Notes on current events, and some past and future ones, by Kenneth Silber
Tuesday, September 25, 2012
My October column at Research magazine is now online and focuses on how and why Wall Street is "Taking Sides" in this presidential race, and what the implications are. Opening:
In the 2008 presidential race, Barack Obama had a substantial edge over John McCain in raising money from Wall Street. That advantage has not only evaporated for the president in the current race, but has reversed dramatically.
In the 2008 cycle, Obama raised nearly $16 million from the securities and investment industry, compared to a little over $9 million for McCain, according to data compiled by the nonpartisan Center for Responsive Politics. More broadly, Obama raised some $42 million from the finance, insurance and real estate sector, versus $31 million for McCain.
This time around, the figures tell a very different story. As of late August, Mitt Romney’s contributions from the securities and investment industry had totaled almost $11.5 million, compared to almost $4.2 million for President Obama, according to a Center for Responsive Politics compilation of Federal Election Commission data. The numbers for the broader finance, insurance and real estate sector showed a similar disparity: about $28.6 million for Romney, against $12.2 million for Obama.