Mitt Romney’s investment background, criticized by some of his Republican presidential rivals, is helping him build a financial advantage over them.
In the fourth quarter of last year, eight of the 10 biggest donors to Romney, co-founder of Boston-based Bain Capital LLC, a private-equity firm, worked for banks and investment funds, according to data compiled by Bloomberg based on U.S. Federal Election Commission information released yesterday. Citigroup Inc. (C) employees gave $196,600. Those at JPMorgan Chase & Co. donated $180,518, and Goldman Sachs Group Inc. (GS) workers contributed $106,580.
For the whole campaign, Goldman Sachs employees and their families have been the largest source of campaign cash for Romney, according to the Center for Responsive Politics, a Washington-based group that tracks political money. They have given him almost half a million dollars; four years ago, they gave $1 million to President Barack Obama, according to the center and FEC filings.
“Wall Street supports someone they consider one of their own and the candidate perceived to be the most committed to promoting policies they prefer,” said Costas Panagopoulos, director of the Center for Electoral Politics and Democracy at Fordham University in New York. Obama raised almost $16 million from employees in the securities and investment industry and their families for the 2008 election, according to the Center for Responsive Politics.
Full Article: Goldman Sachs Joins Wall Street to Fund Romney – Bloomberg.