How To Say Thank You On Wall Street

by Alec MacGillis | June 13, 2012

November 6, 2011 Washington Post article by Zach Goldfarb:

“During Obama’s tenure, Wall Street has roared back, even as the broader economy has struggled.
The largest banks are larger than they were when Obama took office and are nearing the level of profits they were making before the depths of the financial crisis in 2008, according to government data.
Wall Street firms — independent companies and the securities-trading arms of banks — are doing even better. They earned more in the first 2 1/2 years of the Obama administration than they did during the eight years of the George W. Bush administration, industry data show.
Behind this turnaround, in significant measure, are government policies that helped the financial sector avert collapse and then gave financial firms huge benefits on the path to recovery. For example, the federal government invested hundreds of billions of taxpayer dollars in banks — low-cost money that the firms used for high-yielding investments on which they made big profits.”

June 13, 2012 Politico article by Abby Phillip and Kenneth P. Vogel:

“For three years, Wall Street’s been telling the world how much it can’t stand President Barack Obama.
Now, thanks to campaign finance filings, it’s possible to put a price tag on just how much: Mitt Romney's presidential campaign and the super PAC supporting it are outraising Obama among financial-sector donors $37.1 million to $4.8 million.
Near the front of the pack are 19 Obama donors from 2008 who are giving big to Romney.
The 19 have already given $4.8 million to Romney’s presidential campaign and the super PAC supporting it through the end of April, according to a POLITICO analysis of Federal Election Commission filings. Four years ago, they gave Obama $213,700.
None of them has given a penny to the president’s reelection campaign or the super PAC supporting it.”

I've written about this shift in great detail for the magazine. But it still boggles the mind. It is one of, if not the, defining features of the 2012 race.

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Source URL: http://www.newrepublic.com//article/104034/how-say-thank-you-wall-street