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Romney Collects More in Donations From the Five Biggest Banks Than All Other Candidates Combined

Saturday, 28 January 2012 08:14 By Pat Garofalo, ThinkProgress | Report

Mitt Romney has been leading the way in the 2012 presidential race when it comes to donations from Wall Street, pulling in millions from the financial sector since he launched his campaign. And the industry’s favor for Romney comes across even more when looking at just the five biggest banks in the U.S.: JP Morgan Chase, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs

In fact, as McClatchy News noted, Romney has received more in donations from employees of the nation’s five biggest banks than all of the other presidential candidates combined:

Employees at the five largest U.S. banks by assets, including Bank of America Corp. and Wells Fargo & Co., had given Romney about $600,000 through the first three quarters of 2011, according to the most recent filings available from the Federal Election Commission.

The second-largest recipient of bank employee contributions, President Barack Obama, had far less, about $200,000, the analysis showed. The Republican presidential hopeful with the second-highest total, former Minnesota Gov. Tim Pawlenty, dropped out of the race in mid-August.

Romney received more from employees of those top five banks than all the other candidates combined.

So far, the financial industry has made 69 percent of its donations in the presidential race to Republicans, a trend that, if it continues, “would mark the most skewed to one party the spending has been in more than two decades.”

The financial industry’s support for Romney is unsurprising, as he has made attacking the Dodd-Frank financial reform law a centerpiece of his campaign. He has even likened financial regulators to “gargoyles.” While he has paid lip service to needing some sort of financial reform, he has yet to propose any plan of his own.

As the world rises up against economic injustice, Truthout brings you the latest news and analysis, free of corporate influence. Help support this work with a tax-deductible donation today.

Pat Garofalo

Pat Garofalo is Economic Policy Editor for ThinkProgress.org and The Progress Report at American Progress.


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Romney Collects More in Donations From the Five Biggest Banks Than All Other Candidates Combined

Saturday, 28 January 2012 08:14 By Pat Garofalo, ThinkProgress | Report

Mitt Romney has been leading the way in the 2012 presidential race when it comes to donations from Wall Street, pulling in millions from the financial sector since he launched his campaign. And the industry’s favor for Romney comes across even more when looking at just the five biggest banks in the U.S.: JP Morgan Chase, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs

In fact, as McClatchy News noted, Romney has received more in donations from employees of the nation’s five biggest banks than all of the other presidential candidates combined:

Employees at the five largest U.S. banks by assets, including Bank of America Corp. and Wells Fargo & Co., had given Romney about $600,000 through the first three quarters of 2011, according to the most recent filings available from the Federal Election Commission.

The second-largest recipient of bank employee contributions, President Barack Obama, had far less, about $200,000, the analysis showed. The Republican presidential hopeful with the second-highest total, former Minnesota Gov. Tim Pawlenty, dropped out of the race in mid-August.

Romney received more from employees of those top five banks than all the other candidates combined.

So far, the financial industry has made 69 percent of its donations in the presidential race to Republicans, a trend that, if it continues, “would mark the most skewed to one party the spending has been in more than two decades.”

The financial industry’s support for Romney is unsurprising, as he has made attacking the Dodd-Frank financial reform law a centerpiece of his campaign. He has even likened financial regulators to “gargoyles.” While he has paid lip service to needing some sort of financial reform, he has yet to propose any plan of his own.

As the world rises up against economic injustice, Truthout brings you the latest news and analysis, free of corporate influence. Help support this work with a tax-deductible donation today.

Pat Garofalo

Pat Garofalo is Economic Policy Editor for ThinkProgress.org and The Progress Report at American Progress.


Hide Comments

blog comments powered by Disqus