In 2008, Barack Obama received $43 million from professionals in the financial industry, a record intake. And what did the titans of Wall Street get in return?
A continuation of Bush-era policies that propped up ailing banks with billions in taxpayer dollars? Milquetoast financial sector reform that neither broke up large banks nor limited their ability to simultaneously engage in investment and commercial lending? A return to record corporate profits, especially in the finance sector?
Okay, yes, they got all of those things. But also, the president once off-handedly referred to Wall Street executives as "fat cats," so seasoned investors have decided to diversify asset classes. Team Democrat was once a spunky small-cap value stock with a lot of upside potential, but now it's time to return to the old blue chip Republican brand. Indeed, Mitt Romney's presidential campaign and its technically-unaffiliated Super PAC are outraising Obama among financial-sector donors $37.1 million to $4.8 million…
Near the front of the pack are 19 Obama donors from 2008 who are giving big to Romney.
The 19 have already given $4.8 million to Romney’s presidential campaign and the super PAC supporting it through the end of April, according to a Politico analysis of Federal Election Commission filings. Four years ago, they gave Obama $213,700.
None of them has given a penny to the president's reelection campaign or the super PAC supporting it.
I'm pretty sure the next step is to bundle all the under-performing assets together — all the Democrats who voted in favor of Dodd-Frank, maybe Elizabeth Warren, a few upstart governors — and resell them to other industries that are less savvy about their portfolio.
Photo by Kristoffer Tripplaar-Pool/Getty Images News/Getty Images
Tags: Barack Obama, Mitt Romney, Money, Wall Street