Campaign Trail

President Obama returns to Hollywood

Sarah Gardner May 10, 2012

Jeremy Hobson: President Obama will probably be a pretty popular guy at a Hollywood fundraiser tonight — after announcing his support for same-sex marriage yesterday. The president will be here in Southern California for a fundraiser and could pull in as much as $15 million.

As Marketplace’s Sarah Gardner reports, Hollywood money is more important than ever for President Obama this year.

Sarah Gardner: Four years ago, Hollywood was gaga for Barack Obama. Entertainers had donated over $4 million to his campaign by this point. This time around, it’s about half that. But between tonight’s gala and some mega-sized super PAC donations from studio head Jeffrey Katzenberg and comedian Bill Maher, Obama clearly can still count on Hollywood. Lucky for him, especially since he’s losing some of his Wall Street donations to Romney.

Bob Biersack at the Center for Responsive Politics says Mitt and Wall Street? It’s a no-brainer.

Bob Biersack: He comes from that business. That’s home for him. Those people have known him for years and he was successful in that industry so he has lots of friends, I’m sure.

Not to mention Obama’s comments about “fat-cat” bankers.  After tonight’s $40,000 a ticket affair, the president’s due back in Hollywood next month. He’ll be raising campaign funds from gay donors, and that should be sold-out as well, especially in light of the president’s same-sex marriage endorsement yesterday.

I’m Sarah Gardner for Marketplace.

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