As the 2012 presidential election draws nearer, campaign fundraising is well underway. Given President Obama’s 2010 financial overhaul law, you might not expect him to be especially popular among the financial sector. The law imposed rigid new rules on banks, affixed limits on some executives’ bonuses, and added regulation of hedge fund managers. Republican presidential candidate, Mitt Romney, has won a lot of support in the financial sector due to his outspoken opposition of the overhaul. Yet according to a recent poll by the Center for Responsive Politics, Obama still has plenty of Wall Street endorsement.
Thus far, eighty of President Obama’s major fundraisers, or bundlers, have successfully raised over $11.8 million for the 2012 election. These eighty bundlers, who represent one third of Obama’s fundraisers, work in real estate, finance, and insurance, and combined they have contributed more money than any other industry. Many of these finance professionals are well-known executives in their field. By the end of the 2008 presidential election, this group had raised $16.1 million for Obama, suggesting they are on track to match the number by the coming election date!