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Eight out of the ten biggest donors to Mitt Romney’s campaign in the fourth quarter worked for banks and investment funds, according to U.S. Federal Election Commission information released yesterday.
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Romney’s investment background, which has drawn much criticism from his Republican presidential rivals, is helping him build a financial advantage over his opponents in his bid for the Republican ticket.
Romney, who has worked for numerous banks and investment funds and co-founded the Boston-based Bain Capital LLC, received $196,600 in campaign donations from Citigroup (NYSE:C) employees, $180,518 from JPMorgan (NYSE:JPM) workers, and $106,580 from Goldman Sachs (NYSE:GS) employees, just in the last quarter.
In fact, Goldman employees and their families have been the largest source of cash for Romney’s campaign. Goldman has given Romney nearly half a million dollars over the course of his current campaign, shifting loyalties after contributing $1 million to President Barack Obama’s campaign four years ago.
This time around, the only financial institution to crack Obama’s top 10 list is JPMorgan, whose its employees donated $23,494 in the fourth quarter, a small fraction of what they gave to Romney.
“Wall Street supports someone they consider one of their own and the candidate perceived to be the most committed to promoting policies they prefer,” said Costas Panagopoulos, director of the Center for Electoral Politics and Democracy at Fordham University in New York.
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