When it comes to Wall Street, votes in the presidential election might already be cast—or cashed, rather.
The financial sector has donated a whopping $37.1 million to Republican candidate Mitt Romney so far. The Obama administration’s haul? A measly $4.8 million. Why the giant disparity? According to some donors who gave to the president in 2008, Obama’s policies aren’t fixing the economy. The president’s support of financial regulation legislation and push to raise taxes on the wealthiest Americans probably hasn’t helped either.
Ken Griffin, the Citadel hedge fund founder, donated the maximum amount of $4,600 to Obama in the last presidential race. But this time around he’s changed his tune, accusing the president of “class warfare,” giving $2,500 to Mitt Romney’s campaign and nearly $1.1 million to pro-Romney super PAC Restore Our Future, according to Politico. Also playing a big role: the huge influx of cash allowed by the Supreme Court’s Citizens United decision.
The good news for Obama? He can keep making the argument that compared to Romney, he’s definitely part of the 99 percent.
Video by Paca Thomas.