American Future Fund: “Justice For Sale”

The American Future Fund (AFF) is deviating from the conservative line that President Obama wants to punish the rich with an ad accusing Obama of “protecting his Wall Street donors.” However, despite the ad’s suggestion that Obama is a tool of the big banks, Wall Street donors have flocked to the Republican Party in the wake of Democratic reform efforts. In this election cycle, no politician has benefitted from Wall Street’s largesse more than Mitt Romney, who has collected more than twice as much as the president from the financial sector.

After Democrats Supported Crackdown, Angry Wall Street Donors ‘Revolted’ In 2010

February 2010: Republicans “Striving To Make The Case That They Are The Banks’ Best Hope.” As the Wall Street Journal reported: “Republicans are stepping up their campaign to win donations from Wall Street, trying to capitalize on an increasing sense of regret among executives at big financial institutions for backing Democrats in 2008. In discussions with Wall Street executives, Republicans are striving to make the case that they are banks’ best hope of preventing President Barack Obama and congressional Democrats from cracking down on Wall Street. GOP strategists hope to benefit from the reaction to the White House’s populist rhetoric and proposals, which range from sharp critiques of bonuses to a tax on big Wall Street banks, caps on executive pay and curbs on business practices deemed too risky.” [Wall Street Journal, 2/4/10]

  • Boehner Personally Pitched J.P. Morgan CEO; Cantor Talked Of “Buyer’s Remorse On Wall Street.” As the Wall Street Journal reported: “Last week, House Minority Leader John Boehner of Ohio made a pitch to Democratic contributor James Dimon, the chairman and chief executive of J.P. Morgan, over drinks at a Capitol Hill restaurant, according to people familiar with the matter. Mr. Boehner told Mr. Dimon congressional Republicans had stood up to Mr. Obama’s efforts to curb pay and impose new regulations. The Republican leader also said he was disappointed many on Wall Street continue to donate their money to Democrats, according to the people familiar with the matter. […] ‘I sense a lot of dissatisfaction and a lot of buyer’s remorse on Wall Street,’ said Rep. Eric Cantor (R., Va.), the second-ranking House Republican and a top Wall Street fund-raiser for his party.” [Wall Street Journal, 2/4/10]

July 2010: Republicans Benefitting From “Revolt” On Wall Street. From the Washington Post: “A revolt among big donors on Wall Street is hurting fundraising for the Democrats’ two congressional campaign committees, with contributions from the world’s financial capital down 65 percent from two years ago. The drop in support comes from many of the same bankers, hedge fund executives and financial services chief executives who are most upset about the financial regulatory reform bill that House Democrats passed last week with almost no Republican support. The Senate expects to take up the measure this month.” [Washington Post, 7/6/10]

August 2010: Wall Street “Increasingly Donating Their Political Cash To Republicans.” According to the Center for Responsive Politics: “Financial firms and the people who work for them are increasingly donating their political cash to Republicans, according to a preliminary Center for Responsive Politics analysis of second-quarter federal campaign finance data. The Center’s preliminary study indicates that political action committees and individuals associated with the broad finance, insurance and real estate sector have given more money to federal-level Republican interests during every month since December. The gap continued to grow during that time, reaching its widest point in June. Such a shift away from Democratic candidates — darlings of Wall Street interests for much of 2009 — coincides with Democrat-driven financial reform legislation that President Barack Obama signed last month.” Contribution trends toward Republicans is particularly pronounced in the securities and investment industry, the Center finds.” The following chart shows the shift in the securities and investment industry:


[, 8/10/10]

Wall Street Is Rewarding Romney’ Opposition To Financial Regulation, Ending Tax Breaks For The Rich

“Wall Streeters Didn’t Have To Look Far For a More Natural Fit” In Romney. According to the New York Times Magazine: “But four years, one recession and a host of battles — over financial regulation and the nomination of Elizabeth Warren, over Dodd-Frank and the Buffett Rule — have taken their toll. Some on Wall Street are apoplectic. […] And in this election cycle, Wall Streeters didn’t have to look far for a more natural fit. Mitt Romney founded a leading private-equity firm, Bain Capital, and he promised to repeal Dodd-Frank altogether. By late fall, invitations to some of Romney’s New York fund-raisers were carrying the names of dozens of financial executives, many of whom knew Romney personally or had closed deals with him during his years at Bain. Some Romney donors started asking their Obama-supporting colleagues to Romney events just to tweak them.” [New York Times Magazine, 5/6/12]

  • Financial Sector Contributing Heavily To Romney’s Presidential Campaign. According to the Center for Responsive Politics, Mitt Romney has received $$22,479,645 from the Finance/Insurance/Real Estate (FIRE) industry in 2011-2012, including more than $9.7 million from the Securities and Investment industry, as of July 9. President Obama has received $9,867,033 from the FIRE industry and about $3.5 million from the Securities and Investment industry. [, “Finance/Insurance/Real Estate,” accessed 7/23/12; “Securities & Investment,” accessed 7/23/12]

Pro-Romney Super PAC Has Raised More From Wall Street Than Obama Did In 2008. According to the New York Times Magazine: “Wall Street donors were also emerging as the financial engine behind Restore Our Future, a super PAC founded by former Romney aides. Even as Obama outpaced Romney in traditional fund-raising, Restore Our Future, exploiting the Supreme Court’s Citizens United decision and subsequent rulings and regulations, was bringing in millions of dollars in unlimited checks from hedge-fund and private-equity magnates. By the end of February, the group had raised more than $43 million, almost half of it from Wall Street — more money than Obama raised from the industry during the entire 2008 campaign.” [New York Times Magazine, 5/6/12]

  • Financial Sector Contributing Heavily To Restore Our Future. According to the Center for Responsive Politics, the Finance/Insurance/Real Estate industry has contributed $30.6 million to Restore Our Future, as of July 9, including more than $22 million from the Securities & Investment industry. [, accessed 7/23/12]

“The Financiers Have Another Love Now: That Would Be…Mitt Romney.” According to the Center for Responsive Politics: “The whole finance, insurance and real estate sector has given the president $5.2 million in this election cycle, through Jan. 31. About 2.2 million of that has come from the securities and investment industry, what most people think of as ‘Wall Street.’ That’s peanuts compared to the way the industry backed him in 2008. By Jan. 31 of that year, he’d hauled in $16 million from the whole sector, and $7.1 million from Wall Street. The financiers have another love now: That would be the former head of Bain Capital, someone who is very much of their world, Republican candidate Mitt Romney. Romney has pulled in $12.5 million from the sector — more than twice as much as Obama — with $6.2 million coming from Wall Street.” [, 3/13/12]

  • February 2012: Goldman Sachs Associates Have Given “Nearly Eight Times As Much” To Romney, Other Banks Following “Similar Trend.” According to the Center for Responsive Politics: “People associated with Goldman Sachs have donated nearly eight times as much money to Romney as they have to President Barack Obama: $496,400 versus $64,200, according to the Center’s research. No other organization has given more to Romney’s presidential campaign. During the fourth quarter alone, Goldman Sachs employees favored Romney at a rate of 10:1, or $126,730 for Romney versus $12,100 for Obama. A similar trend applies to people associated with Citigroup Inc. (six-and-a-half times more to Romney), JPMorgan Chase & Co. (five-and-a-half times more to Romney), Morgan Stanley (five-and-a-half times more to Romney), Bank of America (four times more to Romney) and Wells Fargo (nearly three times more to Romney).” [, 2/2/12]

Bloomberg: “Romney Has Called For Repeal Of The New Financial Law” Signed By Obama. According to Bloomberg: “Republican presidential hopeful Mitt Romney has raised more than twice as much money from Wall Street as Barack Obama — an edge gained in part by luring away at least 100 donors, mostly investors, who backed the president in 2008, according to data compiled by Bloomberg. […] In 2008, Obama received $15 million from employees in the securities and investment industry, more than any other candidate, according to the center. Romney received $5 million. Some donors who gave to Obama during his 2008 race also gave to Romney or other Republicans. The industry opposed efforts by Obama to impose new regulations and consumer protections on the financial sector, blamed for contributing to the worst economic slowdown since the Great Depression. Obama signed the new rules into law last year. Romney has called for repeal of the new financial law, which, he said in his jobs plan, ‘sends a flood of new regulations washing over the financial sector and anyone seeking to borrow money to buy a home or build a business.’” [Bloomberg, 9/27/11]

[NARRATOR:] In Washington, is justice for sale? Nearly four years after America’s financial collapse, not a single Wall Street executive has been charged with a crime. Not one. Why? Could it be because Obama raised more than $49 million from Wall Street – more than any candidate in history? He rewarded top Wall Street donors and supporters with senior jobs. His chief of staff made millions from Wall Street, after Wall Street received billions in bailout money. And Obama staffed his Justice Department with former white collar criminal defense attorneys. Now Jon Corzine, former senator and New Jersey governor, has lost $1.6 billion in customers’ money, but hasn’t been charged. Corzine has raised over half a million dollars for Obama, and Obama still lists Corzine as a fundraiser. Under Obama, Wall Street keeps winning, and Obama keeps taking their cash. Tell Obama to stop protecting his Wall Street donors. [American Future Fund via YouTube, 5/14/12]