Wall Street Elites Open Wallets for Obama, DNC

Jul 22, 2011 5:08pm

ABC News Devin Dwyer (@devindwyer) reports:  One year after President Obama signed into law the most sweeping overhaul of the U.S. financial system since the Great Depression, support for his re-election among some Wall Street elites remains strong.

Eighty wealthy and well-connected volunteer fundraisers, or bundlers, from the financial sector have together raised at least $11.8 million for Obama’s re-election campaign, according to an analysis of Federal Election Commission data by the Center for Responsive Politics, a nonpartisan government watchdog.

Individuals working in finance, insurance or real estate markets contributed roughly one-third of all money raised by Obama’s 244 bundlers –- more than any other industry –- the Center found

Nine of the 27 financiers who each brought in more than $500,000 during April, May and June have tied to the financial industry.  They include former Goldman Sachs CEO Jon Corzine; Evercore Partners executive Charles Meyers; Greenstreet Real Estate Partners CEO Steven Green; and former UBS executive Blair Effron. 

The findings contrast with an erosion of support for Obama among employees of Goldman Sachs, who were once among his top financial backers. They donated overwhelmingly to Republican presidential candidate Mitt Romney in the second quarter, a computer-assisted analysis of the FEC data by Bloomberg found. 

Some financial sector employees have been rankled by the 2010 financial overhaul because it imposed stiff new rules on banks, added regulation of hedge fund managers and limits on some executives’ bonuses, among other things.  Romney opposes the law. 

The Obama campaign voluntarily released all the names of its bundlers last week, providing an estimated range of their contributions, which total at least $35 million.  No Republican candidate has done the same, breaking with a precedent of transparency set by President George W. Bush.  

During the entire 2008 presidential campaign, financial sector bundlers raised at least $16.1 million for Obama, according to CRP. 

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