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. Manuel TX

    Change we can believe in.

    Yeah right... :)

    |||||||||||||||||||||||||||||||||||||

    September 15, 2008 11:08 am at 11:08 am |
  2. Boye

    Raising money from employee of a company is not the same as being bought by Wall Street. This is irrelevant.

    September 15, 2008 11:10 am at 11:10 am |
  3. John, FL

    Maybe the employees of Lehman Bros. know who the right person is to fix Wall St.

    September 15, 2008 11:11 am at 11:11 am |
  4. Anonymous

    These are donations from individuals, correct?

    I work at a law firm and make individual donations; that doesn't mean my firm supports my candidate.

    September 15, 2008 11:12 am at 11:12 am |
  5. Spencer from VA

    It doesn't make a difference. Every politicain benefits from Wall St. Duh!!!!

    September 15, 2008 11:12 am at 11:12 am |
  6. Rudy NYC

    There is a difference between employee contributions and lobbyist influence and corporate sponsorship of 527s. Ever see those commercials with the tall lady dressed in black promoting off-shore drilling?

    September 15, 2008 11:13 am at 11:13 am |
  7. Hispanic Female Republican

    Of course, at the end of the day...they all benefit!

    Wake up folks...McCain/Palin '08!

    September 15, 2008 11:13 am at 11:13 am |
  8. M.B. from Berlin FOR OBAMA

    Well, it's time for America, to stop trying to fix the world, but starting to fix itself! What's the first step?
    RIGHT, vote OBAMA as next POTUS!
    He will be going into the right direction. HE has knowledge of the economy, and he had plans to stop such a desaster that hit Lehman Brothers – McCain got it once again wrong and is out of touch with America, with American people and with America's economy!

    Obama/Biden 08 for landslide – The REAL change is comin'!

    September 15, 2008 11:13 am at 11:13 am |
  9. Abby

    Well bank employees are regular citizens and we have a right to be inspired by Obama just like the next guy.

    September 15, 2008 11:14 am at 11:14 am |
  10. Seth in Jacksonville

    So what? Raising money from employees of a huge corporation has nothing to do with the current situation. They are just people working for a machine.

    September 15, 2008 11:15 am at 11:15 am |
  11. Bulldog

    These are single employees donated on their own time. It's not money coming for the coorporations themselves. This is rediculous!

    September 15, 2008 11:15 am at 11:15 am |
  12. Mark

    This article fails to point out that these are just donations from employees of those companies, they are not donations given form the companies themselves. Wall Street employees have as much right as anyone to make personal comtributions to a candidate they wish to support. That doesn't mean the Merril Lynch or Lehman Brothers can come to the candidates looking for favors and saying, "Remember those donations you got from our employees...?"

    There is a BIG difference between personal contributions and corporate contributions or PAC money...

    September 15, 2008 11:16 am at 11:16 am |
  13. mitchell

    it seems lehman employees knew we needed change in washington.
    how much has bank of america employees given to mccain to secure their 'buyout' of merril lynch?

    September 15, 2008 11:16 am at 11:16 am |
  14. al in memphis

    Well that does it for me– No canidate should recieve money from individual employees. After all those employees are not independent thinkers, they are just doing what the company tells them.

    Give me a break. better yet give me some information on canidates positions. Why don't you elaborate on that fact that crude oil is down because the market is concern we won't be using as much with a world wide economic slowdown. That tells me it not about "drill baby drill", it about having putting alternate sources in position to replace oil. That's been Obama position all along. HOw many times does Obama have to right in order for voters to make the right choice

    September 15, 2008 11:17 am at 11:17 am |
  15. anon

    "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."

    Change?

    September 15, 2008 11:17 am at 11:17 am |
  16. Debby

    So Obama has benefited more what a joke and this guy is going to bring us out the so called economic woes. Keep drinking the Obama koolaide folks.

    September 15, 2008 11:18 am at 11:18 am |
  17. Obama-Junkie, IL

    How is this relevant CNN? So by posting this is CNN trying to insinuate that the employees of Lehman Brothers are not allowed to legally donate to political candidates individually? Or is CNN insinuating that the employees of Lehman Brothers that contributed to Obama and McCain are special interests or lobbyists?!?!

    GIVE ME A BREAK!

    September 15, 2008 11:18 am at 11:18 am |
  18. So What?

    "Employees" of Wall Street firms donating to either candidate means nothing. The firms themselves aren't mentioned so this is no news. I work for one of the largest, richest corporations in the world. I donated to presidential candidates but am not at all rich or wealthy in my own right. So what does it mean? nothing.

    September 15, 2008 11:19 am at 11:19 am |
  19. Todd in SC

    This is a non-story CNN. Who cares what EMPLOYEES give to the candidates. What have the LOBBYISTS for these industries given to them?

    September 15, 2008 11:20 am at 11:20 am |
  20. Silence Dogood

    Obama says he takes no lobby money but he sure has a lot of corporate friends writing big checks! If it quacks like a duck....

    Finance, big oil, big insurance, nuclear reactors, etc. etc.

    It is not registered as a lobby so a preppy suit can always say it is not technically a lobby. Nice lie.

    September 15, 2008 11:21 am at 11:21 am |
  21. lol

    obama can raise all the money in the world, it still doesn't change the fact that he is sinking fast in the polls! mccain/palin 08 hillary 2012!

    September 15, 2008 11:21 am at 11:21 am |
  22. politicjock

    In running the sleaziest campaign since South Carolina in 2000 and standing by completely debunked lies on national television, it's clear that John McCain would rather lose his integrity than lose an election.

    September 15, 2008 11:22 am at 11:22 am |
  23. A Patel

    Good luck Obama Before Lehman Brother out of bussines. You get a $ 370000.00. Not McCain.

    September 15, 2008 11:23 am at 11:23 am |
  24. Obama, my sweet lord, halleluja, krishna krishna

    Socialism = life's "spare tire" for Democrats

    When you've got a low tire and all else fails, swap it out with Good Old Fashioned Socialism! Nothing says you care quite like forcing people to stand in line to buy bread and other basic items... and with a rationed government coupon, to boot.

    Up next, the Trabant! Trusted soviet block engineering, in a sporty and cute subcompact! Coming to a government car lot near you. Just stand in line and wait five years. Trabant... when quality products are not an option.

    September 15, 2008 11:25 am at 11:25 am |
  25. J UAN CARLOS

    $ 10 ,000,000. 00--–T O---–B A R A C K---O B A M A---

    " T H E---–R E F O R M E R "--–W H A T---A ---J O K E--

    T H A T ' S--O N E---R E A S O N---–O B A M A---I S---

    N O T---B E L IE V A B L E---N O R--–A---R E F O R M E R

    September 15, 2008 11:26 am at 11:26 am |
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