Wall Street Is Trying Very Hard To Buy The Presidency

Mitt Romney is the political fundraising king within the financial sector. Romney has received at least 11 times the money President Obama has from the Wall Street crowd. The wide gap in political giving is a historical record at the presidential level by the nation’s financial elite. The amounts contributed come from the US Federal Election Commission (FEC). The Commission, an independent regulatory agency founded in 1975, tracks political contributions and its data shows that the captains of Wall Street have chosen Mitt Romney as their presidential candidate. Nearly three-quarters of Romney’s money came from donors giving the maximum $2,500 contribution. One in eight Romney donors live in the New York City area and they contribute in higher amounts. One New York City Wall Street fundraising event netted his campaign nearly $1 million. According to the Center for Responsive Politics, a non-profit, nonpartisan research group that monitors campaign finances, Romney’s six largest campaign contribution sources in 2011 were executives, family members, and affiliated political action committees of Goldman Sachs, JPMorgan Chase, Morgan Stanley, Credit Suisse, Citigroup, and Bank of America. All six of the Wall Street giants received bailout money from U.S. taxpayers. In 2011, they gave at least $1.8 million to the Romney campaign and likely much more to Romney’s super PAC. Romney’s non-super PAC collected a total of $12.2 million from the people and political action committees within the finance, insurance and real estate sector. It makes up about 22% of the $56 million he raised through December. People associated with the securities and investment industry have been generous, giving nearly $6 million to Romney’s campaign. The amount includes more than $2.1 million given during the fourth quarter of 2011. Commercial banks have been loyal Romney backers too. Through December, PACs and individuals in that industry donated $1.15 million to Romney, including about $608,000 during the last quarter of 2011. The difference in contributions to Romney and Obama by the largest financial institutions amounts to: Bank of America (four times more to Romney) Citigroup (six-and-a-half times more to Romney) Goldman Sachs (nearly eight times more to Romney) JPMorgan Chase & Co (five-and-a-half times more to Romney) Morgan Stanley (five-and-a-half times more to Romney) Wells Fargo (nearly three times more to Romney) Other Romney contributors include PACs associated with Swiss-based Credit Suisse Group ($296,160) and British-based Barclays ($217,150). Romney also received $112,800 from consulting firm Bain & Company where he worked before leaving to lead Bain Capitol. Far more financial industry money has been given to the pro-Romney super PAC, Restore Our Future. Super PACs can raise unlimited donations from individuals, corporations and unions with little to no knowledge of who contributed. Portions: TruPolitics.com

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