President Barack Obama has hit Wall Street, and Wall Street is fighting back. Bankers are upset at Obama’s attempt to vilify them for the financial crisis, and they are upset with the Dodd-Frank financial reform law.
They are taking it out on the president with their wallets, Politico
reports. Campaign donations from Wall Street have shifted decisively back to the GOP for this year’s election after working in Obama’s favor against Sen. John McCain in the 2008 presidential campaign, figures from the Center for Responsive Politics (CRP) show.
Despite Obama’s big overall fundraising advantage over Romney (super PACs aside), the president has garnered just $5.1 million from the financial services and real estate sectors so far this campaign, less than half the $12.4 million Romney has pulled in.
Compare that to 2008, when Obama raked in more than 1 ½ times what McCain received from Wall Street — $15.7 million to $9.2 million.
That’s not good news for Obama, because Wall Street money matters in elections.
“The financial industry overall, cycle after cycle, is always a No. 1 source of campaign funds. It is even more so in 2012. It is head and shoulders above any other industry,” Sheila Krumholz, executive director of CRP, told Politico.
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