| WASHINGTON, July 22
WASHINGTON, July 22 Despite howls of protests
from many on Wall Street over some of President Barack Obama's
policies, financial sector employees are giving at a greater
rate to his re-election bid than during his last campaign.
One-third of the funds hauled in by Obama's big-money
backers came from executives and others linked to the financial
world, according to a report from the Center for Responsive
Politics released on Friday.
The financial sector accounted for about 20 percent of what
Obama's top fundraisers raised during his 2008 bid.
Several high-profile bank and hedge funds executives have
complained publicly about Democratic policies, including the
financial sector overhaul and health care revamp. Still, an
incumbent is hard to beat and Wall Street likes to hedge its
"Everyone likes a winner, Obama is the incumbent president
and they are hard to oust," said Michael Beckel, a researcher
at the center. "It is natural that they want to stay in his
good graces even if some of them are upset" about certain
Obama reported raising $86 million in the quarter ending
June 30, which includes nearly $40 million raised for him by
the Democratic National Committee.
Although Republican frontrunner Mitt Romney has not named
most of his so-called bundlers -- well connected individuals
committed to raising big cash -- the former private equity
executive has traditionally lured major backing from the
Executives and others linked to Goldman Sachs (GS.N) and
the Bank of America (BAC.N) have been big Romney backers.
Romney raised total $18.4 million in the second quarter.
"From 30,000 feet, Wall Street is where a lot of candidates
turn for money," Beckel said.
Among the big names aggregating funds for Obama are Orin
Kramer of Boston Provident and Blair Effron of Centerview
Romney is at a disadvantage in that Obama can raise money
through the national committee, which can accept donations of
up to nearly $31,000. Individuals can only give up to $2,500 to
The former Massachusetts governor did release the names of
the lobbyists who had bundled funds, as required by law. Those
include an executive at the bank Barclays (BARC.L).
Romney's campaign also relied a lot more on large donations
than Obama did in the second quarter.
(Reporting by Kim Dixon; Editing by Doina Chiacu)