Bank Employees Not Loving Obama as Much This Time…
Only one major Wall Street bank is found on the list of Obama’s top ten contributors by company or employer, and it’s not even the same leading contributor as 2008. JPMorgan Chase & Co (NYSE:JPM) employees find themselves alone on the list,having to date only given $23,494 to President Obama as part of his reelection bid, in comparison to a total of about $809K almost four years ago. Employees of Goldman Sachs (NYSE:GS), which this time isn’t in the top ten, were actually the leading banking contributor during the last election, with donations north of $1 million.
Of course, it should be noted that it’s still relatively early in the election season, especially for the President, who is both running as an incumbent and waiting for the dust to settle on what seems likely to be a hard fought battle for the Republican nomination. The numbers from the last election, courtesy of OpenSecret.org, also represented the aftermath of the entire 2008 cycle (meaning that contributions will inevitably climb). Nonetheless, it’s pretty clear that President Obama’s policy, which some certainly have construed as being anti-Wall Street, hasn’t endeared himself to people in the financial sector — and these numbers, or lack thereof, reflect that.
Of course, it must be said that among many on either side of the aisle who are concerned about the culpability of certain financial institutions following the 2008 financial crisis, the name “Goldman Sachs” may be something akin to a four-letter word. In that respect then, at least as it comes to the President’s political base, their lack of donations, believe it or not, may be doing him a favor.
The top ten donor groups by employer in 2008, by donation size, were as follows (courtesy of OpenSecret):
- University of California: $1,648,685
- Goldman Sachs: $1,013,091
- Harvard University: $878,164
- Microsoft Corp (NASDAQ:MSFT): $852,167
- Google Inc (NASDAQ:GOOG): $814,540
- JP Morgan Chase & Co: $808,799
- Citigroup Inc (NYSE:C): $736,771
- Time Warner (NYSE:TWX): $624,618
- Sidney Austin LLP $600,298
- Stanford University $595,716