Elections 2016 - Fundraising Totals: Wall Street Banks Donated the Most Campaign Money to Jeb Bush and Hillary Clinton
Although Republican presidential hopeful Jeb Bush is lagging in the polls, he has taken lead in at least one aspect in the race as the candidate who has received the most donations from Wall Street.
According to the latest Federal Election Commission (FEC) filings, the former Florida governor received more financial backing than any Democrat or Republican contender in the election from major Wall Street banks between July and the end of September, reports Reuters. Altogether, he has received $107,000 from employees of Bank of America, Citigroup, Credit Suisse, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley and UBS in the last quarter. Data collected by the nonpartisan Center for Responsive Politics also shows that the former two-time governor has already raised over $30 million from Wall Street in total.
Meanwhile, Democratic front-runner Hillary Clinton proves to be the second most popular candidate on Wall Street, receiving almost $84,000 from the same banks. Overall, Wall Street has poured $5.9 million into her campaign and super-PAC. However, that is a huge decline compared to what the former secretary of state received from Wall Street during her first presidential campaign in 2008. She also received generous donations from the New York financial district throughout her stint as a U.S. senator, notes The Hill.
Experts point out that Wall Street donors began shying away from Democrats after the 2008 election of President Barack Obama, who implemented major reform in the financial industry through the Dodd-Frank Act.
New York financier Anthony Scaramucci said he donated to the Obama campaign in 2008, but then decided to back Mitt Romney in 2012. Now he is a Bush fundraiser.
"I support[ed] Senator Obama because of our law school connection and I thought he would be more moderate. Nothing more," said Scaramucci, who calls himself as a "lifelong Republican."
In 2008, executives at Goldman Sachs employees overwhelmingly supported Democrats, while giving Obama $1 million compared with $231,000 for former 2008 GOP presidential nominee Sen. John McCain. Four years later, Romney ended up receiving $1 million from the firm in 2012.
According to CRP's analysis, the investment bank's employees are the second most generous company donors over the course of Clinton's political career. However, the firm has donated just $67,000 to her 2016 presidential bid, while Bush's campaign has already received $198,000 from the firm.
All other 2016 candidates fall significantly short compared to the amount of money Clinton and Bush have raised on Wall Street. Florida Sen. Marco Rubio raised more than $25,000 in the last quarter, while Texas Sen. Ted Cruz took in $17,000 and Ben Carson received $8,000. Democratic presidential contender Bernie Sanders, on the other hand, received just $4,843 from bank employees.
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