Looks like President Obama is the one truly occupying Wall Street donors.
Earlier this week a report went out suggesting that the financial sector had abandoned Obama in favour of Mitt Romney.
Turns out these numbers do not reflect the reality of the money situation.
The Washington Post took a closer look at the numbers and reports that, in fact, Obama has outraised Romney on Wall Street this year 2-1.
The Post reports that Obama raised $15.6 million from employees in the industry, Romney has raised less than half that ($7.5 million) and Perry has only managed to collect $2 million.
Here’s where the confusion lies.
As President, “Obama can raise money for both his own campaign account, which can take donations up to $5,000 for the 2012 cycle, and for his party’s national committee, which can accept $30,800 per individual each calendar year. The same donors will be able to give another $30,800 to the DNC next year.”
So, while Obama has only raised $3.9 million for his campaign account (Romney has pulled in $7.5 million) the DNC has raised just under $12million.
Update: As the NYT‘s Nick Confessore points out it’s not that either analysis was incorrect “just depends what you want to measure. WIth the DNC Obama can raise more cash even with fewer Wall Street guys giving.”
The numbers suggest that while Wall St. donors may be less than thrilled with Obama they have not abandoned the Democratic party. Additionally, under DNC rules Obama can take larger donations from fewer people.
The Post also notes that Obama’s advantage will end as soon as the GOP picks a nominee and the candidate can share in the RNC fundraising.
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