Wall Streeters won’t be at Obama fundraisers

Marketplace Contributor Jul 28, 2010
HTML EMBED:
COPY

Wall Streeters won’t be at Obama fundraisers

Marketplace Contributor Jul 28, 2010
HTML EMBED:
COPY

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.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.