In order to thwart legislation intended to prevent a repeat of the 2008 financial meltdown, Wall Street firms have donated twice as much to the Romney campaign as they’ve given to Obama.
The financial services industry is poised to set records in one arena in 2012: politics. The beleaguered sector is pumping tens of millions of dollars into campaigns and newly dominant super PACS as one of Wall Street’s own seeks the White House and the industry looks to roll back key parts of the Dodd-Frank financial reforms. The goal is to oust a president and some members of Congress whom many bankers view as openly hostile toward them. Employees of securities and investment firms have already given $52.8 million to candidates and party committees in the 2012 cycle, according to the Center for Responsive Politics. That makes it the No. 1 industry, up from fourth place in 2010 and third in the 2008 campaign.
The biggest donors are a who’s who of hedge funds and banking giants.