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. insink

    A friend of mine works for one of the biggest corporations, a name that everyone who reads the news would recognize immediately.

    Their executives (1) suggest a candidate whose proposals would result in higher income for the firm, (2) make the name of that candidate known to employees, and (3) encourage employees to hand in their donation checks to their supervisor so all of the firm's checks can be sent in one envelope to impress the recipient all the more.

    Of course everyone knows that a list of the checks is maintained so management knows who supports the company line on politics and who doesn't. Employees who want to get ahead should go along.

    My relative, who is a Democrat, nevertheless has made a contribution to the McCain campaign. He describes it as an investment in his future career.

    I'm sure that the company is breaking several laws by doing this – or perhaps they are just barely skirting the law. I am no lawyer.

    September 15, 2008 12:46 pm at 12:46 pm |
  2. J. Dean

    TO VOTE IN NOVEMBER, JUST ASK ONE QUESTION: WHAT DID GEORGE BUSH DO FOR THE LAST 8 YEARS ? AND MORE OF THE SAME WITH OLD MAN JOHN McCAIN, WILL IT BRING DISASTER ?
    IF OLD MAN JOHN McCAIN WAS NOT QUALIFIED TO BECOME PRESIDENT IN 2000, WHAT MAKES HIM TO BECOME (SUPPOSEDLY) PRESIDENT IN 2008 ? NOW THAT HE IS OLDER AND BECOMING OLDER DAY BY DAY ?
    WE SEE NOTHING BUT DISASTER, SIMILAR TO GEORGE BUSH'S LAST 8 YEARS, IF OLD MAN JOHN McCAIN OCCUPIES THE WHITE HOUSE, AT ALL COSTS, HEY !
    GOD SAVE AMERICA AND OUR MIGHTY MILITARY FORCES.

    September 15, 2008 12:46 pm at 12:46 pm |
  3. Hitler Youth for Obama

    Watch the Obamabots defend their man- though he lies and deceives and misrepresents himself as the man of hope and change.

    September 15, 2008 12:46 pm at 12:46 pm |
  4. HENRIE WARE

    WHERE HAS MCBUSH BEEN IN THE LAST 8 YEARS

    September 15, 2008 12:46 pm at 12:46 pm |
  5. J J

    Ms. White September 15th, 2008 12:26 pm ET

    "Of course he thinks the economy is strong…he does not have to worry about losing his job when he loses the presidential race…"

    Neither does Obama, he still has a job (Senate) when he decides to vote on anything. Dont kid yourself, Obama doesnt know anything about economics either, he is spouting talking points from his advisor.

    September 15, 2008 12:47 pm at 12:47 pm |
  6. McCain Doesn't Get It

    McCain does not get economic issues. He's strictly about failed foreign policies and starting new wars. And Palin is no better.
    A community organizer is just what we need because what is America but a great big community. Obama understands that the economy's in trouble and he understands that throwing money overseas has caused our economy to plummet. McCain will only protect those who are like him. Those who can't remember how many home they own.

    September 15, 2008 12:47 pm at 12:47 pm |
  7. Gotcha

    You don't say...

    Not the Obama who can raise and spend 66 million in the bat of an eye just on self-promotiing propaganda.

    Obama is on an excellent adventure to prematurely make a grab for the white house.

    He will DO and SAY anything to win.

    September 15, 2008 12:47 pm at 12:47 pm |
  8. empty vessel

    In more important NEWS today, the NY Post is reporting that Barry Hussein Obama while on his trip to Iraq with his media horde was NOT trying to speed up the troop withdrawal as he uh, uh, uh, uh says as he actually IS TRYING TO STOP THE TROOP WITHDRAWAL.

    Why would the lord and saviour "the one we have been waiting for" do this you might ask?

    One – he would have toa dmit that the surge worked.

    Two – it would mean McCain who put his nads of the line for proposing the surge was uh, uh, uh, RIGHT.

    Third – Obambi wants to be able to get credit for being the "one" to get the withdrawal done.

    WOULDN'T THIS KEEP OUR TROOPS IN HARMS WAY strictly for his political expedience?

    NO way, NO how, NOBAMA

    September 15, 2008 12:48 pm at 12:48 pm |
  9. J J

    Cindy, Texas September 15th, 2008 12:37 pm ET

    "McCain does not even understand the economic jargons written down for him in his speasces. He could barely pronounce them!

    America will suprise the whole world if we elect McCain after bush. Do we take pride in illitracy?"

    Maybe learn to spell before calling people illiterate.

    September 15, 2008 12:49 pm at 12:49 pm |
  10. Dems are stuck in the fix they rigged

    The mantra of Obama:

    Twist and turn.

    Do as I say not as I do....

    Listen to my oratory, don't look at my record.

    Trust in me- though I have no credentials- because I say so... and I wouldn't lie... or cheat... or steal...

    Yeah, right

    September 15, 2008 12:49 pm at 12:49 pm |
  11. Cheneybama

    Obama just raised 66 MILLION in one month.

    Clearly, his supporters- just like Obama himself- are NOT struggling financially.

    September 15, 2008 12:53 pm at 12:53 pm |
  12. CM

    The firm I work for doesn't approve or disapprove my individual contributions to the Obama campaign.

    How can people 'wake up' and vote for the same party to dig us in this hole? McCain promises no specifics and has hired the same Bush cronies to run his campaign.

    Why would we expect the same party to be different now?

    September 15, 2008 12:53 pm at 12:53 pm |
  13. Barbara - NC

    Chuck – get out of the sun. Your brain has been fried.

    September 15, 2008 12:54 pm at 12:54 pm |
  14. Barbara - NC

    When is the FDIC going to declare bankruptcy? Is that next?

    September 15, 2008 12:55 pm at 12:55 pm |
  15. Spinning from Obama

    Obama claims he is clean because his lobbyists are one step removed. As if being married to an employee, or the child OF a lobbyist does not bias the donor.

    Conflict of interest none-the-less.

    September 15, 2008 12:56 pm at 12:56 pm |
  16. susie

    The economy can't be that bad, just ask Obama. Obama made $66 million for the month of August from the little people of America. Democrats want it both ways. People are to poor to buy things, people give $66 million in a month. What gives?

    September 15, 2008 12:56 pm at 12:56 pm |
  17. Sarah's the one

    This is the mess that Sarah has proven herself willing and able to put an end to.

    September 15, 2008 12:57 pm at 12:57 pm |
  18. Sandy

    Employees could be President, Vice President CEO...head of the corporations that are putting money into Obama' s campaign and he knows who they are and how he mush favors he owes them check his record he has a record of paying back financial support to corporations who support him..water down policies to support his backers...that is Obama an unknown politicians that we do not know much about and how much damage he can direct US into ..the unknown is more scary then the known evil who has a record...

    September 15, 2008 12:58 pm at 12:58 pm |
  19. Martha

    Obama's pockets are lined with money from lawyers and wall street lobbyists.

    He is a tool of the elite. Don't believe any talk of him being for the little guy.

    September 15, 2008 12:58 pm at 12:58 pm |
  20. Hope and change

    Hillary and Sarah will prove to be the LEAST corrupt.

    Be careful on the nice guys- the Mr. Cleans- are generally just great at deception.

    Obama is the master spinner, manipulator, charismatic liar.

    September 15, 2008 12:59 pm at 12:59 pm |
  21. ginger

    " 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."

    What part of "EMPLOYEES" do the McCain supporters do not understand? Stop trying to twist accurate information provided in the article. It said, "EMPLOYEES"

    September 15, 2008 01:01 pm at 1:01 pm |
  22. Nobama

    Obama is a clean politicia, he does not accept money from anyone.

    September 15, 2008 01:05 pm at 1:05 pm |
  23. Sandy

    Obama is inexperinece in budgets, leadership, decsions (yes, no maybe), foreign policy..the list is endless..he runs a campaign using the Old extablishment people...Kennedy...and using dems people to run is budget and manage his team...Obama uses oter people's quotes to speeches he uses perhaps and like all other he does not even write...that is the change you want and the real image you voted for in the primaries..Mccain is more middle of the road...thought about going dem reason why he is having problems getting the full support of Rep.

    September 15, 2008 01:05 pm at 1:05 pm |
  24. Tainopwer

    to all American haters 6% economy is better then the past15 years. If you don’t like this economy move to a socialist country and have half of your wealth given to someone else.

    September 15, 2008 01:06 pm at 1:06 pm |
  25. Ken

    Go back and read the contributions here from the McCain supporters. Do you too notice the lack of any intellectual input to any of their statements....the lack of any meaningful discourse on policies/issues? They bring nastiness and the same old demagoguery of [R] fear and loathing... in fact, they merely relfect the McCain campaign itself, or perhaps more accurately, McCain's campaign relects them. People can honestly take this all in and say they choose 4 more years of this nonsense? It boggles the mind!

    September 15, 2008 01:06 pm at 1:06 pm |
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