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August 22nd, 2011
Follow the Money Flying Away from the Obama Campaign

Dozens of Wall Street executives who supported President Obama in 2008 have donated to Mitt Romney's presidential campaign this year.

According to a review of fundraising data, 67 people who work in the financial sector and live in the New York City metro area gave to Obama in 2008 and the former Massachusetts governor in 2011.

The reversals come in the wake of Obama's tough rhetoric on Wall Street, most notably last year when the president was pushing Congress to pass what became known as the Dodd-Frank law.

The 67 individuals who live in New York, New Jersey and Connecticut donated at least once to Obama's 2008 campaign. They have since directed contributions amounting to more than $147,000 toward Romney's presidential campaign.

The crossover donors are employed by a large number of banks, private equity firms and hedge-fund companies, including Credit Suisse, the Blackstone Group, the Stanwich Group and Goldman Sachs.

One Wall Street executive who requested anonymity said he and some of his colleagues feel betrayed by Obama.

"Everybody I speak to is on the same boat -- disappointment," said the source, who contributed to Obama three years ago and is now backing Romney.

The executive said he and others on Wall Street have taken exception to Obama's rhetoric about the wealthy, especially because the president has asked rich donors to fork over $35,800 to his reelection efforts.

"It's not healthy for rich people to feel maligned," the executive said.

(Source) 


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