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Stockholm Syndrome or Crony Capitalism?
Despite President Obama’s demonization of Wall Street and the financial sector, despite Dodd-Frank, and despite the President’s promise to execute punitive measures against greedy bankers and the rich, Obama has still managed to bring in more campaign funds from the financial sector than has Romney or any other Republican contender. But the real kicker: Obama’s fundraising efforts outperform Romney’s at Bain Capital! The Washington Post reports that
Obama’s fundraising advantage is clear in the case of Bain Capital, the Boston-based private-equity firm that was co-founded by Romney, and where the Republican made his fortune. Not surprisingly, Romney has strong support at the firm, raking in $34,000 from 18 Bain employees, according to the analysis of data from the Center for Responsive Politics.
But Obama has outdone Romney on his own turf, collecting $76,600 from Bain Capital employees through September — and he needed only three donors to do it.
(h/t to my friend Brian Bolduc at NRO)
Published in General
If you’re an incumbent firm in a highly-regulated industry, to whom do you contribute:
Can you say “regulatory capture“? Please Mr. Regulator, don’t fling me in dat brier-patch!
Edited on Oct 20 at 12:33 pm
More likely a reflection on what they believe are Obama’s re-election prospects. The financial industry could not care less who wins, they simply wish to be on that winning team.
Romney got less money from more support?! I thought Obama was the guy fighting for the Middle Class.
3 guys from his firm supported the Democrat? I don’t think that anyone is going to have a problem with that. If a Boston finance company didn’t include some Democrats, that would strongly suggest political hiring and would reflect poorly on all involved.
Yeah, I know it’s only three employees. In number of supporters, Romney had more. But I can just hear Obama toss this out there: “Even the employees at Bain Capital support me more than Gov. Romney.”
No doubt the three that gave to Obama have holdings in the “green industry” and need the skids greased for generous government support.
I know, cynical much.
You gotta pay the protection money to the guy wearing the brass knuckles.
If you had a bunch of money and you needed a shady political favor or two, would you give it to a Republican Mormon or a Democrat from Chicago?
It occurs to me that this doesn’t look that good for Romney either. I can already hear Obama mentioning in a debate that Romney’s own firm donated to his campaign.