Even the Silicon Valley donors are starting to steer away from Obama

posted at 4:41 pm on June 26, 2012 by Erika Johnsen

Although California is consistently ranked among the absolute worst states in which to do business — their nanny-state regulations, budget deficits, and tax structure have earned the state the honorary title of the “ninth circle of business hell” — it’s well-established attraction for venture capital is sometimes cited as a a big factor in keeping the state afloat. Silicon Valley is definitely a well-monied hot spot, but it seems that the typically more liberal execs, entrepreneurs, and engineers are feeling slightly less enthusiastic about an Obama-second term than they were about Hopenchange in 2008, as some of them are starting to reverse course:

Although he is still raising far more money there than current Republican rival Mitt Romney, Obama in 2012 is finding Silicon Valley to be tougher terrain.

He lags behind his 2008 campaign in donations from workers at Internet, computer and telecom equipment powerhouses such as Google, IBM, Hewlett Packard, and Cisco, according to a Reuters analysis of federal disclosures from the Obama presidential campaign committee.

The Obama campaign has raised $1.44 million through May from employees of 15 top tech companies, as compared to $1.6 million donated by the same companies’ staff four years ago. …

Romney has raised almost $340,000 during this election campaign from the 15 tech companies’ employees, far behind his opponent but already ahead of the roughly $240,000 that Republican presidential candidate John McCain picked up through May 2008.

Even the crunchiest of businesspeople are having difficulty getting excited about the coming reign of regulatory uncertainty being ushered in by President Obama’s two signature legislative monstrosities, ObamaCare and Dodd-Frank. Mitt Romney is the much more attractive candidate for the free-enterprising: his private sector experience and commitment to lower taxes and fewer regulations is a much more promising path for economic growth than President Obama’s punishing new Dodd-Frank oversight regime (which was created, by the way, as part of a sweeping effort to make big business look fully responsible for the entire financial crisis).

Although the Silicon Valley tech-savvy have been somewhat slower to make the about-face, big business in general has indeed been jumping on the Romney bandwagon lately:

Deep-pocketed financiers have abandoned President Obama and are flocking to Mitt Romney in droves, providing more donations to his campaign than any other industry except retired workers. (And that’s not really an industry.)

Individuals who work in the securities and investment industry have given the Romney campaign $8.5 million through the end of April, according to data from the Center for Responsive Politics.

Over the same time period, Obama has brought in only $3 million from securities and investment workers, and the industry is only the campaign’s fifth largest source of funds.

“They have basically ditched Obama,” said John Dunbar, the managing editor for politics at the Center for Public Integrity. “Romney is just a much friendlier candidate if you are a banker.”

The absence of Wall Street love is a departure from the norm for the Obama campaign. In 2008, then-Senator Obama raised almost $16 million from Wall Street. John McCain, the Republican nominee, received donations totaling only $9 million.

Heh. We learned this morning that the DNC is scaling back on their upcoming convention’s activities, but it’s because of, uh, logistics, and not the fact that they haven’t been able to reach their fundraising goals because they banned direct corporate donations — though it doesn’t seem like corporations would be all that excited about giving the Democrats money, anyways. Kind of funny that President Obama spends so much time denouncing big bankers and Wall Street “fat cats,” but he was perfectly willing to take their money when they were willing to give it.


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Not to worry – the wedding gifts & silverware donations should more than cover for it.

Yeah, and this election is gonna be close. LMAO.

ICanSeeNovFromMyHouse on June 26, 2012 at 4:43 PM

Barack WHO?

GarandFan on June 26, 2012 at 4:46 PM

I’ve donated $150 to the Romney campaign today. They’re trying to create this meme Republicans only get money from Wall Street.

joana on June 26, 2012 at 4:47 PM

CA bankrupted. Small wonder about disillusionment. Obama didn’t walk on water. He water boarded Silicon Valley investors.

maverick muse on June 26, 2012 at 4:47 PM

is that where he keeps his “Twitters” accounts???

ted c on June 26, 2012 at 4:48 PM

Kind of funny that President Obama spends so much time denouncing big bankers and Wall Street “fat cats,” but he was perfectly willing to take their money when they were willing to give it.

“You mean if I bash the rich, the rich might not like me anymore? But I’m Barack Obama. They have to like me.”

Bitter Clinger on June 26, 2012 at 4:48 PM

The absence of Wall Street love is a departure from the norm for the Obama campaign.

Looks like there are actually 51 ways to leave your lover.

Frankly I am surprised the Wall Street types are leaving. Battered girlfriends often cling to their abusers. Maybe the abuse just got to be too much for them.

MessesWithTexas on June 26, 2012 at 4:49 PM

Even Dems are becoming Birthers now.

faraway on June 26, 2012 at 4:49 PM

Someone cue up the Iron Maiden.

RUN FOR THE HILLS
RUN FOR YOUR LIVES
RUN FOR THE HILLS
RUN FOR YOUR LIVES

teke184 on June 26, 2012 at 4:50 PM

Can’t wait for the 50 state sweep in November. This is socialism failing YET again! How many more times must we go further down that road?

kirkill on June 26, 2012 at 4:50 PM

DNC is scaling back on their upcoming convention’s activities

So they say.

Wait and see.

maverick muse on June 26, 2012 at 4:50 PM

There are much more interesting ways to throw your money away.

RBMN on June 26, 2012 at 4:50 PM

The absence of Wall Street love is a departure from the norm for the Obama campaign. In 2008, then-Senator Obama raised almost $16 million from Wall Street. John McCain, the Republican nominee, received donations totaling only $9 million.

I’ve donated $150 to the Romney campaign today. They’re trying to create this meme Republicans only get money from Wall Street.

joana on June 26, 2012 at 4:47 PM

You mean they’re trying to revise history? Shocker.

Bitter Clinger on June 26, 2012 at 4:51 PM

Oops, 57 state sweep!

kirkill on June 26, 2012 at 4:51 PM

Heh. We learned this morning that the DNC is scaling back on their upcoming convention’s activities,


Why … it’s almost as if they are experiencing a recession !

BWAAAHAAHAAHAAHAAHAAHAAHAAHAAHAAHAAHAAHAA

PolAgnostic on June 26, 2012 at 4:53 PM

But what about the wedding and birthday gifts??????????????

search4truth on June 26, 2012 at 4:53 PM

I don’t know why obama doesn’t just issue an executive order forcing all Americans to donate to him – what is he waiting for?

Pork-Chop on June 26, 2012 at 4:54 PM

Oh, noooo!!!! The DNC is scaling back the convention?!!! You mean no Roman columns this time around?!!! Darn- I was expecting the columns AND a golden throne this time around.

ptcamn on June 26, 2012 at 4:54 PM

Although he is still raising far more money there than current Republican rival Mitt Romney, Obama in 2012 is finding Silicon Valley to be tougher terrain.

I thought Obummer was whining that Romney was out-raising him and that was eeeeeevil???

KS Rex on June 26, 2012 at 4:55 PM

Silly-Con Valley companies are all ……RACISTS
:O

burrata on June 26, 2012 at 4:56 PM

Shaping up to be another bad week for The Won. Drudge has a piece on McCain and Lieberman narrowing the classified secrets leakage to Tom Donilan and hounding Holder for a special prosecutor.

a capella on June 26, 2012 at 4:56 PM

Oh, noooo!!!! The DNC is scaling back the convention?!!! You mean no Roman columns this time around?!!! Darn- I was expecting the columns AND a golden throne this time around.

ptcamn on June 26, 2012 at 4:54 PM

They will still have columns… just ones designed to the specifications of David St. Hubbins.

teke184 on June 26, 2012 at 4:56 PM

not the fact that they haven’t been able to reach their fundraising goals because they banned direct corporate donations — though it doesn’t seem like corporations would be all that excited about giving the Democrats money, anyways.


Sometime in the not too distant past …

“How many corporations have we received donations from so far?”

‘Zero’

“How many are our people telling us to expect?”

‘Zero’

“OK, put out a press release saying we are banning direct corporate donations.”

PolAgnostic on June 26, 2012 at 4:56 PM

The Obama campaign has raised $1.44 million through May from employees of 15 top tech companies, as compared to $1.6 million donated by the same companies’ staff four years ago.

Wow, off by 200k, a true sign that silicon valley is jumping ship.

In reality this country’s problems go far deeper than a few regulations or other superficial issues that HotAir constantly surfaces as the source of economic malaise.

In fact, conditions for business growth have never been better in silicon valley, one of the few areas where consumer demand has remained strong. But with the average American family 40% less wealthy after the financial crisis, there’s no quick path to healthy growth for the rest of the economy.

bayam on June 26, 2012 at 4:56 PM

Some of this type donation is based as much on who they think will win as who they want to win.

They are starting to look at Obama as a loser.

forest on June 26, 2012 at 4:58 PM

Kind of funny that President Obama spends so much time denouncing big bankers and Wall Street “fat cats,” but he was perfectly willing to take their money when they were willing to give it.

His “jet rants” didn’t help either, while he flied nearly non-stop, on the taxpayers’ dime.

May he suffocate from hypocrisy.

Schadenfreude on June 26, 2012 at 4:58 PM

Even the crunchiest of businesspeople are having difficulty getting excited about the coming reign of regulatory uncertainty being ushered in by President Obama’s two signature legislative monstrosities, ObamaCare and Dodd-Frank.

Not to mention the absolute nightmare that will be his lame-duck last two months — Obummer’s EOs and executive-branch diktats thus far will pale in comparison to the damage he’ll do if the voters scorn him.

KS Rex on June 26, 2012 at 4:59 PM

This is socialism failing YET again! How many more times must we go further down that road?

kirkill on June 26, 2012 at 4:50 PM

Great, another Glenn Beck economic scholar. If Obama was even remotely close to a socialist, the White House would have put the failing, too big to fail banks under federal stewardship and then broken them up. But don’t worry, Obama bailed out the banks- you won!

bayam on June 26, 2012 at 4:59 PM

The Democratic convention won’t be the same. I was even expecting an entrance with O flying through the air over the crowd like Copperfield and then landing on a throne over a pool of water that then would part as he walked to the teleprompter…, I mean mic. I guess if they are scaling back we’ll only get the throne then. What a disappointment…

ptcamn on June 26, 2012 at 5:00 PM

troll alert

burrata on June 26, 2012 at 5:01 PM

bayam on June 26, 2012 at 4:59 PM | Delete | Delete and Ban

Just go ahead and have a good cry. You’ll feel beter afterward.

kingsjester on June 26, 2012 at 5:01 PM

The Obama campaign has raised $1.44 million through May from employees of 15 top tech companies, as compared to $1.6 million donated by the same companies’ staff four years ago.

Wow, off by 200k, a true sign that silicon valley is jumping ship.

bayam on June 26, 2012 at 4:56 PM

Good point — $160K, actually — seems like somewhat of an inconclusive indicator.

KS Rex on June 26, 2012 at 5:02 PM

there’s no quick path to healthy growth for the rest of the economy.

bayam on June 26, 2012 at 4:56 PM

No, it won’t be quick. It’ll take at least four and a half months to start the turnaround. It will begin around the 7th of November, 2012, when the entire country heaves a huge sigh of relief that our long national nightmare is over.

AZCoyote on June 26, 2012 at 5:04 PM

bayam on June 26, 2012 at 4:59 PM

I’m inclined to agree with you about his socialist label. Rather, he seems to advocate a system whereby businesses are still owned by the private sector but controlled by the government. I’m trying to remember what that is called.

a capella on June 26, 2012 at 5:04 PM

Someone cue up the Iron Maiden.

teke184 on June 26, 2012 at 4:50 PM

White man came across the sea
He brought us pain and misery


Run to the hills – run for your lives

Yes, we go back a few decades, and the cool thing to do is for the white man to rhetorically attack the white man. To be white now is to be passé, weak, devoid of the “color” of character and strength, and to be demonized for privilege when for years reverse discrimination has been the rule (think: BHO). See a despicable anti-White ad running in MN: http://unfaircampaign.org/
I think we should blog more about this ad, as it sums up what we are up against. And it makes whites look like Nazis in concentration camps. Not pretty.

anotherJoe on June 26, 2012 at 5:08 PM

bayam on June 26, 2012 at 4:59 PM

Thanks, yes, the jam down of Obamacare (socialist mandate to make every American dependent on the Fed) was a pure bi-partisan effort. \

Nice try Mr. Alinsky.

kirkill on June 26, 2012 at 5:08 PM

It will begin around the 7th of November, 2012, when the entire country heaves a huge sigh of relief that our long national nightmare is over.

Yes, just like the long national economic nightmare brought upon by that monster… Bill Clinton. It’s an old story from the right, but at least your storyline is consistent if not well informed.

You might try watching more CNBC and less Glenn Beck. Although I know it’s easier to invent simple explanations that understand the ramifications of massive wealth loss in the wake of a massive asset bubble and balance sheet recession.

Given the massive loss of wealth and corresponding drop in consumer demand, the only surprise is that the nation didn’t fall into a depression. And yes, the stimulus is the *only* reason the country rebounded to positive GDP growth when it did.

http://www.businessinsider.com/dear-america-you-should-be-mad-as-hell-about-this-charts-2012-6

bayam on June 26, 2012 at 5:11 PM

Bayam must be drinking his koolaid out of a baby bottle. We’ve had more clever trolls than that at Hot Air!!

Deano1952 on June 26, 2012 at 5:13 PM

Maybe the problem isn’t that they are steering away from little Bammie, but that they have moved to Texas?

slickwillie2001 on June 26, 2012 at 5:14 PM

bayam on June 26, 2012 at 5:11 PM

Community Reinvestment Act. Where did it all go wrong?

a capella on June 26, 2012 at 5:14 PM

bayam on June 26, 2012 at 5:11 PM

And, you might try watching cable channels that are a wee bit more objective.

Nawww…you wouldn’t. Just drink your Kool-aid.

kingsjester on June 26, 2012 at 5:14 PM

Re: Silicon Valley…. The question is not about the existing companies staying put, but where are they expanding? Certainly if the business environment in Silicon Valley was so great most expansions would occur right where they already are. Well…

Silicon Valley may be churning out millionaires like burritos at a Mexican restaurant, but looking into the future, one has to wonder if its dominance will diminish. Limited developable land*, an extremely difficult planning environment, high income taxes and impossibly stratospheric housing costs may lead more companies and people to relocate elsewhere, particularly if the big paydays needed to make ends meet wind down.

These companies have flocked to Utah for reasons such as lower taxes, a more flexible regulatory environment, a well-educated, multilingual workforce and spectacular nearby natural amenities. Perhaps most critical of all may be housing prices: Three-quarters of Salt Lake area households can afford a median-priced house, compared to 45% in Silicon Valley and about half that in San Francisco.

*Note: There is land available, but the Greens have removed it from the market…

visions on June 26, 2012 at 5:15 PM

Link

visions on June 26, 2012 at 5:15 PM

Rather, he seems to advocate a system whereby businesses are still owned by the private sector but controlled by the government. I’m trying to remember what that is called.

a capella on June 26, 2012 at 5:04 PM

That’s how the economy is run in China, and to Glen Beck economic scholars, it’s comparable to the US.
If you think that preventing banks from engaging in speculative, derivative-based ‘investments’ with federally insured deposits is unfair ‘control’, then you have a surprising level of ignorance about the roots of the near collapse of the broker-dealer system in 2008.

bayam on June 26, 2012 at 5:15 PM

Deano1952 on June 26, 2012 at 5:13 PM | Delete | Delete and Ban

He has always struggled. Tries hard, though

a capella on June 26, 2012 at 5:15 PM

Bayam mentions of Glenn Beck so far this thread: 3

Kataklysmic on June 26, 2012 at 5:17 PM

Even the crunchiest of businesspeople are having difficulty getting excited about the coming reign of regulatory uncertainty being ushered in by President Obama’s two signature legislative monstrosities

Ummmm…

The Obama campaign has raised $1.44 million through May from employees of 15 top tech companies…

Romney has raised almost $340,000 during this election campaign from the 15 tech companies’ employees…

Conclusion: The Tech Industry is “All In” for Obama. They love him and all his regulations.

:(

hisfrogness on June 26, 2012 at 5:18 PM

Billionaire Warren Buffett endorses Bob Kerrey

OmahaConservative on June 26, 2012 at 5:16 PM | Delete | Delete and Ban

LOL! Now all he needs is Ernie Chambers.

a capella on June 26, 2012 at 5:19 PM

…the fact that they haven’t been able to reach their fundraising goals because they banned direct corporate donations — though it doesn’t seem like corporations would be all that excited about giving the Democrats money, anyways.

I have personally banned lottery winnings over $100MM.

I’ve also banned spacecraft from landing in my backyard.

BobMbx on June 26, 2012 at 5:21 PM

So, the nerds are finally waking up to the fact that supporting Obama does not compute?

OldEnglish on June 26, 2012 at 5:22 PM

LOL! Now all he needs is Ernie Chambers.

a capella on June 26, 2012 at 5:19 PM

Heh…

OmahaConservative on June 26, 2012 at 5:26 PM

Conclusion: The Tech Industry is “All In” for Obama. They love him and all his regulations.

:(

hisfrogness on June 26, 2012 at 5:18 PM

Yes, I too was having trouble reconciling the presented figures with Erika’s conclusions …

YiZhangZhe on June 26, 2012 at 5:29 PM

You might try watching more CNBC…..

Where falling energy prices are treated as a bad thing, and rumors of large layoffs get headline attention.

I just love stock market channels…..they have a cyclic set of responses for whatever the market did the day before:

If it went up you’ll hear one these:

1) ….because of increased investor confidence
2) ….the Fed meets tomorrow
3) ….the moon is waxing

If it went down:

1)….profit taking
2)….on fears of a tighter money supply
3)….Buffet had an omelet for breakfast

This is my favorite question to ask “financial experts”:

If you’re an expert, why do you have a job? Why aren’t you a quadrillionaire living on your private island of New Zealand?

BobMbx on June 26, 2012 at 5:30 PM

Obummer: Hey, all you fat-cat capitalist blood-sucking vampires, give me your money so I can tax you! What do you mean, no???

Steve Z on June 26, 2012 at 5:37 PM

Bayam mentions of Glenn Beck so far this thread: 3

Kataklysmic on June 26, 2012 at 5:17 PM

Refutations of anything Glenn Beck actually said? 0

Van Jones is no longer in the Obama Admin. I think the proves Glenn Beck has a little more influence than Mr. bayam.

kirkill on June 26, 2012 at 5:41 PM

Great, another Glenn Beck economic scholar. If Obama was even remotely close to a socialist, the White House would have put the failing, too big to fail banks under federal stewardship and then broken them up. But don’t worry, Obama bailed out the banks- you won!

bayam on June 26, 2012 at 4:59 PM

Good point. Obama’s actually a fascist.

gwelf on June 26, 2012 at 5:46 PM

The Dems had to cut back on their Convention events so they could pay for the Greek columns. The Big O wants real marble this time.

RebeccaH on June 26, 2012 at 5:48 PM

bayam must have a serious crush on Glenn Beck – 3 mentions of him and none of the usual name-dropping – ooohhh butbutbutbut Larry Ellison, Steve Jobs, Bill Gates, Warren Buffet are all smarrrrt people…….

dentarthurdent on June 26, 2012 at 5:49 PM

If you think that preventing banks from engaging in speculative, derivative-based ‘investments’ with federally insured deposits is unfair ‘control’, then you have a surprising level of ignorance about the roots of the near collapse of the broker-dealer system in 2008.

bayam on June 26, 2012 at 5:15 PM

Yeah – it’s almost like there was a pseudo-governmental buyer of most of those ‘investments’ and political pressure to issue the bad loans they were founded on and the odd impression that they would be bailed out if it all came crashing down.

gwelf on June 26, 2012 at 5:53 PM

Good point. Obama’s actually a fascist.

gwelf on June 26, 2012 at 5:46 PM

Great Point. One thing Romney should put out an ad with is how Obama said he would unite the country. And then of course Pelosi/Reid and O jammed down total partisan legislation right and left. I guess that’s how he unites. Sal Alinsky said to say exactly opposite of what you do…and the MSLSD networks will back you up.

kirkill on June 26, 2012 at 5:53 PM

Good point. Obama’s actually a fascist.

gwelf on June 26, 2012 at 5:46 PM

Yep. That’s the word I was hoping to discuss with him in my 5:04 post.

a capella on June 26, 2012 at 5:55 PM

No surprise there…san jose area has many conservative pockets…mainly naturalized
immigrants working in the tech business from countries where they experienced the ‘blessings’ of socialism and don’t want it replicate it over here…

jimver on June 26, 2012 at 5:56 PM

If you’re an expert, why do you have a job? Why aren’t you a quadrillionaire living on your private island of New Zealand?

BobMbx on June 26, 2012 at 5:30 PM

..right on! Them that can does, them that can’t does the afternoon/evening slot on CNBC or FBN. Actually it’s a lot like sports shows on ESPN and its variants: a hopeless deluge of stats punctuated by cliche-ridden interviews.

Except Gerri Willis; I turn the sound down and watch her every day. Sometimes I even fast reverse and watch some more.

The War Planner on June 26, 2012 at 6:36 PM

..wonder if Gerri owns a leather bustier?

The War Planner on June 26, 2012 at 6:37 PM

Looks like there are actually 51 ways to leave your lover.

Frankly I am surprised the Wall Street types are leaving. Battered girlfriends often cling to their abusers. Maybe the abuse just got to be too much for them.

MessesWithTexas on June 26, 2012 at 4:49 PM

There are actually 57 ways to leave your lover. One way for each state in Obama’s AmeriKKKa.

Gladtobehere on June 26, 2012 at 6:57 PM

The Obama campaign has raised $1.44 million through May from employees of 15 top tech companies, as compared to $1.6 million donated by the same companies’ staff four years ago. …

Romney has raised almost $340,000 during this election campaign from the 15 tech companies’ employees

I don’t know what you are crowing about Erika. Romney’s donations from the commie techs sound pretty dismal compared to Obama’s. And according to Fox News Special Report, Obama has raised $261 million in the last year compared to $123 million for Romney.

I expect Romney will raise much more in the next few months. He better, he is going to need it.

woodNfish on June 26, 2012 at 7:15 PM

He lags behind his 2008 campaign in donations from workers at Internet, computer and telecom equipment powerhouses

Hello, that’s bcuz most of ‘em don’t work there anymore due to downsizing caused by Oblunder’s job-killing economic policies.

Oh, and another reason Osquanderer is short of campaign cash may be due to all those lawyers he’s been hiring for the November election to accuse the right of the vote fraud that the unions and the left will be propagating and that the DOJ will be ignoring.

stukinIL4now on June 26, 2012 at 7:44 PM

Even the Silicon Valley donors are starting to steer away from Obama

…They should be wearing silicon rubbers on their heads for ever donating to JugEars!

KOOLAID2 on June 26, 2012 at 9:40 PM

The Obama campaign has raised $1.44 million through May from employees of 15 top tech companies, as compared to $1.6 million donated by the same companies’ staff four years ago. …

Romney has raised almost $340,000 during this election campaign from the 15 tech companies’ employees

I don’t know what you are crowing about Erika. Romney’s donations from the commie techs sound pretty dismal compared to Obama’s. And according to Fox News Special Report, Obama has raised $261 million in the last year compared to $123 million for Romney.

I expect Romney will raise much more in the next few months. He better, he is going to need it.

woodNfish on June 26, 2012 at 7:15 PM

You seem to forget the PACs…this is where Romney’s huge advantage is…Obama’s PACs are dwarfs by comparison….

jimver on June 27, 2012 at 12:17 AM