Wall Street favors Dems - Donors focusing on budget, war
Wall Street favors Dems - Donors focusing on budget, war
Copyright © 2007, Chicago Tribune
July 23, 2007
NEW YORK - Wall Street donors are demonstrating their disenchantment with President Bush and his policies on Iraq and the economy by giving more to Democratic presidential hopefuls Barack Obama and Hillary Clinton than to Republican candidates.
Obama, a Democratic senator from Illinois, is leading among employees of the top 10 investment banks, raising at least $739,579 in the second quarter, Federal Election Commission filings show.
Clinton, a New York Democratic senator whose constituency includes Wall Street, followed with $424,545. By comparison, the top Republican recipients, John McCain and Rudy Giuliani, each received a little more than $330,000.
Overall, employees of the banks gave more than $1.4 million to Democrats and slightly more than $900,000 to Republicans. These Democratic donors are focusing on issues such as the budget and the growing negative perception of the U.S. overseas.
JPMorgan Chase & Co. Chief Financial Officer Michael Cavanagh, an Obama supporter, said he sees an opportunity for a "fresh look at things," while Robert Wolf, chairman of UBS Americas, said he is concerned about the Iraq war and partisan divides.
"Plenty of people on Wall Street look at many issues outside of just from a business acumen," said Wolf, who is raising money for Obama. "He was very clear in 2002 that he was against the war, and I think that differentiates him."
Clinton counts Morgan Stanley Chief Executive John Mack among her supporters. Mack raised money for Clinton at the company's New York headquarters last week. Mack, who was one of Bush's biggest fundraisers in 2004, declined to comment.
Clinton received at least $47,850 in donations from Morgan Stanley employees, while Obama got $45,485.
Heidi Miller, JP Morgan's chief executive of treasury and security services, said she and other Wall Street executives are impressed with the way Clinton has responded to the industry as a senator.
Employees at the top hedge funds and private-equity firms, whose tax rates are under assault from lawmakers that include Obama and Clinton, didn't give nearly as much to White House hopefuls and are largely hedging their bets, election commission filings show.
The top 10 hedge funds, excluding investment banks that also have funds, tilted toward Democrats, giving the three leading candidates a combined $62,211, compared with $50,750 for the three Republican leaders.
The employees of the top 10 private-equity firms leaned toward Republicans, giving a combined $77,700, compared with $68,690 for the top Democrats.
Executives at New York-based private-equity firm Blackstone Group LP donated a combined $30,100 to McCain, the most of any candidate.
Clinton got $7,200 and Obama got $4,600.
Once the bastion of Republicans, Wall Street has been donating more to the Democratic Party in recent years, thanks in part to the fundraising prowess of Clinton and fellow New Yorker Charles Schumer, who leads the Senate Democrats' campaign efforts. Democrats also benefited from concerns about the war.
Copyright © 2007, Chicago Tribune
July 23, 2007
NEW YORK - Wall Street donors are demonstrating their disenchantment with President Bush and his policies on Iraq and the economy by giving more to Democratic presidential hopefuls Barack Obama and Hillary Clinton than to Republican candidates.
Obama, a Democratic senator from Illinois, is leading among employees of the top 10 investment banks, raising at least $739,579 in the second quarter, Federal Election Commission filings show.
Clinton, a New York Democratic senator whose constituency includes Wall Street, followed with $424,545. By comparison, the top Republican recipients, John McCain and Rudy Giuliani, each received a little more than $330,000.
Overall, employees of the banks gave more than $1.4 million to Democrats and slightly more than $900,000 to Republicans. These Democratic donors are focusing on issues such as the budget and the growing negative perception of the U.S. overseas.
JPMorgan Chase & Co. Chief Financial Officer Michael Cavanagh, an Obama supporter, said he sees an opportunity for a "fresh look at things," while Robert Wolf, chairman of UBS Americas, said he is concerned about the Iraq war and partisan divides.
"Plenty of people on Wall Street look at many issues outside of just from a business acumen," said Wolf, who is raising money for Obama. "He was very clear in 2002 that he was against the war, and I think that differentiates him."
Clinton counts Morgan Stanley Chief Executive John Mack among her supporters. Mack raised money for Clinton at the company's New York headquarters last week. Mack, who was one of Bush's biggest fundraisers in 2004, declined to comment.
Clinton received at least $47,850 in donations from Morgan Stanley employees, while Obama got $45,485.
Heidi Miller, JP Morgan's chief executive of treasury and security services, said she and other Wall Street executives are impressed with the way Clinton has responded to the industry as a senator.
Employees at the top hedge funds and private-equity firms, whose tax rates are under assault from lawmakers that include Obama and Clinton, didn't give nearly as much to White House hopefuls and are largely hedging their bets, election commission filings show.
The top 10 hedge funds, excluding investment banks that also have funds, tilted toward Democrats, giving the three leading candidates a combined $62,211, compared with $50,750 for the three Republican leaders.
The employees of the top 10 private-equity firms leaned toward Republicans, giving a combined $77,700, compared with $68,690 for the top Democrats.
Executives at New York-based private-equity firm Blackstone Group LP donated a combined $30,100 to McCain, the most of any candidate.
Clinton got $7,200 and Obama got $4,600.
Once the bastion of Republicans, Wall Street has been donating more to the Democratic Party in recent years, thanks in part to the fundraising prowess of Clinton and fellow New Yorker Charles Schumer, who leads the Senate Democrats' campaign efforts. Democrats also benefited from concerns about the war.
posted by Carlos T Mock at 8:56 AM
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