Obama Has More Wall St. Cash Than GOP Candidates

Obama, DNC pulling in more cash ... even from firm Romney founded
By Rob Quinn,  Newser Staff
Posted Oct 20, 2011 3:19 AM CDT
Updated Oct 20, 2011 6:00 AM CDT
Obama Has More Wall St. Cash Than GOP Candidates
President Obama waves after a Democratic fundraiser last month.   (AP Photo/Chris Carlson)

(Newser) – Despite his moves to tighten regulation of the financial sector, President Obama has more Wall Street money in his war chest than all of the Republican hopefuls combined, the Washington Post finds. Obama's campaign has received $3.9 million in donations from employees of financial firms, compared with $7.5 million for Mitt Romney. But as president, Obama can also include Democratic National Committee donations, which brings his total up to $11.7 million. Rick Perry has received $2 million from financial workers, Jon Huntsman $401,000, Ron Paul $289,000, and Herman Cain only $129,000.

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Because donors are allowed to give more money to party committees than to candidates, Obama has raised more cash than Romney even at Bain Capital, the private equity firm Romney co-founded. Some 18 donors at the company have given $34,000 to the Romney campaign, but Obama outdid him with $76,600—from just three donors. Reports of widespread disaffection with Obama in the financial sector are "exaggerated and overblown," says a banker who raises money for Obama, "but it probably helps from a political perspective if he’s not seen as a Wall Street guy." (Read more President Obama stories.)

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