Destination 270

SMU Students Analyze the 2012 Presidential Election

Goldman Sachs, major Obama campaign contributor in 2008, backs Romney

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According to the Wall Street Journal, “Employees of J.P. Morgan Chase & Co., Citigroup Inc., Bank of America Corp., Morgan Stanley and Goldman Sachs—five politically active banks—donated $3.5 million to Mr. Obama in 2008. They have given Mr. Obama $650,000 for the 2012 race, while sending $3.3 million to Mr. Romney.” The Campaign finance reform initiatives of the last thirty years have significantly altered the campaign donation game. Neither Romney or Obama have accepted federal matching funds as allocated by the Federal Elections Campaign Act (FECA) of 1974, and therefore will not abide by the qualifications that would allow for federal matching funds.

-In 2004 John McCain did accept federal matching funds and was seen as a ‘maverick’ in supporting BCRA, as he was co-author of the McCain-Feingold Act (also known as Bi-Partisian Campaign Reform Act of 2003).

It would appear as if this election is ultimately about money, and lots of it.

According to the NYT 2012 Money race, pictured bellow, Barack Obama has raised $690 million, and spent $615. Mitt Romney has raised $633 million and has spent $533. With 29 days left to go, Romney has just over $60 million more cash on hand left than his opponent. The recent support of the five politically active Wall Street superpowers might help Romney maintain this lead in the financial war to campaign victory.

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