Obama Still Flush with Cash from Financial Sector

Posted on by

MEDIA ROOTS— Rhetoric aside, Obama continues to be the darling of Wall Street. In 2008, President Obama racked up $750 million dollars for his Presidential campaign, and is projected to take in roughly $1 billion dollars for 2012. Although the President appears to commiserate with the Occupy Wall Street movement and its dissatisfaction of Wall Street’s influence over politics, Obama has raised far more money this year from the financial and banking sector than any other GOP candidate combined. With such astronomical figures with which Obama’s been bought by the ruling-class, it’s no surprise he has broken virtually every campaign promise.  With this kind of financial sway, it must be fully expected he will do it again, should mass cognitive dissonance persist in 2012 granting him another four years.

MR

***

THE WASHINGTON POST 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. The numbers show that Obama retains a persistent reservoir of support among Democratic financiers who have backed him since he was an underdog presidential candidate four years ago.

Channeling ‘Occupy’ anger

Obama’s ties to Wall Street donors could complicate Democratic plans to paint Republicans as puppets of the financial industry, particularly in light of the Occupy Wall Street protests that have gone global over the past week.

In response to the protests, the Obama campaign and other Democrats have stepped up their attacks on Romney and other Republicans for their opposition to Wall Street regulations.

One top banking executive who raises money for Obama, discussing fundraising efforts on the condition of anonymity, said reports of disaffection with the president “are exaggerated and overblown.” He said a strong contingent of financiers in New York, Chicago and California remains supportive of Obama and his economic policies, even as some have turned on him.

But, this donor added, “it probably helps from a political perspective if he’s not seen as a Wall Street guy.”

Limits on GOP candidates

Obama retains a core group of supporters on Wall Street who are central to his fundraising efforts. About a third of his top 40 fundraisers, who have helped bundle together $500,000 or more in contributions, hail from the finance sector, including big names such as former New Jersey governor Jon S. Corzine of MF Global, hedge-fund manager Orin Kramer and UBS executive Robert Wolf.

Obama’s chief of staff, William M. Daley, was also vice chairman at J.P. Morgan Chase before coming to the White House this year.

Read more about Obama still flush with cash from financial sector despite frosty relations.

© 2011 The Washington Post Company

Photo by flickr user Osipowa

Leave a Reply

RELATED NEWS

  • Constituent Assembly Dictatorship or Democracy in Venezuela?
  • Abby Martin in Venezuela – Supermarkets to Black Markets
  • Paul Jay and Abby Martin on Trump’s Cabinet, Election Fraud & Fake News Hysteria
  • NYT’s James Risen on Fighting Censorship, Endless War
  • POLITICAL CORRUPTION

  • Media Roots Radio: Epstein’s Mysterious Network & Sexual Blackmail as Intelligence Gathering w/ Whitney Webb
  • Media Roots Radio: Atomic War Crimes, Mainstreaming QAnon, American Mass Shootings
  • Media Roots Radio: War on BDS, Where Every 2020 Candidate Stands on Palestine
  • Media Roots Radio: 2020 Democratic Debate Train Wreck
  • Media Roots Radio: Biden is the Worst, Iran War & Reverse Partisan Witch-Hunt
  • Empire Files: NSA Whistleblower: Government Collecting Everything You Do
  • Media Roots Radio: SCADS & Political Assassinations of the Sixties w/ Aaron Good
  • Media Roots Radio: The Illustrious & Horrifying Career of Neoconservative Elliott Abrams w/ Jon Schwarz
  • Empire Files: An Ocean of Lies on Venezuela: Abby Martin & UN Rapporteur Expose Coup
  • Empire Files: Democrats Praise War Criminal Mattis
  • Media Roots Radio: NewsGuard & the Fake News Watchdog Racket w/ Whitney Webb of Mint Press News
  • Media Roots Radio: Trump’s Venezuela Coup, Democrats Running in 2020, MAGA Gaslighting
  • Empire Files: Trump’s Syria Deception
  • Empire Files: Trump is Expanding the US Empire
  • Media Roots Radio: Is Trump Really Curtailing US Empire?