From the Huffington Post:
Obama Wall Street Fundraising Evaporates As Donors Flee To Romney
President Barack Obama has been abandoned by the world of finance.
Over the course of the 2012 election, his presidential campaign has received about one dollar in donations from the financial sector for every five dollars given to his top competitor, Mitt Romney, according to figures provided by the Center for Responsive Politics (CRP). During the final three months of 2011, however, the margin has widened dramatically.
In the fourth quarter of 2011, Romney raised $1.49 million from employees of those 68 companies while the president’s reelection campaign raised just $127,000 — an 11.7-to-1 ratio. It was the most lucrative quarter for Romney yet.
“Clearly it was a great quarter for Romney, in terms of fundraising from Wall Street and from securities and banking firms, in particular the biggest one,” said Sheila Krumholz, CRP’s executive director. “It is not surprising that he was able to do that. It is just surprising how rapid the shift has been towards him and away from Obama.”
The abandonment of the president by the financial sector has, indeed, been remarkable in scope and speed. Some of the very companies whose employees cut checks for Obama in 2008 now seem fully devoted to funding his competitor in 2012.
Four years ago all these Wall Street types flocked to Obama in spite of his anti-business, pro-redistribution rhetoric. “He’s so reasonable, so cerebral, so inspiring, so … cool! Why, just look at that crease in his pant leg. He can’t possibly mean all that crazy stuff.”
Surprise! He really DID mean it. After four years of being the political punching bag for this administration, after repeatedly passing open-ended regulations like ObamaCare and Dodd-Frank, after four years of being made the scapegoat for the economy, the financial sector has had enough. It’s finally sunk into their heads that maybe, just maybe in spite of that great crease in his pants, Obama might be a bad investment.
Gee, ya think?
And the Democrats can’t figure out why they’ve turned against them. Note this quote from the article (emphasis added):
Why the world of finance is leaving Obama is a subject of some irritation among Democratic fundraisers. Wall Street executives, after all, have thrived under the Obama administration. The Justice Department has been notoriously slow in pursuing investigations of fraud. Ditto for the Securities Exchange Commission.
Sure the administration has been treating these guys like toadies, but for crying out loud! They been been holding up and delaying prosecutions for them. What more could they possibly want!?!
That is so wrong on so many levels. First, it is an acknowledgement that Justice is not blind in this administration. They have been pulling strings for the rich and powerful, hoping to incur favors in return. Second, the Democrats define “thriving” as not having the Government prosecute you.
What an interesting glimpse into the mind of a Democrat.
There are reasons this all came together in the fourth quarter of 2011. Just before the quarter began Obama called that joint session of Congress and launched his class warfare offensive. The Occupy Wall Street movement took their cues from that and took off. The Administration and other Democrats promptly fell all over themselves talking up how wonderful these new patriots were.
It was finally too much for the financial sector. They finally could see the handwriting on the wall. The Obama administration doesn’t like them. (Funny how such supposedly smart people could be so dense sometimes.) And so they turned to Mitt Romney.
I find that interesting. If you remember the history of the fourth quarter, first you had the big Cain surge from October to about mid-November, and then you had the big Gingrich surge that replaced Cain and lasted to the end of the year. Mitt was nowhere to be seen, yet Wall Street chose Mitt as the object of their largess.
Certainly, Mitt is the one with the best business background (though some argued that Cain was just as good), but his nomination was far from assured even a month ago. Yet the financial sector went to him nearly 12 to 1 over Obama in the quarter, and Mitt wasn’t even the presumptive nominee. That is quite a statement.
A final point to make. What ramifications does this have on Obama’s purported “One Billion Dollar Campaign”? Wall Street has abandoned him. Hollywood is hopping mad at him for going against SOPA. There are rumors that Silicon Valley is grumbling, as well.
And don’t be too sure that Big Labor will ride to the rescue, either. First of all, they’re none too pleased with the President killing the Keystone pipeline. And second, they’ve got problems of their own to worry about. In three states — Wisconsin, Indiana, and New Jersey — Republican Governors have made major inroads into union power. Labor is going to sink as much as they can into those three states. Obama will have to wait his turn.
What about the little guys? They’ll make up the difference, right?
I wouldn’t count on it. Consider the fresh evidence of this week’s One-Term-Fund / Two-Term-Fund contest. Mitt Romney has raised in direct challenge to Obama about 1.1 Million dollars. Obama, in response has raise about 1.6 Million dollars. Obama wins, right?
Not quite. That overlooks the fact that Obama is the sole Democrat running for President, and Romney is only one of four Republicans currently doing the same. Mitt at best can only count on about a third of the Republicans for support at this time. Obama should then be raising north of 3 Million dollars to be the equivalent of Mitt’s haul. He’s not. He’s only raised about half that.
I am beginning to suspect that Obama is NOT going to have the huge financial advantage that he and the MSM have been bragging about for so long.