Today's Article
Wall Street's greatest
firms often were the
biggest donors to the
presidential
campaigns of Barack
Obama and John
McCain, reveal federal
records.
firms often were the
biggest donors to the
presidential
campaigns of Barack
Obama and John
McCain, reveal federal
records.
The American Spark
 |
 |
 |
 |
 |
Wall Street Funneled Millions To Obama, McCain Campaigns
By Cliff Montgomery - Nov. 6th, 2008
Wall Street's greatest firms often were the biggest donors to the presidential campaigns of Barack Obama and
John McCain, reveal federal records.
This principally was achieved 'under the radar' through the use of "bundlers"--wealthy individuals who convince
their family, friends and coworkers to collect hundreds of thousands for a particular candidate, in addition to
the large contributions they might provide.
Over 560 bundlers gave at least $63.2 million to Obama, and more than 530 collected at least $75.7 million for
McCain, according to a study of Federal Election Commission data released on Sept. 29th. The report was
produced by the Center for Responsive Politics (CRP), a political watchdog group.
McCain's campaign posted bundlers' occupations and employers; Obama's did not.
McCain's bundler list included at least 70 individuals from Wall Street's infamous securities and investment
firms; they contributed at least $11.8 million to his presidential campaign. These firms were McCain's biggest
source of bundlers, according to the CRP report.
Second for McCain were real estate bundlers; at least 55 of them gave $9,500,000 or more to the Republican.
Bundlers from the finance, real estate and insurance sectors funneled over $30 million to McCain.
Obama's campaign only liked to discuss the Main Street donors who gave $10 or $20 to his successful White
House drive, and downplayed large donations from Wall Street bundlers. The Obama camp repeatedly ignored
requests from watchdog groups like the Center for Responsive Politics to reveal his bundlers' occupations and
employers.
But that doesn't mean they couldn't be discovered by the CRP.
Lawyers were Obama's largest source of Wall Street bundlers; but securities and investments firms were a
fairly close second.
At least 80 lawyer/law firm bundlers donated over $10.8 million to the Obama campaign, according to the CRP
study. Securities and investment bundlers were second, with more than $7.8 million coming in from at least 56
individuals.
Finance, real estate and insurance sectors together raised over $13.4 million for the Democrat.
Among the McCain camp bundlers was Merrill Lynch CEO John Thain; he raised at least $500,000 for the
Republican. Taken together, Merrill Lynch employees became McCain's single biggest donor group.
Lehman Brothers also bundled quite a bit for McCain. For those who haven't kept a Wall Street scorecard,
Lehman Brothers formerly was known as Bear Stearns, Morgan Stanley, JPMorgan Chase, Credit Suisse and
Wachovia.
UBS executive (and former top McCain economic advisor) Phil Gramm, and Geoffrey Boisi, a Freddie Mac
board member, have each raised between $100,000-$250,000 for John McCain, according to the CRP report.
Among Obama's bundlers were numerous Citigroup executives, who raised between $600,000-$1.5 million for
the president-elect.
Goldman Sachs bundlers raised more for Obama than any other Wall Street group, states the CRP study.
Lehman Brothers and Credit Suisse executives also were important bundlers.
Commercial banking industry contributions were fairly split between the two presidential nominees--Obama
received at least $2 million, and McCain at least $1.9 million.
In all, the banking industry donated at least $25 million to federal parties and candidates through the 2008
election cycle. It gave about 52 percent of its contributions to Republicans.
Like what you're reading so far? Then why not order a full year (52 issues) of the The American Spark e-
newsletter for only $15? A major article covering an story not being told in the Corporate Press will be
delivered to your email every Monday morning for a full year, for less than 30 cents an issue. Order Now!
By Cliff Montgomery - Nov. 6th, 2008
Wall Street's greatest firms often were the biggest donors to the presidential campaigns of Barack Obama and
John McCain, reveal federal records.
This principally was achieved 'under the radar' through the use of "bundlers"--wealthy individuals who convince
their family, friends and coworkers to collect hundreds of thousands for a particular candidate, in addition to
the large contributions they might provide.
Over 560 bundlers gave at least $63.2 million to Obama, and more than 530 collected at least $75.7 million for
McCain, according to a study of Federal Election Commission data released on Sept. 29th. The report was
produced by the Center for Responsive Politics (CRP), a political watchdog group.
McCain's campaign posted bundlers' occupations and employers; Obama's did not.
McCain's bundler list included at least 70 individuals from Wall Street's infamous securities and investment
firms; they contributed at least $11.8 million to his presidential campaign. These firms were McCain's biggest
source of bundlers, according to the CRP report.
Second for McCain were real estate bundlers; at least 55 of them gave $9,500,000 or more to the Republican.
Bundlers from the finance, real estate and insurance sectors funneled over $30 million to McCain.
Obama's campaign only liked to discuss the Main Street donors who gave $10 or $20 to his successful White
House drive, and downplayed large donations from Wall Street bundlers. The Obama camp repeatedly ignored
requests from watchdog groups like the Center for Responsive Politics to reveal his bundlers' occupations and
employers.
But that doesn't mean they couldn't be discovered by the CRP.
Lawyers were Obama's largest source of Wall Street bundlers; but securities and investments firms were a
fairly close second.
At least 80 lawyer/law firm bundlers donated over $10.8 million to the Obama campaign, according to the CRP
study. Securities and investment bundlers were second, with more than $7.8 million coming in from at least 56
individuals.
Finance, real estate and insurance sectors together raised over $13.4 million for the Democrat.
Among the McCain camp bundlers was Merrill Lynch CEO John Thain; he raised at least $500,000 for the
Republican. Taken together, Merrill Lynch employees became McCain's single biggest donor group.
Lehman Brothers also bundled quite a bit for McCain. For those who haven't kept a Wall Street scorecard,
Lehman Brothers formerly was known as Bear Stearns, Morgan Stanley, JPMorgan Chase, Credit Suisse and
Wachovia.
UBS executive (and former top McCain economic advisor) Phil Gramm, and Geoffrey Boisi, a Freddie Mac
board member, have each raised between $100,000-$250,000 for John McCain, according to the CRP report.
Among Obama's bundlers were numerous Citigroup executives, who raised between $600,000-$1.5 million for
the president-elect.
Goldman Sachs bundlers raised more for Obama than any other Wall Street group, states the CRP study.
Lehman Brothers and Credit Suisse executives also were important bundlers.
Commercial banking industry contributions were fairly split between the two presidential nominees--Obama
received at least $2 million, and McCain at least $1.9 million.
In all, the banking industry donated at least $25 million to federal parties and candidates through the 2008
election cycle. It gave about 52 percent of its contributions to Republicans.
Like what you're reading so far? Then why not order a full year (52 issues) of the The American Spark e-
newsletter for only $15? A major article covering an story not being told in the Corporate Press will be
delivered to your email every Monday morning for a full year, for less than 30 cents an issue. Order Now!
Wait, why does an
independent news source
run advertisements? The
Spark answers in its
advertising policy.
independent news source
run advertisements? The
Spark answers in its
advertising policy.
* Please check out our ads--they
help keep this news site running.
Thanks!
help keep this news site running.
Thanks!