Banking sector puts its money on Mitt Romney [View all]
When the head of JPMorgan Chase met with shareholders to answer for a trading loss of more than $2 billion Tuesday, it was against an evolving political backdrop: Donors from big banks are betting on Mitt Romney to defeat President Obama and repeal new restraints on risky, large-scale investments.
“There’s no doubt that there’s been a big diminution of support for the president,’’ said William M. Daley, Obama’s former chief of staff and a former top JPMorgan Chase executive. “People in the financial services sector are saying, ‘The president has been too tough on us, both in policy and on rhetoric.’ ’’
The top five donor groups in Romney’s campaign are individuals and political action committees associated with large financial institutions, led by Wall Street giants Goldman Sachs and JPMorgan Chase, according to information compiled by the Center for Responsive Politics, a nonpartisan research group that tracks campaign donations.
By contrast, Obama’s top five contributor groups include individuals and PACs affiliated with high technology giants Google Inc. and Microsoft Corp., and the global law firms DLA Piper and Sidley Austin, and do not include those associated with banks. In 2008, financial institutions backed him generously.
http://articles.boston.com/2012-05-16/metro/31712250_1_jpmorgan-chase-volcker-rule-president-obama
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