Romney Beating Obama in a Fight for Wall St. Cash

[웃 910]

Romney Beating Obama in a Fight for Wall St. Cash

It is no secret that the relationship between President Obama and Wall Street has chilled. A striking measure of that is the latest campaign finance reports.

Mitt Romney has raised far more money than Mr. Obama this year from the firms that have been among Wall Street’s top sources of donations for the two candidates.

That gap underscores the growing alienation from Mr. Obama among many rank-and-file financial professionals and Mr. Romney’s aggressive and successful efforts to woo them.

The imbalance exists at large investment banks and hedge funds, private equity firms and commercial banks, according to a New York Times analysis of the firms that accounted for the most campaign contributions from the industry to Mr. Romney and Mr. Obama in 2008, based on data from the Federal Election Commission and the nonpartisan Center for Responsive Politics.

It could widen as Mr. Obama, seeking to harness anger over growing income inequality, escalates his criticism of the industry, after a year spent trying to smooth ties bruised by efforts to impose tougher regulations.

Since this spring, Mr. Romney has raised $1.5 million from employees of firms like Morgan Stanley; Highbridge Capital Management, a hedge fund; and Blackstone, a private equity firm. Mr. Obama has raised just over $270,000 from firms that were among his leading sources of campaign cash in 2008.

Employees of Goldman Sachs, who in the 2008 campaign gave Mr. Obama over $1 million — more than donors from any other private employer in the country — have given him about $45,000 this year. Mr. Romney has raised about $350,000 from the firm’s employees.

Those figures do not account for all Wall Street giving, nor for the full force of each candidate’s robust network of Wall Street “bundlers,” wealthy individuals who raise money from friends, family members and business associates. And Mr. Obama continues to dominate Mr. Romney — and the rest of the Republican field — in overall fund-raising. He has raised close to $100 million so far this year for his campaign, three times more than Mr. Romney, as well as $65 million for the Democratic National Committee.

The gap in Wall Street giving to Mr. Obama and Mr. Romney underscores disenchantment with Mr. Obama in the industry and the challenges both candidates will face in grappling with public anger about the financial world.

For much of the last year, aides to Mr. Obama have sought to mollify Wall Street executives still bristling over the president’s criticisms of their profits and bonuses, while defending the administration’s program of tougher oversight and regulation as both necessary and beneficial to the industry in the long term.

But with Mr. Romney, a former Massachusetts governor who once ran the private equity firm Bain Capital, the most likely Republican nominee, Mr. Obama’s campaign appears to sense an opportunity to harness public resentment over an industry that has largely thrived while the rest of the economy has not.

“There’s no doubt that Governor Romney has raised money off of his belief that Wall Street should be allowed to write its own rules again by repealing Wall Street reform,” said Ben LaBolt, an Obama campaign spokesman. “The president put in place protections to ensure that the financial crisis is not repeated and that unacceptable risks aren’t taken with Americans’ life savings.”

For his part, Mr. Romney is now pitching himself as the turnaround expert for an ailing national economy. He has personally wooed major Wall Street donors, successfully recruiting several senior financial executives poised to back Gov. Chris Christie of New Jersey had he opted for a White House bid.

But anger at big banks — manifested by the growing Occupy Wall Street protests in New York City and elsewhere — is palpable enough that Mr. Romney must avoid being seen as a friend of an industry that many Americans blame for onerous bank fees and underwater mortgages.

“To the extent anyone is supporting Mitt Romney over President Obama,” said Andrea Saul, a Romney spokeswoman, “it is because of the state of the economy and the president’s failures to create jobs.”

On Friday, Mr. Obama also voluntarily released an updated list of his bundlers for the campaign — a practice none of the Republican candidates has adopted.

Mr. Obama recruited about 100 bundlers during the three months ending Sept. 30, according to an analysis by The Times, some veterans of his 2008 effort, and some new to the ranks.

Among the new recruits are Harvey Weinstein, the movie mogul, who has raised more than half a million dollars for Mr. Obama; Roger C. Altman, a prominent investment banker who backed Hillary Rodham Clinton in 2008 but has raised more than $200,000 for Mr. Obama this year; and John E. Frank, a Microsoft executive, who has raised more than $500,000 for the president.

Mr. Obama also recruited Amy Friedkin, a San Francisco philanthropist of Jewish causes and a former president of the American Israel Public Affairs Committee, who raised more than $200,000 for Mr. Obama.

All the presidential candidates were required to disclose by midnight on Saturday their fund-raising and spending during the three months ending Sept. 30.

Those filings suggest that Mr. Romney is facing a tough fund-raising challenge from Gov. Rick Perry of Texas. Mr. Perry raised $17 million during the quarter ending on Sept. 30, roughly 60 percent from a loyal network of Texas donors.

Mr. Romney raised a little over $14 million, with the largest portion coming from California, where he raised $1.6 million, and New York, where he raised $1.5 million. Mr. Romney raised $637,000 in Texas — his fifth-biggest fund-raising state.

And while both candidates enter the fall with about the same amount of cash on hand, Mr. Romney’s campaign more than doubled its rate of spending over the spring months, spending about $12 million during the quarter, including close to $600,000 in travel, $2.8 million on direct mail and $3.6 million on consultants.

Mr. Perry, who entered the race in mid-August, halfway through the quarter, has spent just $2 million. That included about $460,000 on travel, $46,320 on direct mail and printing and $103,000 on consultants. Because he is a sitting governor, some costs, such as his security detail, are borne by taxpayers. And the fiilings do not reflect salary for some of his top aides, David Carney, and his communications director, Ray Sullivan. A press officer for the campaign said the two aides were first paid in October.

Representative Ron Paul, the Texas Republican whose libertarian views have won him a loyal grass-roots following, showed $8.3 million in contributions, half in amounts of less than $200 each. Herman Cain, the former pizza chain executive who has shot up in some recent polls, reported raising $2.8 million and having $1.3 million on hand, while Representative Michele Bachmann of Minnesota raised almost $4 million in the third quarter and spent nearly $6 million, ending with about $1.3 million in cash.

The other Republican candidates appeared to be lagging far behind. Rick Santorum, the former Pennsylvania senator, reported raising $704,000 during the three months ending Sept. 30 and had just $229,114 on hand.

Jon M. Huntsman Jr., the former Utah governor, has $327,000 left in his campaign account and more than twice that in debt, his campaign said on Friday.

Newt Gingrich, the former House speaker, raised $808,000 during the quarter ending Sept. 30 with just $353,417 in cash on hand.

Richard A. Oppel Jr., Susan Saulny and Derek Willis contributed reporting.

http://www.nytimes.com/2011/10/16/us/romney-perry-and-cain-open-wide-financial-lead-over-field.html?_r=1&hp=&pagewanted=print

[웃 910]

You'd think Wall Street would back Cain with his 0 capital gains tax for everyone plan

Mr. Romney raised a little over $14 million, with the largest portion coming from California, where he raised $1.6 million, and New York, where he raised $1.5 million. Mr. Romney raised $637,000 in Texas — his fifth-biggest fund-raising state.

And while both candidates enter the fall with about the same amount of cash on hand, Mr. Romney's campaign more than doubled its rate of spending over the spring months, spending about $12 million during the quarter, including close to $600,000 in travel, $2.8 million on direct mail and $3.6 million on consultants.

Mr. Perry, who entered the race in mid-August, halfway through the quarter, has spent just $2 million. That included about $460,000 on travel, $46,320 on direct mail and printing and $103,000 on consultants. Because he is a sitting governor, some costs, such as his security detail, are borne by taxpayers. And the fiilings do not reflect salary for some of his top aides, David Carney, and his communications director, Ray Sullivan. A press officer for the campaign said the two aides were first paid in October.

Representative Ron Paul, the Texas Republican whose libertarian views have won him a loyal grass-roots following, showed $8.3 million in contributions, half in amounts of less than $200 each. Herman Cain, the former pizza chain executive who has shot up in some recent polls, reported raising $2.8 million and having $1.3 million on hand, while Representative Michele Bachmann of Minnesota raised almost $4 million in the third quarter and spent nearly $6 million, ending with about $1.3 million in cash.

The other Republican candidates appeared to be lagging far behind. Rick Santorum, the former Pennsylvania senator, reported raising $704,000 during the three months ending Sept. 30 and had just $229,114 on hand.

Jon M. Huntsman Jr., the former Utah governor, has $327,000 left in his campaign account and more than twice that in debt, his campaign said on Friday.

Newt Gingrich, the former House speaker, raised $808,000 during the quarter ending Sept. 30 with just $353,417 in cash on hand.

Richard A. Oppel Jr., Susan Saulny and Derek Willis contributed reporting.

http://www.nytimes.c...agewanted=print

[mawilson 2,133]

You'd think Wall Street would back Cain with his 0 capital gains tax for everyone plan

0? I thought it was 9 percent for everything?

[웃 910]

0? I thought it was 9 percent for everything?

Everyone sees more taxes (except the top 1% 35%!)

http://www.hermancain.com/999plan

[웃 910]

And another way to help the poor rich. He is going to MODERNIZE (code word for end) Medicare and Social Security. According to his website, medicare will be bankrupt in less than 6 years. And SS "bottoms out" by 2037 (but actually after then - even without changing a thing it would pay for 3/4ths of the benefits with the remaining 1/4th benefits accounting for a modest .007% of GDP from 2037 to 2112)

From his site:

The federal government has imposed expensive and often counter-productive social and welfare programs on the states and the people. It is time to admit the mistakes, and get the federal government out of the way. This will allow states, cities, churches, charities and businesses to offer a helping hand instead of a handout where they live. People closest to the problems are the best ones to solve the problems effectively.

We can fulfill our responsibility to our golden age citizens and future retirees by empowering them instead of restricting them.

http://www.hermancain.com/the-issues

[scandal 951]

You'd think Wall Street would back Cain with his 0 capital gains tax for everyone plan

Wall St. isn't stupid. They don't throw money away on causes that have no chance of winning.

[Gary and Alla 3,694]

Why is Obama getting any? why is he accepting it?

Wall St. isn't stupid. They don't throw money away on causes that have no chance of winning.

Sub prime mortgages? Bernie Madoff?

[웃 910]

Sub prime mortgages? Bernie Madoff?

You're right. They are very stupid!

The week of OCT 17th to OCT 21st, 2011

This coming week will yield the earnings reports for many of the large financials. Citigroup (C) and Wells Fargo (WFC) are scheduled to report on Monday, October 17, while Bank of America (BAC) and Goldman Sachs (GS) are scheduled to report on Tuesday, October 18. Morgan Stanley (MS) and US Bancorp (USB) both report on Wednesday, October 19.

So far, only one large financial reported. On Thursday, October 13, JPMorgan Chase (JPM) announced third-quarter earnings of $4.3 billion, or $1.02 per share, compared with $4.4 billion, or $1.01, during the same quarter last year. Most estimates for JPMorgan were in the 91-98 cent range. JPMorgan earned $5.43 billion, or $1.27, of of revenue in the second quarter, so this is a quarter over quarter decrease. Revenues came in at $24.36 billion, a 11% decline from second quarter revenue of $27.41 billion but a slight increase from the $24.33 billion reported during 2010's third quarter.

Most analysts are also predicting better Q3 numbers from traditional banks, while financials that more heavily rely on trading and investment banking are expected to report poorer numbers. JPMmorgan Chase noted that revenue from consumer and business banking grew 6 percent, and that credit card sales volume rose about 10 percent, reflecting higher spending. The company's retail banking revenue increased by about 11 percent, to $7.5 billion.

Monday's bank's are among the largest. Citigroup will issue its third quarter results via press release at approximately 8:00 AM. It is expected that Citigroup will report 99 cents in earnings per share (EPS), compared to 90 cents in last year's third quarter. This would also be 10 cents below Citigroup's second quarter of 2011. See Citigroup's 2011 chart below (click to enlarge images):

Wells Fargo will also report on Monday. Wells Fargo is expected to report 69 cents in EPS, compared to 60 cents last year's 3Q and 70 cents in this year's 2Q. See Wells Fargo's 2011 chart below:

Once Citigroup and Wells Fargo report, investors will have a far clearer understanding as to the likely performance from remaining banks. Additionally, JPMorgan Chase reported that it spent an additional $1 billion in pre-tax litigation costs regarding various high profile debt and mortgage related matters. Such expenses will also likely appear across several of the stocks reporting next week. The bank also indicated that it expects continued mortgage-related weakness going forward.

http://seekingalpha....ts?source=yahoo

Edited October 16, 2011 by Lord Infamous

[mawilson 2,133]

Everyone sees more taxes (except the top 1% 35%!)

Fantastic. Sign me up.

[mawilson 2,133]

Namibia, please!

[scandal 951]

Namibia, please!

boobies will always win. Even NatGeo boobies.

[Ban Hammer 13,746]

6 first class round trip tickets coming right up:

Destination 1: Haiti

Destination 2: Zambia

Destination 3: Central African Republic

Destination 4: Sierra Leone

Destination 5: Lesotho

Destination 6: Namibia

***removed for tos violation****

NOW BOARDING!!!

ahem....try to find pictures without bare breasts...

[scandal 951]

ahem....try to find pictures without bare breasts...

So ... what's family fare on National Geographic is considered X rated on VJ?

That's just weird, Charles. Weird and stupid.

[^_^ 5,021]

So ... what's family fare on National Geographic is considered X rated on VJ?

That's just weird, Charles. Weird and stupid.

Does anyone jerk off to NatGeo? That should be the test. It would require VJ Moderators to be masturbation experts, though. Charles should have no trouble (I'm not sure about William).

[Ban Hammer 13,746]

So ... what's family fare on National Geographic is considered X rated on VJ?

That's just weird, Charles. Weird and stupid.

take it up with ewok, it's his tos.

Publish, Post, upload, distribute or disseminate or offer to do the same any inappropriate, defamatory, infringing, obscene, or unlawful material, information, or in general, Content.

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