Wall Streeters won't be at Obama fundraisers
President Barack Obama speaks on Wall Street reform in the Rose Garden of the White House in Washington, D.C. The US Senate voted Thursday to end debate on the most sweeping overhaul of financial industry rules since the Great Depression of the 1930s.
TEXT OF INTERVIEW
Bill Radke: President Obama will be in Manhattan tonight raising money for Democrats at some swanky uptown addresses. And yet chances are good that Wall Street types will be staying downtown. Marketplace's Janet Babin is here live to talk about this. Good morning Janet.
Janet Babin: Good morning, Bill.
Radke: So tell us about tonight's big-money fundraisers.
Babin: Well one's at the home of Vogue editor Anna Wintour, and the other's going to be at the Four Seasons Hotel. Both events are sold out, about 50 people attending each one and that's at a cost of $30,400 a ticket.T that is the maximum that an individual can give per election cycle. But the Wall Street Journal reports there is a good chance that there will be a lack of financial executives attending these events, even though Wall Street contributed a record $15 million to President Obama's campaign.
Radke: So what happened here Janet? Where is the love?
Babin: Well you know, a lot of Wall Streeters feel that they've become punching bags for the administration and they're just not donating anymore. The financial reform legislation signed by the president last week was certainly a strain, but this disconnect started soon after the president took office. I mean, one blog described it as a "frenemies" situation.
Radke: Frenemies. And how do we know that Wall Street is giving less?
Babin: Well the Journal sites statistics from the Center for Responsive Politics that Wall Street giving to the Democratic National Committee is down in 2010. Only one financial firm is even in the top 10, and it's one you probably haven't heard of before, Capital Group Companies. So normally we think of hearing about a Goldman Sachs or a Morgan Stanley in the top 10 -- not this year.
Radke: OK, Marketplace's Janet Babin, very interesting. Thanks, Janet.
Babin: Thank you very much, Bill.