Episode #17

Why Has Wall Street Abandoned President Obama for Mitt Romney?

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Friday, August 17, 2012

Wall Street threw its support behind Barack Obama in 2008, but this election cycle the tables have turned. Now, it's funneling most of its donations to Mitt Romney and conservative super PACs.

Employees in the securities and investment sector have donated $56.4 million to Republicans and $35.1 million to Democrats through individuals and PACs through May, according to the Center for Responsive Politics. It's a reversal from 2008, when they gave $96.6 million to Democrats and $72.2 to Republicans by the end of the election cycle.

In addition, Wall Street's donations to Super PACs have gone almost exclusively to conservative groups supporting Romney and the Republican party. According to CRP, the Street has given $43.7 million to Super PACs through June, and 89 percent of that money went to conservative groups.

In collaboration with the Center for Responsive Politics, WNYC has identified the top donors to the Obama and Romney election efforts from New York City. Read more about it on our politics website It's A Free Country. Or check out the map below.

Goldman Sachs, Morgan Stanley, Bank of America and other financial institutions have flipped in four years, giving more to Romney and conservative super PACS than to President Obama and liberal groups.

This week on WNYC's Money Talking, Joe Nocera of The New York Times and Rana Foroohar of Time weigh in on why Wall Street has shifted its support away from President Obama and whether it's a reflection of the president doing something wrong or Mitt Romney doing something right.


Hosted by:

Jeff Greenfield


Rana Foroohar and Joe Nocera

Comments [5]

Richard Blythe from Terre Haute,IN

Wall Street pushed the FutureGen 2.0 project, coal fired electric power plants that burn the coal and store the exhaust gases underground. If you know about the physiology/chemistry of CO2 and CO and the Lake Nyos disaster then you know these are holocaust machines, designed to kill millions of useless citizen, especially the old, to clear the land and property for sale.

Aug. 24 2012 10:55 AM
kittastickat from NYC

How are there donations from Governor's Island? Nobody lives there...

Aug. 24 2012 04:08 AM

This article has it WRONG. Walls Street never loved Obama. They just saw he was the likely winner in 2008 and hedged their bets, figuring it's better to buy at least some influence and get to sit at the table. They had no illusions about how Obama felt about Wall Street. And he has certainly shown great hypocrisy and disdain for this industry, using them as a punchIng bag with his right hand, all the while taking their millions in donations with his left.

Actually, they deserve each other.

Aug. 18 2012 08:43 AM
val from Asheville

@AfromA it apppears you really dont know your Afrom yourA do you see that little red spot on Manhattan, thats 10021 , one of the richest ,educated zips in the world

Aug. 18 2012 01:34 AM
America from America

One only needs to look at two maps to understand what is going on in America.

Map #1; political map, #2; education map.

Why are the poorest states Republican states?
Why do Republicans want to take away education funding?
Why do the uneducated states vote Republican?

The only way you people in Republican controlled states are
ever going to get out of poverty and get educated is to stop voting Republican.

The maps don't lie people, it's really that simple.
Romney 2002 Olympic speech
"You know you didn't get here on your own"

Aug. 17 2012 05:52 AM

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