Two Charts on Wall Street’s Political Reversal

  • submit to reddit

Wall Street was firmly behind Obama in 2008 — but this year, the employees of many big banks have thrown their support behind Romney.

Last week, The Wall Street Journal took a look at Goldman Sachs Group, the corporation that in 2008 was Obama’s biggest backer, with over one million dollars in donations from individual employees. Like most of Wall Street, this year Goldman Sachs employees are behind Romney — data from the Center for Responsive Politics shows they’ve given the Romney campaign $900,000, and given his super PAC an additional $900,000. In the forty years since Congress created the campaign finance system, no corporation has switched sides so dramatically in such a short period of time.

Goldman employees told the Journal that they were offended by the regulatory measures in the Volcker rule, which was designed without their input, and by the president’s “populist rhetoric.”

“Look at what he did — he attacked those guys and made it personal,” said Rick Hohlt, a financial-services lobbyist. “In the old days you give money because you want to have a seat at the table even if you get screwed. But they weren’t even offering a seat at the table.”

  • submit to reddit
  • Sleep in the Bed You Made

    My heart just breaks for these guys. They had a seat at the table before, and what did they do? They tanked the economy and drove a lot of people into bankruptcy, while they skated off with millions in profit. Sorry, dudes, but you screwed up. You went nuts with other people’s money, invented garbage, bought and sold the garbage, then got bailed out when the garbage blew up in your greedy, undisciplined faces. You have no one to blame but yourselves.

    So, big surprise, they go to the Romney camp, where they have a sympathetic comrade-in-arms. A guy who believes rich people should be able to do whatever they want, not just with their own money, but with everyone else’s, and any attempt to stop them is an infringement on their god-given rights.

  • KDP

    Money is the real garbage. As long as this rules, we are hooped and shackled.

  • KDP

    “Let me issue and control a nation’s money and I care not who writes the laws.” Mayer Amschel Rothschild (1744-1812), founder of the House of Rothschild.
    “The few who understand the system will either be so interested in its profits or be so dependent upon its favours that there will be no opposition from that class, while on the other hand, the great body of people, mentally incapable of comprehending the tremendous advantage that capital derives from the system, will bear its burdens without complaint, and perhaps without even suspecting that the system is inimical to their interests.” The Rothschild brothers of London writing to associates in New York, 1863.

  • Ben Toney

    Bill, we are almost back to where we were at the beginning of the 20th century when the big labor unions came into being. The “robber barons” on Wall Street had become so overbearing that the middle class had to do something to protect themselves. With the huge gap between the ultra rich and the middle class of today, isn’t that what’s going on today. We either protect ourselves or the whole natrion goes over the cliff.

  • PJYates

    If Romney does not win, the Karl Rove/Grover Norqust rage of 2008 will pale by comparison. This year they have the Koch Klan behind them. No one’s going away and the plotting will begin again. Another 4 years of an obstructionist Congress? What does this cabal have in store for this country? Only the Shadow knows.

  • Anonymous

    Has anyone noticed that the Stock Market has more than DOUBLED since March of 2009? Doubled in 3.5 years.

    BUT, “Obama is bad for business.” Huh??

    If it went down, he’d be toast. If it goes up, Wall Street supports Romney.

    Talk about their head up their a*s.

  • ObamaCares2012

    Boo-hoo. They weren’t asked to the party. Right. Three guesses why not.

  • ELB

    There is no clearer signal, namely Wall Street switching from Obama to Romney, that proves Obama is doing what’s right, and has earned our vote.

  • Jim Fitzgerald

    Interesting that Wall Street was happy to support him when he was saving their asses. I hope that when the President earns another four years he remembers that and accelerates the prosecutions of the people who caused this mess.