"It's not healthy for rich people to feel maligned."
That's a recent quote from a Wall Street executive, who has shifted his campaign giving from President Obama to Mitt Romney. According to that article, "67 people who work in the financial sector and live in the New York City metro area gave to Obama in 2008 and to the former Massachusetts governor in 2011."
It's probably not surprising then that Republican presidential hopeful, Mitt Romney, said yesterday that he would repeal the Dodd-Frank Financial reform legislation. "The extent of regulation in the banking industry has become extraordinarily burdensome following Dodd-Frank," Romney said at a campaign stop in New Hampshire.
Mitt Romney has already received nearly $5 million from the Finance, Insurance, and Real Estate (FIRE) sector for his 2012 presidential campaign, by far his biggest contributing sector, according to the Center for Responsive Politics.
Top FIRE industries to Romney:*
|Securities & Investment||$2,339,588|
Here's a quick rundown of some of his top FIRE contributors:
|Credit Suisse Group||$172,000|
Not that anybody needs to be reminded, but these are the same Wall Street barons who brought our economy to the brink of collapse in 2008. And after they fought tooth and nail to water down the financial regulation legislation that eventually became Dodd-Frank, that still wasn't enough. Since it's passage, they have continued the fight to repeal the law using campaign cash and scores of lobbyists.
And now, sensing a corporate friend in Romney, they're going all in to help him win in hopes of repealing the common sense reforms that protects consumers and restore some sanity to the financial sector. The 2012 campaign is still in its infancy, and Wall Street's campaign giving to Romney will continue to grow--as if Washington, D.C. hasn't been friendly enough to these wealthy interests over the years.
*These numbers are based on a preliminary analysis of second quarter date for 2011, and does not yet include second quarter contributions made through joint fundraising committee.