Guess which President has raked in the most Wall Street bucks in a generation?

posted at 11:25 am on October 10, 2011 by Ed Morrissey

While the professional Left trashes Wall Street, they might want to consider how their current President got elected.  The Sunlight Foundation reports that Barack Obama didn’t just win the Wall Street sweepstakes in 2008 over John McCain — he’s done better at getting Wall Street cash than any other President in the last 20 years:

Despite his rhetorical attacks on Wall Street, a study by the Sunlight Foundation’s Influence Project shows that President Barack Obama has received more money from Wall Street than any other politician over the past 20 years, including former President George W. Bush.

In 2008, Wall Street’s largesse accounted for 20 percent of Obama’s total take, according to Reuters. …

By the end of Barack Obama’s 2008 campaign, executives and others connected with Wall Street firms, such as Goldman Sachs, Bank of America, Citigroup, UBS AG, JPMorgan Chase, and Morgan Stanley, poured nearly $15.8 million into his coffers.

Goldman Sachs contributed slightly over $1 million to Obama’s 2008 presidential campaign, compared with a little over $394,600 to the 2004 Bush campaign. Citigroup gave $736,771 to Obama in 2008, compared with $320,820 to Bush in 2004. Executives and others connected with the Swiss bank UBS AG donated $539,424 to Obama’s 2008 campaign, compared with $416,950 to Bush in 2004. And JP Morgan Chase gave Obama’s campaign $808,799 in 2008, but did not show up among Bush’s top donors in 2004, according to the Center for Responsive Politics.

That’s not limited to the 2008 cycle, either.  The same people under attack from Obama’s political allies are still lining up to dump cash on the incumbent — or at least were:

So far Wall Street has raised $7.2 million in the current electoral cycle for President Obama, according to the Center for Responsive Politics. Obama’s 2012 Wall Street bundlers include people like Jon Corzine, former Goldman Sachs CEO and former New Jersey governor; Azita Raji, a former investment banker for JP Morgan; and Charles Myers, an executive with the investment bank Evercore Partners.

Those figures predate Obama’s sudden class-warrior pose of the last four weeks, though.  After watching Obama incite these demonstrations aimed at intimidating investors and financiers, I wonder just how anxious they will be to continue funding Obama’s campaign.  That impact won’t be clear until the 4th quarter numbers are released in January, but don’t be surprised if all of these “Occupy” protests don’t push those contributors towards an eventual Republican nominee — or maybe even a particular contender, perhaps one that comes from their world.  Hmmmm.

In my maiden column for The Fiscal Times, I look at the eruption of class warfare in American politics and the irony of a generation shaped by Steve Jobs attacking the very investor market and private-property rights that made Jobs’ success possible:

As we honor Jobs, there is no small irony in the fact that Wall Street protests are coinciding with his death. Jobs was hardly a financial wallflower: Besides his extensive holdings in and control of Apple (part of a fortune estimated at more than $6.5 billion to $7 billion by Forbes), he was the largest individual shareholder in Disney, thanks to the sale of Pixar a few years ago, and a member of its board as well. It’s likely that a large number of the youthful protesters in the Occupy Wall Street demonstrations rely on products Jobs either invented or improved; many might even be using iPhones and iPads to help coordinate their efforts. None of that would have been possible without capital risk-taking and Wall Street investment in Apple, among other companies.

Think of the world before Jobs, before a handful of bright young minds began exploring the potential of small, relatively inexpensive computing. Communication meant either writing letters or picking up a phone – with service largely provided by a national monopoly. Having access to research materials meant buying an encyclopedia and subscribing to yearbooks for updates to already obsolete data, or spending plenty of time at the local library. News from around the world came to most people either from the only major newspaper in town or one of three national broadcast networks. Social networking meant going to cocktail parties and company events.

Compared with today, that sounds positively medieval, doesn’t it? …

Contrast the explosive success of personal computing, which lacked heavy government direction, to that of solar and wind power. Federal and state governments have subsidized and regulated these industries for decades, and they have deliberately handicapped other traditional energy-production technologies to make the renewables more competitive. According to Reason Magazine, each megawatt-hour of energy produced by wind and solar power in 2007 was delivered via more than $20 ofgovernment subsidies, as opposed to $2 for nuclear power and a dollar or less for coal and oil – most of those in the form of tax incentives rather than direct subsidies.

With all of that effort over several decades, are we closer to mass-produced solar and wind power? Have these industries even matured to the point of producing jobs? The industries that Jobs, Gates, and their colleagues created through private-sector innovation based on technological success employ millions of people around the world. In 2009, President Obama got $38.6 billion in job-stimulus funding to create a “green jobs” explosion that would also employ millions. Thirty months later, we have spent $17.2 billion of those funds, and created less than 3,600 jobs, roughly at a cost of $4.85 million per position.

Capital markets drive innovation, create and expand industries, and can rapidly improve our lives — if we keep government out of the way, and certainly out of the position of distorting markets to favor losers over productive use of capital and especially redistributive policies. As Wall Street has learned, three years of accelerated redistribution didn’t satisfy the Left — it only drove them to demand more of it. Time to end the war on capital by defunding the anti-capitalists.

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crony capitalism.

rob verdi on October 10, 2011 at 11:28 AM

Thank you Ed.

Keep pounding this point home.

Obama keeps trashing “the rich” while he takes money from Goldman Sachs and others.

To Obama “the rich” is middle class America. He is screwing them while helping out his cronies.

tetriskid on October 10, 2011 at 11:29 AM

I give. Which one?

NotCoach on October 10, 2011 at 11:30 AM

Surprise! Of course this information will not get out nor will the true disgusting aspects of this “occupation.” Rampant drugs, sex and complete anarchy and we have the likes of the NYT, Pelosi, and even Obama praising them.If not for the alternative media no one would know what a truly vile group this is…

sandee on October 10, 2011 at 11:30 AM

To Obama “the rich” is middle class America. He is screwing them while helping out his cronies.

tetriskid on October 10, 2011 at 11:29 AM

Bingo!

VegasRick on October 10, 2011 at 11:30 AM

While the professional Left trashes Wall Street, they might want to consider how their current President got elected.

No, Ed. They don’t want to do any such thing. They either know full-well or they could care less given their hate driven crusade against conservatives.

MeatHeadinCA on October 10, 2011 at 11:31 AM

I wonder just how anxious they will be to continue funding Obama’s campaign.

Instead of “campaign contributions” it’ll now just be called “protection money”….

change.

ted c on October 10, 2011 at 11:32 AM

Hippies don’t read. How will you get the message to them, Ed?

faraway on October 10, 2011 at 11:32 AM

Libs are hypocrits. Film at 11.

Meh on October 10, 2011 at 11:32 AM

And that suggests, given the article below about the protestors getting paid by Obama front groups. That Wall Street money is being one-off used to protest Wall Street. Irony meter just pegged out!

michaelo on October 10, 2011 at 11:33 AM

Hippies don’t read. How will you get the message to them, Ed?

faraway on October 10, 2011 at 11:32 AM

Repetition. Much repetition.

MeatHeadinCA on October 10, 2011 at 11:34 AM

Time to end the war on capital by defunding the anti-capitalists bail-outs.

Keep it simple.

maverick muse on October 10, 2011 at 11:34 AM

Repetition. Much repetition.

MeatHeadinCA on October 10, 2011 at 11:34 AM

and with the resonance of a drumbeat…..

bada bum

ted c on October 10, 2011 at 11:35 AM

While I’m impressed by the stuff that comes out in these stories, why is the RNC not moving to pin all this stuff on Obama ASAP. If you can prove what’s being alleged in these posts, then it should be pushed as hard as possible with the establishment pundits. Might as well make them useful for something. Meanwhile Issa is doing a great job (with Obama’s help :-) in keeping F&F front and center. One or two more “little” scandals and he’ll be completely unelectable.

gh on October 10, 2011 at 11:35 AM

Shocker

Meh on October 10, 2011 at 11:36 AM

and with the resonance of a drumbeat…..

bada bum

ted c on October 10, 2011 at 11:35 AM

Can I get a finger wave?

MeatHeadinCA on October 10, 2011 at 11:36 AM

The leftie loonies want to punish capital.

I thought they were mostly against capital punishment…

Akzed on October 10, 2011 at 11:37 AM

Repetition. Much repetition.

MeatHeadinCA on October 10, 2011 at 11:34 AM

heh … read my lips

maverick muse on October 10, 2011 at 11:37 AM

Hippies don’t read. How will you get the message to them, Ed?
faraway on October 10, 2011 at 11:32 AM

Drums.

Bam ratta-tat-tat bong bam = “We need to turn our attentions toward the hypocrisy of the current individual ensconced in the White House.”

Ratta-tat swish boom boom = “Time to crap on a police car.”

Bishop on October 10, 2011 at 11:38 AM

Time to end the war on capital by defunding the anti-capitalists bail-outs.

Keep it simple.

maverick muse on October 10, 2011 at 11:34 AM

The funny thing is that many of these people aren’t against the bail-outs – listen to Naomi Klein or Van Jones. No, they just are against the terms of the bailouts. The government didn’t get enough power. These people are phonies and I hope we start seeing them for the fascists they are.

MeatHeadinCA on October 10, 2011 at 11:38 AM

Repetition. Much repetition.

MeatHeadinCA on October 10, 2011 at 11:34 AM

Hey hey ho ho
Obama’s cronies gotta go.

faraway on October 10, 2011 at 11:38 AM

heh … read my lips

maverick muse on October 10, 2011 at 11:37 AM

W e l c o m e t o t h e o c c u p a t i o n

MeatHeadinCA on October 10, 2011 at 11:39 AM

Hey hey ho ho
Obama’s cronies gotta go.

faraway on October 10, 2011 at 11:38 AM

Yeah, right. His cronies are leading this OWS!

MeatHeadinCA on October 10, 2011 at 11:40 AM

Demegogue with one hand and take the payoff with the other…

It’s the Chicago way…

Lefties and OWS protesters: you’re getting bamboozled… Or is it the okeydoke? I’m not sure which…

Suckers… P.T. Barnum was prescient…

Khun Joe on October 10, 2011 at 11:41 AM

Hey, here is a video where a WallStreetSlugProtester calls for Geraldo’s hands to be broken.

http://themorningspew.com/2011/10/10/wall-street-protester-shouts-he-wants-to-break-geraldos-hands-as-crowd-cheers/

bloggless on October 10, 2011 at 11:41 AM

Obama is a farce, those loonies in the streets are a farce and if this continues the entire dysfunctional government will soon be a farce. This poor sick Republic is eating itself alive from the inside out.

rplat on October 10, 2011 at 11:41 AM

Harsh! Too harsh. The poor guy is walking alone in the twilight, save for Valerie and David. He’s being mocked unmercifully, ignored by his own party, and told to mind his own business by European leaders.
This isn’t the way it was supposed to be!

a capella on October 10, 2011 at 11:42 AM

Liberals and Wall Street, in a co-dependent abusive relationship.

Socratease on October 10, 2011 at 11:45 AM

According to Open Secrets, O’bama also got a hefty chunk of campaign money in 2008 from…Halliburton. Including from one of the firm’s VPs.

But hey, he’s so cool. Who cares?

Del Dolemonte on October 10, 2011 at 11:45 AM

0 probably has a deal with Wall Street. Pay me money, I’ll bash you to look good with my base, then if I get re-elected in 2012, I’ll return the favor.

Tuari on October 10, 2011 at 11:46 AM

Hippies don’t read. How will you get the message to them, Ed?

faraway on October 10, 2011 at 11:32 AM

Morse code via drum circles? Pot smoke signals?

Dash on October 10, 2011 at 11:47 AM

He’s been attacking the rich since before his first election….yet they come back around and donate for his 2012 re-election. And they’re trusted with that much wealth? I’d say Wall Street seems to be stuck on stupid. It’s that, or they’re being threatened and intimidated.

capejasmine on October 10, 2011 at 11:47 AM

Historical Presidency.

And not in a good way.

If someone didn’t know better, they’d think these hippie occupiers were given instructions by some kind of trouble-making community organizer.

Oh wait.

fogw on October 10, 2011 at 11:47 AM

the eruption of class warfare in American politics and the irony of a generation shaped by Steve Jobs attacking the very investor market and private-property rights that made Jobs’ success possible

Obama is the Huey Long of this generation.

Socratease on October 10, 2011 at 11:49 AM

But hey, he’s so cool. Who cares?

Del Dolemonte on October 10, 2011 at 11:45 AM

Not me. Obama is awesome.

Meh on October 10, 2011 at 11:49 AM

Hey, here is a video where a WallStreetSlugProtester calls for Geraldo’s hands to be broken.

http://themorningspew.com/2011/10/10/wall-street-protester-shouts-he-wants-to-break-geraldos-hands-as-crowd-cheers/

bloggless on October 10, 2011 at 11:41 AM

that’s terrible. Isn’t assaulting a reporter a crime? Oh wait, that’s not nearly as bad as what happened to that one congressman…../

ted c on October 10, 2011 at 11:50 AM

Clinton: Get big bucks for me, sleep in the Lincoln Bedroom

Obama: Get big bucks for me, I’ll give your company a waiver from my disastrous policies.

BobMbx on October 10, 2011 at 11:58 AM

ted c on October 10, 2011 at 11:50 AM

It reminded me of that time in Egypt when the protesters assaulted that ffemale reporter. How long before someone is seriously attacked by these protesters?

bloggless on October 10, 2011 at 12:01 PM

Here is an excellent article about one Democrat President I could get behind that would smash Goldman Sachs’ and Wall Street’s hold over Washington,
http://spectator.org/archives/2011/10/07/andrew-jackson-tea-party-presi/

txmomof6 on October 10, 2011 at 12:01 PM

These guys are supposed to be smart. If they are, then there is a lot more to this than meets the eye.

CrazyGene on October 10, 2011 at 12:03 PM

Broadcast this we much.

pambi on October 10, 2011 at 12:13 PM

I’ve little sympathy for those “smart” people on Wall Street who backed Obama. If repentant now, then they should scrawl “I WAS STUPID” on their foreheads in red ink.

GarandFan on October 10, 2011 at 12:14 PM

Obama keeps trashing “the rich” while he takes money from Goldman Sachs and others.

To Obama “the rich” is middle class America. He is screwing them while helping out his cronies.

tetriskid on October 10, 2011 at 11:29 AM

Wall Street has incredible sway over both parties. Nonetheless, Obama has tried to push real reform and regulation on Wall Street that would prevent a repeat of the near collapse of the nation’s financial system. Wall Street strongly opposes it, of course, although every former Fed chair has strongly endorsed such regulation, including Alan Greenspan who finally admitted that his failure to support an SEC mission to oversee CDS and other derivatives markets led directly to the crisis.

Until Wall Street is prevented from acting like a casino, our system remains at risk. Wall Street will contribute heavily to both parties to try and slow the type of change that’s obviously necessary.

bayam on October 10, 2011 at 12:14 PM

I agree with OWS and their dislike of those bailed out, tell Obama to stop.

Cindy Munford on October 10, 2011 at 12:14 PM

It reminded me of that time in Egypt when the protesters assaulted that ffemale reporter. How long before someone is seriously attacked by these protesters?

bloggless on October 10, 2011 at 12:01 PM

Scott Pelley: “And now let’s go live to CBS’s Lara Logan, who’s reporting from the Occupy Wall Street protests.”

Ward Cleaver on October 10, 2011 at 12:17 PM

I know in general that bigger more established businesses tend to like government regulation because, even though it increases expenses, it also reduces competition from smaller companies who find it hard to keep up with compliance costs.

It is in the interest of Wall Street brokers to keep the big companies that trade on the stock exchange as strong as possible, and to keep smaller, family owned or otherwise untraded companies as uncompetitive as possible.

Can anyone tell me if I’m wrong in my suspicions?

Johnny 100 Pesos on October 10, 2011 at 12:29 PM

Can anyone tell me if I’m wrong in my suspicions?

Johnny 100 Pesos on October 10, 2011 at 12:29 PM

Nothing wrong with that analysis.

NotCoach on October 10, 2011 at 12:34 PM

My guess is that stream of cash from the financials has either stopped or greatly diminished which is why Obama is now vilifying them.

Obama is from Chicago. This is how Chicago politics is played. Someone doesn’t pony up with their campaign contributions, you make life hard for them.

crosspatch on October 10, 2011 at 12:36 PM

Wall street actually likes it when Obama villifies wall street because it means new regulations that will, yes, increase their costs, but also absolutely demolish smaller competition.

Johnny 100 Pesos on October 10, 2011 at 12:40 PM

Yeah, I came to that same “barrier of entry” conclusion several years ago in an economics class. It is yet another one of those ideas where the “dogooders” become tools of the vested interest (as Milton Friedman would put it).

The dogooders want tighter regulations that offer them some protection, the more established companies support the idea as it keeps out competition.

Sort of the same way drug cartels like anti-drug laws. They act as a barrier of entry to law abiding citizens and law enforcement likes them because it gives them a career.

crosspatch on October 10, 2011 at 12:49 PM

The dogooders want tighter regulations that offer them some protection, the more established companies support the idea as it keeps out competition.

You mean people like Alan Greenspan who want to prevent casino-like behavior that led to the financial crisis?

When presented with the opportunity to amass a huge fortune, why not risk the financial system? This is ultimately the problem that became evidently clear after the crash. You can’t allow banks to place bets with 30 to 1 leverage and you can’t allow markets to operate without transparency. The consequences are now more than clear.

bayam on October 10, 2011 at 12:56 PM

Don’t you people understand? Our dear leader is SO much smarter than Wall Street and is happy to take their money if only to susequently use it to end their reign of corporate greed. Don’t you realize that our sweet gilded messiah is the first and ONLY politican to not be swayed by large campaign contributions and would NEVER think about favoring his donors via cronyism. Racists.

Huckabye-Romney on October 10, 2011 at 1:11 PM

Hey, the wall street protesters just picked up a corporate endorsement.

bloggless on October 10, 2011 at 1:34 PM

Let’s not forget about a provision in the stimulus plan that the media never addressed – the Dodd Amendment. This amendment allowed the “fat cat” bankers to collect their bonuses in 2009 even when Obama and the Democrats were screaming about them. This was a political payback for the largess that he received.

djaymick on October 10, 2011 at 2:30 PM

crony capitalism.

rob verdi on October 10, 2011 at 11:28 AM

Amazing that the one person that was talking about this is the one person that most of the blogger sites did not want to run – including this site.

ChuckTX on October 10, 2011 at 11:03 PM