|Posted by Jerrald J President on October 24, 2011 at 11:35 AM|
The banks are speaking loud and clearly, who their candidate of choice is. Mr Mitt Romney. Please read the article below or go to the link above for the complete article. They are playing both sides or in Wall Street language HEDGING their bet's. They don't care thats why they give to both parties. The Occupy Movement must transform into a true social and economic revolution. By JJP
As Presidential Candidates Seek Finance Sector Money, Wall Street Donors Flock Most to Mitt Romney
According to a new analysis by the Center for Responsive Politics, the financial sector ranks among the top three sectors backing all major presidential candidates, and stands as the No. 1 sector for three of them.
Those three presidential contenders are former Massachusetts Gov. Mitt Romney, former Sen. Rick Santorum (R-Pa.) and former Utah Gov. Jon Huntsman.
The finance, insurance and real estate sector, also called the FIRE sector for short, ranks as the No. 2 source of campaign cash for Texas Gov. Rick Perry, former Speaker of the House Newt Gingrich, Rep. Michele Bachmann (R-Minn.) and Georgia businessman Herman Cain.
Even for the candidates who have relied the least upon the financial sector -- President Barack Obama and Rep. Ron Paul (R-Texas) -- these interests still rank as their No. 3 financial backer, according to the Center's analysis of the specific sectors covering business groups.
Candidate Percentage of Receipts from FIRE Total from FIRE Rank Among All Sectors
Mitt Romney 23.4% $7,521,705 No. 1
Rick Santorum 12.0% $154,500 No. 1
Rick Perry 11.4% $1,961,535 No. 2
Jon Huntsman 8.9% $400,723 No. 1
Newt Gingrich 6.5% $188,000 No. 2
Barack Obama 4.4% $3,899,122 No. 3
Michele Bachmann 2.5% $186,878 No. 2
Herman Cain 2.4% $129,416 No. 2
Ron Paul 2.3% $288,507 No. 3
Overall, the FIRE sector has contributed about $16 million to all presidential candidates since the race began earlier this year, according to the Center's research. That's essentially the same amount as the No. 1 sector, the general business sector, which has so far donated $16.1 million. No other sector has contributed more.
The finance sector accounts for more than 23 percent of Romney's total war chest, more than any other candidate.
Romney, a former executive at Bain Capital, has collected more than $7.5 million from interests within the FIRE sector since he launched his campaign earlier this year, according to the Center's preliminary analysis of the latest campaign finance reports. Overall, Romney has raised more than $32.2 million for his 2012 presidential effort.
Romney has received nearly twice as much as Obama from the finance, insurance and real estate sector, according to the Center's preliminary analysis. Still, Obama has raised about $3.9 million from the FIRE sector -- about 4.4 percent of his overall $89 million war chest.
During his 2008 presidential bid, the finance sector donated more than $42 million to Obama's campaign, and Wall Street interests alone contributed more than $15 million. Since then, as president, Obama pushed through financial regulatory reform legislation, which he has touted as containing the "strongest consumer protections in history" -- much to the consternation of the finance community.
While Obama's relationship with Wall Street has cooled over his time in office, certain figures in the securities and investment industry remain influential, with dozens of Wall Street-connected individuals bundling money for his re-election effort.
Romney has also raised nearly four times as much from these interests as Perry. Nevertheless, the finance, insurance and real estate sector still accounts for more than $1 out of every $9 Perry has collected. These interests have given Perry about $2 million, out of the $17.2 million he has raised from all sources.
Furthermore, Romney has received more than twice as much as Obama from the securities and investment industry, according to the Center's research, and nearly 10 times as much from Wall Street interests as Perry.
Additionally, Romney has also collected about twice as much as Obama from commercial banks -- and more than three times from these interests as much as Perry. Romney has raised $523,250 from commercial banking interests, while Obama has raised $254,250 and Perry has raised $161,400.
The securities and investment industry alone accounts for $1 out of every $9 Romney has raised: more than $3.56 million. Meanwhile, Obama has collected about $1.6 million from Wall Street interests -- less than 2 percent of his overall fund-raising haul. And Perry has received about $375,300 from these interests, according to the Center's research. That's about 2.2 percent of his total war chest.
FinanceMoneyOct2011.bmpNoticeably, employees of Goldman Sachs -- which has been scrutinized for its role in the 2008 financial crisis and was forced to pay a record $550 million settlement last year as part of a fraud case involving one of the firm's subprime mortgage products -- rank as Romney's No. 1 campaign contributors.
Goldman Sachs employees, along with their spouses, have contributed $352,200 to Romney, according to the Center's research. That's more than seven times the amount they've given to Obama.
Goldman Sachs employees have contributed just $49,125 to Obama -- only enough to rank the firm as his No. 15 financial backer. During his 2008 presidential bid, Goldman Sachs employees ranked as the No. 1 private sector supporters of Obama, donating more than $1 million to his campaign, according to the Center's research.
Additionally, Bank of America -- which has recently drawn ire from politicians, including Obama, for its proposed fee on debit cards -- has similarly favored Romney with its campaign contributions. BofA employees have donated $112,500 to Romney, with $48,800 of that sum coming during the third quarter, according to the Center's research.
Despite recent criticism from Obama about the proposed fee, Bank of America employees have donated $46,700 to his re-election campaign, including at least $22,400 during the third quarter, according to the Center's research.
Bank of America ranks as Romney's No. 9 top contributor, while it ranks as Obama's No. 17 top contributor.
Romney has also received the most money among all presidential candidate from Morgan Stanley, JPMorgan Chase and Citigroup.
Employees of Morgan Stanley have donated about $185,000 to Romney, ranking the firm as Romney's No. 3 top contributor. Meanwhile, employees of JPMorgan Chase have donated about $107,000 to Romney, ranking it as his No. 10 top contributor. And Citigroup employees have donated about $56,500 to Romney -- enough to rank the financial giant as his No. 18 top contributor.
WallStreetDonations.bmpWall Street, meanwhile, has shown relatively little love for Bachmann or Cain.
Donations from the securities and investment industry account for roughly 0.6 percent of each candidate's total receipts -- or about 1.2 percent of all their itemized donations, as each politico has collected about half of their campaign war chests from small-dollar donors who gave $200 or less and whose names are not required to be publicly disclosed, as OpenSecrets Blog previously reported.
Overall, the finance, insurance and real estate sector has donated just $186,900 to Bachmann. And the FIRE sector has donated $129,400 to Cain, who is the former chairman of the Federal Reserve Bank of Kansas City.
iloveny.jpgNotably, New York City ranks as the No. 1 metropolitan area for both Romney and Obama.
New York City donors account for 8 percent of Romney's total war chest and 5 percent of Obama's.
Furthermore, both Romney and Obama can claim a New York ZIP code as their No. 1 ZIP code.
For Obama it's 10024, whose Upper West Side/Morningside Heights residents have donated more than $376,000 to his re-election effort.
For Romney, it's 10021, whose Upper East Side residents have donated more than $315,500 to his presidential bid.
With the third-quarter campaign finance filings, ZIP code 10021 eclipsed 06840 of New Canaan, Conn., as the top ZIP code for Romney donors, although residents of the affluent Connecticut community still account for more than $234,000 in contributions to Romney.
At a state-by-state level, New Yorkers are out-paced by only Californians -- who rank as the No. 1 benefactors to both Romney and Obama -- in terms of all donations.
Residents of the Golden State account for 12 percent of all of Romney's donations and 10 percent of Obama's total receipts. New Yorkers, meanwhile, account for 11 percent of Romney funds raised, and 6 percent of Obama's.
All the while, Obama has raised about 47 percent of his money from individual donors who gave $200 or less, whereas Romney has raised just 10 percent of his money from such small-dollar donors, as OpenSecrets Blog previously reported.
Center for Responsive Politics senior researcher Douglas Weber contributed to this report.