Report Post »  
  • abbygirl1994
    Posted on March 22, 2012 at 10:31pm

    Well I am so glad I stopped using Wells Fargo for a bank… now that I know they are in bed with Obama.. and Microsoft really disappoints me… Whoever is giving campaign money to Obama must have their heads up their arses.. What I have hard is that Obama has only brought in halff of what he did last time.. Whats really disgusting is that we American’s find who ever makes the most in campaign funds ought to be the a winner! Obama is the worst president ever.. normally I would say American, but I really have my doubts about that. Enough is enough! Time to vote out the left liberal Dems in Nov. and several Republican’s to! Lord help us!

    Report Post » abbygirl1994  
    • soybomb315
      Posted on March 22, 2012 at 10:46pm

      “Whats really disgusting is that we American’s find who ever makes the most in campaign funds ought to be the a winner!”

      bingo – its on full display in the republican primary. it is disgusting that many people still fall for the old fashion last-minute attack ads. Of course, romney is the most flush with cash and is more than able to dish it out. What’s really sad is that romney goes from state to state burning the money, and then people say the primary should end because he is spending too much money!!!

      Report Post » soybomb315  
  • KidCharlemagne
    Posted on March 22, 2012 at 10:15pm

    Romney’s Top 5 donors so far during the 2012 election cycle:

    Goldman Sachs $535,680
    JPMorgan Chase & Co $375,650
    Morgan Stanley $323,800
    Credit Suisse Group $299,160
    Citigroup Inc $282,765
    http://www.opensecrets.org/pres12/contriball.php?cycle=2012

    Looks like a Super Bowl type media event is shaping up for broadcast by the corporate media this fall:

    1. Democrat vs. Republican
    2. Obama vs. Romney
    3. Wall Street vs. Wall Street
    4. ObamaCare vs. RomneyCare

    For sure, this‘ll be a cable channel ’news’ ratings bonanza for both MSNBC and FOX News later on this year…..

    The name-calling and the mudslinging between the ‘left’ and the ‘right’ will be hyped and sensationalized more than it ever has been before….

    So be sure and get ready for the Super Bowl showdown between Obama and Romney later this year, ’cause its gonna’ be spectacular and the ratings will be off the charts!

    Report Post »  
    • soybomb315
      Posted on March 22, 2012 at 10:28pm

      as you say, it would be a ratings bonanza for them. Since the two candidates are so similar – they would be squabbling over the stupidest things. In the end, there would be very little difference and we are still screwed

      Report Post » soybomb315  
    • Micmac
      Posted on March 23, 2012 at 3:17am

      Again, those companies listed above are Treasury Bond Primary Dealers and are just protecting their positions. See my comment above. If you follow ZeroHedge and Graham Summers this is all very old information.
      This site just revisits information already in the public domain, if one takes the time to be informed, as Glenn recommends.

      NoBama 2012

      Report Post »  
  • sillyfreshness
    Posted on March 22, 2012 at 10:15pm

    Lets look at why Wall Street is supporting the Democrats and Obama. We’ll use some logic here. Okay here we go. Wall Street is ran by Jews. Banks are ran by Jews. Most Jews are hardcore Bolsheviks and staunch Democratic Party backers. Therefore, Wall Street and Banks are going to be hardcore Obama supporters since they are ran by Jews. That‘s enough for today’s lesson. Class dismissed.

    Report Post » sillyfreshness  
    • Toxic Pirate
      Posted on March 22, 2012 at 10:31pm

      I missed the leap from “hard Bolsheviks ( to) and staunch Democratic Party backers. Im not saying your wrong, as I believe Gods chosen is notorius for blunders. As Gods chosen I will fight to the death to keep them safe, Im sure I will fail, but all I want from this life is an honorable death.

      Report Post » Toxic Pirate  
    • christos
      Posted on March 22, 2012 at 11:34pm

      There was Ham,Shem & Japheth,,,Japheth went to Europe and started the financial district/banking.

      Report Post » christos  
  • lukerw
    Posted on March 22, 2012 at 10:13pm

    Expertise, alike a Doctorate Degree… means that one has focused upon a narrow spectrum of knowledge as a specialty… and this causes one to ignore Greater, and perhaps more important, Realities…

    In other words… you are seeking omens and advice from the Wrong People!

    Report Post » lukerw  
  • 1casawizard
    Posted on March 22, 2012 at 10:10pm

    Let’s try to get Bro. Al Sharpton to run with Muhammed Obama. This is a winning team. They are like husband and wife. The rednek Repubs cannot speak and draw the crowds like the pulse of America can…. OK, I’m partially awake now. That corn‘ll do it to you if you don’t watch it. my bad.

    Report Post » 1casawizard  
  • CatB
    Posted on March 22, 2012 at 10:09pm

    There is not enough money in the world to make me vote for Obama … waste your money .. spin, spin, spin, People (even those who were fooled in the last election) can see exactly who Obama is now!

    OMG 2012!

    Report Post »  
  • MAMMY_NUNN
    Posted on March 22, 2012 at 10:08pm

    The ones listed happen to be bailouts or preferenced by Obama just kissing up for their bailout or future bailout.

    Nobody looks good with brown lipstick on.
    – Frank Zappa

    Report Post »  

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