Post image for Barack Obama loses support of Wall Street donors

Barack Obama loses support of Wall Street donors

by Adam Russett on October 17, 2011

President Barack Obama has been very vocal about his displeasure with Wall Street and his tough talk has hurt him in campaign contributions. Obama has raised about $270,000 from firms since the spring, putting him far behind Republican frontrunner Mitt Romney who has taken in around $1.8 million from financial professionals, The New York Times reports.

The disparity in fundraising underpins the stark differences between the two candidates' approaches to Wall Street. Obama has become especially critical of the financial industry over the last several months and has repeatedly called for a raise on corporate taxes. Conversely, Romney has been actively trying to attract corporate donors and appears to be succeeding, taking in $350,000 this year from Goldman Sachs employees. In the eyes of the Obama campaign, this is good news.

"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," Ben LaBolt, an Obama campaign spokesman, told the Times. "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."

It also comes at good time as the public grows increasingly tired of the expanding income inequality, with Occupy Wall Street protests springing up across the country. Furthermore, the Obama campaign is still doing pretty well in terms of fundraising. According to Fox News, his campaign and the Democratic party have raised an impressive $70 million in the third quarter, which is $21 million more than he took in during the same period in 2007.

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