September 15th, 2008
10:31 AM ET
6 years ago

Obama, McCain big beneficiaries of Wall Street

Firms in the battered financial sector have been big backers of the candidates.
Firms in the battered financial sector have been big backers of the candidates.

(CNN) - Both Barack Obama and John McCain have strongly benefited from Wall Street this election cycle, an analysis from the Center for Responsive Politics reports.

According to the non-partisan research organization, employees of security and investment firms have donated nearly $10 million to Barack Obama this year and close to $7 million to McCain's presidential bid.

McCain has particularly benefited from Merrill Lynch, the global financial services firm whose sale to Bank of America shook Wall Street Monday morning. He has raised nearly $300,000 from Merrill employees this year - more than any other firm.

Barack Obama, meanwhile, has strongly benefited from employees of Lehman Brothers, the financial firm that filed for bankruptcy Monday morning. The Illinois senator has raised approximately $370,000 from Lehman employees this year, more than three times what McCain has raised from employees of the failing firm.

Both McCain and Obama sharply criticized Wall Street practices Monday morning, and are calling for more regulation in the investment industry.

soundoff (223 Responses)
  1. Catherine

    Well,I don't mind Obama taking money from Lehmann employees as long as they are not the same ones running his political campaign like a certain old out of touch man is doing.

    September 15, 2008 01:46 pm at 1:46 pm |
  2. Indiana Centrist

    Merrill Lynch sold to BOA but avoided bankruptcy- Republican; Lehman just filed for Bankruptcy and rejected partial buy out bids- Democratic. If you want a government solution to all your ills (even if self afflicted), vote for Obama. If you still believe in American ingenuity and individual responsibility and freedom, vote for McCain.

    September 15, 2008 01:48 pm at 1:48 pm |
  3. Thomas

    susie
    ".... People are to poor to buy things, people give $66 million in a month. What gives?"

    Susie, it means that people care so much about their canidate that they are willing to donate despite the economy.

    I am sure there are poor people donating money they would normally spend on food... That's how important this election is to some people.

    September 15, 2008 01:48 pm at 1:48 pm |
  4. Jesse - San Antonio TX

    Heres the thing. Obama is using wranglers to get around the loopholes.

    The employees make the donations and get reimbursed by the companies.

    September 15, 2008 01:51 pm at 1:51 pm |
  5. Susan

    Cnn is again trying to make an issue out of nothing. Both candidate received money from INDIVIDUAL donors. Find another rabbit to hunt CNN, this one does not cut it!

    September 15, 2008 01:57 pm at 1:57 pm |
  6. Obama Supporter

    Obama is going to contribute those funds to helping those employees who lose their jobs behind this devastation on wall street to rebuild our country's trust....I know he'll do the right thing.

    September 15, 2008 01:59 pm at 1:59 pm |
  7. PHYLON GEORGE BANGO

    9/11; WAR IN IRAQ,AFGHANISTAN;pursuit of OSAMA BIN LADEN; ENRON SCANDAL;OIL SCANDALS;CREDIT CRUNCH;HURRICAN KATRINA;OIL PRICES; LEHMAN BROS......ALL UNDER THE WATCH OF THE GOP including MCAIN AND PALIN....the list is endless yet surely,surely there are people out there in CRITICALLY THINKING AMERICA who still believe in the REPUBLICANS...... WOW!

    Surely, everyone must REFLECT by MIND, BODY AND SOUL. So then another 4 years of the GOP simply because YOU hate BARACK who by the way is WHITE and BLACK and is a GOOD CHRISTIAN.

    SHAME on you, especially you PUMA and those who are BLATANTLY or SUB-CONCIOUSLY RACIST(the new phenomenon i've discovered).
    AMERICA has sunk to the lowest. This is not a football game. I am a MACHESTER UNITED suppoter for life but if they lose to LA GALAXY do I lose anything? In politics I will always support the best man on the day for the job because politics is what you eat,wear,drive etc.
    So up to now no-one believes WAR IN IRAQ=CREDIT CRUNCH? The CHOICE IS YOURS, YOU DECIDE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! You don't
    BARACK OR JOHN to say anything anymore and you all know that!!!!!!!!!!

    September 15, 2008 02:02 pm at 2:02 pm |
  8. Leta

    Amon Lemon sounds like ahhh-mon laymon.........why would Hillary not just give Obama the 40 billion laundered through Iran and Iraq to Canada through New York to Texas........into unsuspecting Americans Bank accounts and the people that just don't exist except to launder money's accounts....Obama sold out cheap to Hill-Billy Al.........

    September 15, 2008 02:06 pm at 2:06 pm |
  9. Coherent1

    Some of you are toooo easy to deceive! Why else would John McCain use deceptive ads to communicate his points. He's not as old or as dumb as some of you think he is. He knows that a lot of Americans will latch onto anything and he's taking advantage of it. If you think for one second that this article is saying that either of them are taking money from Lehman Brothers directly, you've been pimped! Reading comprehension is critical!! Especially during this election.

    September 15, 2008 02:11 pm at 2:11 pm |
  10. linda from South Dakota

    its a investment and some benifit and some dont but read this artcle,, mccain ia BLAMED for the closin of nash finch,, LISTEN,, you want more of our companies to close because of him?????? he lies and tells you want you want to hear but its so obvious hes a liar,, totally a liar,, and palin fits right in with him,, they make quite a pair,,,, iwould never vote for either one,,, i would move before i would,, mccain relies on bush for advice and thats why he states,,: encomony is strng,, lol, omg,, is he sick??? obviously he is,,,,,REMEBR HE VOTED WITH BUSHHHHHHHHH MORE OF THE SAME neverrrrrrrrrrr

    September 15, 2008 02:16 pm at 2:16 pm |
  11. Obama getting rich from WALL STREET

    Hey Obama why not return the 10 million you got from Wall Street and donate to Lehman to save individual investors from losing their retirement -– NO, you would prefer to spend it on speeces and parties - LOSER

    September 15, 2008 02:18 pm at 2:18 pm |
  12. Donna in ID

    I wonder how much of that was backed by the big companies in the employees names. It has been known to happen. Lots of times. They aren't checked that close. I would like to know about donations from overseas. Bet they are hid very well.

    September 15, 2008 02:21 pm at 2:21 pm |
  13. Chad

    McCain has 11 Homes and 1 Diaper.

    How many homes do you have?

    The average life span of a American Male with previous health issues is under 75, are WE really ready for Palin? Are things not bad enough?

    I have an idea lets rewind 7 years, not go to war with Iraq, and put ONE TRILLION into AMERICA, not OIL! NO MORE BUSH, MCCAIN!

    Republican Neo Con must end, or it is truly over

    OBAMA 2008!

    September 15, 2008 02:32 pm at 2:32 pm |
  14. donovan

    This is Another Hurricane Katrina, except on Wall Street.
    How did both The GOP and the Dems miss that one.
    Who is on the Bank and Finance committees?

    War, Energy Crisis, Financial Crisis, Housing, Food..
    Will we make to the next Election?
    The Bush Administration is at the Heart of this Corruption,
    and immediate Impeachment Proceedings should take
    place, however; all we would get is Chenney. Out of
    the Frying Pan and into the Fire.

    -Donovan

    September 15, 2008 02:36 pm at 2:36 pm |
  15. tc

    HA HA HA HA HA hA.

    of course both these candidates make beacoup dollars from Wall Street and neither will fix anything when they get into office.

    Why the surprise?

    September 15, 2008 02:41 pm at 2:41 pm |
  16. Z

    These are INDIVIDUAL contributions. Anyone can donate money to whomever they like...so stop saying things that point to Barack being a swindler. This is people giving their own money....not lobbyist or special interest buying support.

    September 15, 2008 02:44 pm at 2:44 pm |
  17. BK

    Obama is a fraud. He knows nothing about the economy he has never run anything, but his mouth.

    September 15, 2008 02:48 pm at 2:48 pm |
  18. donovan

    The Problems of this Great Nation are our own doing.
    We can not afford to be wrong, again. We need Honest
    experienced veterans, if we can find them. Both Party's
    are Equally Culpable, McCain has the experience, Obama
    does not. The Judgement of Both are suspect, so we
    may choose the lessor of these two Evils.

    Right now I remain undecided, on the eve of this Financial Holocaust
    which is a long way from running its course. How much different
    would we all feel if Obama would have picked Hillary...

    -D

    September 15, 2008 02:51 pm at 2:51 pm |
  19. mrsingh

    7 houses! Imagine how many shoes McCain & Cindy have-more than Imelda Marcos, I bet!

    Biden said, the well-connected have seat at the table & we're on the menu! Brilliant! Then Obama said, the pain is trickling up! Brilliant.

    Now the rich are feeling the Pain! They didn't care about little people losing their jobs to outsourcing, defaulting on house, car loans, but now they hurt, now they see things gone wrong! It's a shame the rich have to feel the Pain before any change can be done!

    But McCain still says like Bush that the fundamentals of this economy are strong? Then why all the financial institutions in crisis! Four more years of McCain will be McPain!

    Folks, you don't have to be economist to know that without our labor, the rich be rich no more; they are very dependent on our labor! To ignore our plight means they care not for America but for their own greed! If we don't have money, we can't pay mortgage, car, healthbill, food, gas so economy collapses! Simple!

    Obama/Biden '08 '12 and beyond!

    September 15, 2008 02:53 pm at 2:53 pm |
  20. Darrel from Denver

    I found it humorous all the comments prefaced by "CNN Please Post" or " Why is CNN censoring me" et cetera ad infinitum.

    These are closely followed by views that, by being censored previously, must clearly be full of real value and truth.

    And yet, they almost always end up being some conservative or Republican vitriol or diatribe against those clearly dangerous elitist liberals.

    The Republicans are clinging to power as best they can. They know their days are numbered, and rightly so given what they have done to this country and where they believe we have yet still to go.

    See you later, clowns. The fresh air is on its way and it is called CHANGE beyond simpling finding a scapegoat and mouthing it often enough hoping we will believe it.

    Former Republican for Obama.

    September 15, 2008 03:12 pm at 3:12 pm |
  21. Haas

    Come on Florida!! Don't do it to us again. You're the reason we've had Bush for last 8 years. Don't tell me you want more of that!!

    September 15, 2008 03:14 pm at 3:14 pm |
  22. John 64 years old Independent

    John McCain is more in his element on Wall Street and in Washington DC – moving with the power brokers. John McCain says that the economy is strong and his economic adviser Phil Gramm says to stop whining.

    Well America, DO YOU REALLY WANT 4 MORE YEARS of REPUBLICAN LEADERSHIP?

    September 15, 2008 03:20 pm at 3:20 pm |
  23. irony

    Today Mcsame said the fundamentals of the economy are strong. So did Bush.

    September 15, 2008 03:31 pm at 3:31 pm |
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