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Wall Street Likes Obama 11.8 Million Times More Than Previously Believed

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Considering Wall Street's well-documented distaste for President Obama's economic policies, it might be logical to assume the lion's share of the donations to his re-election campaign recently have come from elsewhere.

Instead, a new analysis by the Center for Responsive Politics has found that "individuals who work in the finance, insurance and real estate sector are responsible for raising at least $11.8 million for Obama's campaign and the Democratic National Committee," or about one-third of the $34.95 million his "elite fund-raising corps" brought in during the second quarter of this year.

The Center's Michael Beckel writes:

The Center has identified 80 bundlers -- out of 244 whose names were released by the Obama campaign last week -- who are part of the financial sector. Forty-four specifically work for the securities and investment industry.

Nine of these 80 bundlers have already raised more than $500,000 -- the top dollar range given by the Obama campaign. Four of them -- former Goldman Sachs CEO Jon Corzine, Evercore Partners executive Charles Myers, Greenstreet Real Estate Partners CEO Steven Green and Azita Raji, a former investment banker for JPMorgan -- did not bundle money for Obama's 2008 campaign.

The other five finance-related top-tier Obama bundlers, who are bundling for him again this campaign, are:
  • Mark and Nancy Gilbert, of Barclays, who worked together to raise money as a couple
  • Blair Effron, of Centerview Partners
  • Kirk Rudy, of Endeavor Real Estate
  • Orin Kramer, of Boston Provident
  • John Emerson, of Capital Group Companies

Dilling down a bit further, the data, released earlier today, shows the "Securities & Investment" industry having raised $7.2 million in Q2, $1.1 million more than the next highest group, "Lawyers/Law Firms" with $6.1 million.

Rounding out the top five: Business Services, $3.9 million, Real Estate, $2.3 million, and Misc. Finance, $1.75 million.

Aside from the folks that loudly profess to revile him, Obama continues to enjoy "vigorous support from small-dollar donors," adds Beckel, with "about 47 percent of his campaign's fund-raising haul came from individuals who gave $200 or less."
POSITION:  No positions in stocks mentioned.