At least 67 Wall Street executives who backed President Barack Obama in the 2008 campaign are abandoning his campaign for former Massachusetts Gov. Mitt Romney’s, The Hill reports.
Romney, who founded Bain Capital, is viewed by many as better for the financial sector than Obama — who signed the controversial Dodd-Frank regulatory bill.
Among the donors who have changed sides are Joshua Harris of Apollo Management, Oscar Schafer of OSS Capital Management, David Solomon of Goldman Sachs, Barry Sternlight of the Starwood Capital Group, and David Blitzer of the Blackstone Group.
Obama’s criticism of wealthy Americans, as well as his push for the expiration of the Bush tax cuts on the wealth, is cited as a key factor in the reversal.
Only three of the 67 donors have given money to Obama this year, according to The Hill — compared to 36 who hedged their bets and gave to Republicans in 2008.
But Obama is not lacking for Wall Street dollars, holding several multi-million dollar fundraisers in the New York City area in the past few months. His reelection campaign’s fundraising far exceeded that of his opponents – and donations from the financial services sector has maintained the same relative strength to other industries.