Why Has Wall Street Abandoned President Obama for Mitt Romney?
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.