Wall Street backs Mitt Romney


The records released by the Federal Election Commission on Tuesday showed that the titans of Wall Street are choosing to back Mitt Romney over President Barack Obama in the 2012 election, according to Reuters.

“Romney's six largest campaign contribution sources in 2011 were executives, family members and affiliated political action committees of Goldman Sachs, JPMorgan Chase, Morgan Stanley, Credit Suisse, Citigroup and Bank of America, according to the Center for Responsive Politics,” said Reuters.

Michael Beckel, spokesman for the Center for Responsive Politics, told CNN, “Romney has raised, far and away, more money. But the president is still collecting a big chunk of change from finance sector interests.”

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In addition to Romney’s campaign, the super PAC that supports Romney, “Restore Our Future,” also received a million dollars apiece from at least four hedge fund managers, reported CNN.

Republican rival candidate Newt Gingrich was quick to point out Wall Street’s closeness to Romney during an appearance on Fox News before the Florida primary, saying, “The conservative movement is not going to sit back and say, ‘oh yes let's let Wall Street and Mitt Romney buy the election.’ So you're going to see a real grass roots fight. It will be people power vs. Goldman Sachs and Mitt Romney.”

The Huffington Post reported that the financial sector has spent nearly $33 million in support of Republican candidates so far. By contrast, Obama raised $15.8 million from Wall Street during his 2008 campaign for the presidency.

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