Wall Street Funneled Millions To Obama, Mccain Campaigns

Wall Street’s greatest firms often were the biggest donors to the presidential campaigns of Barack Obama and John McCain, reveal federal records. Wall Street Funneled Millions To Obama, McCain CampaignsBy Cliff Montgomery – Nov. 6th, 2008Wall 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 thee-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. * Please check out our ads–they help keep this news site running. Thanks!