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Campaign money waiting for a leader

Marketplace Staff Jan 9, 2008
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Campaign money waiting for a leader

Marketplace Staff Jan 9, 2008
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TEXT OF STORY

Scott Jagow: If Barack Obama had won New Hampshire last night, you might’ve seen a big shift in campaign contributions. A lot of donors wait for the first primary results to see who might have the best chance of winning the nomination. Hillary Clinton’s victory yesterday will probably make the Democratic money think twice about where they’re gonna spend it. Same thing on the Republican side with McCain’s win. Danielle Karson has more from Washington.


Danielle Karson: The race for the White House is spotlighting donors’ biggest fear: picking the wrong horse.

Sheila Krumholz: They don’t want to feel that they have given money to a losing cause, that they’ve made a poor investment.

That’s Sheila Krumholz with the Center for Responsive Politics. She says Democratic candidates are wooing the big unions because their endorsements deliver canvassers and ultimately, votes. She says they don’t want to back a loser and marginalize their impact down the road. That may be why the culinary workers’ union is poised to endorse Barack Obama.

Hollywood has invested around $2 million in both Hillary Clinton’s and Obama’s coffers. But forget loyalty. American University analyst James Thurber says the entertainment industry wants to throw its financial support behind only one contender. And they love fresh faces and Hollywood endings.

James Thurber: They want to back a winner. And you’ll see a shift of those giving money and those giving endorsements to the person who’s out in front. And it’s beginning to happen for Obama at this point.

But sticking with the long shot who ends up winning has its own rewards, like a position with the new administration.

In Washington, I’m Danielle Karson for Marketplace.

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