Wall Street Stockholm Syndrome


Wall Street professionals do not seem to be taking President Obama’s criticisms of their industries to heart, at least when it comes to fundraising. According to the Wall Street Journal:

President Barack Obama called Wall Street executives “fat cats,” criticized their bonuses and tried to raise their taxes. The financial-services industry, in turn, has directed a stream of complaints toward the administration, fueling perceptions of a rift between the president and a key 2008 donor group.

But, defying expectations, the securities and investment industry has remained an important part of the Obama fundraising effort. Mr. Obama and the Democratic National Committee raised more than $14 million from the securities and investment industry through the end of April, according to the nonpartisan Center for Responsive Politics. Mr. Obama’s campaign alone raised $361,000 from the industry in May. …

Rather than abandoning Mr. Obama, the securities and investment sector still holds the third spot among the top 10 interest groups in the most recent rankings of individual donations to the Obama campaign and the DNC, according to the center. In the 2008 campaign, the financial-services sector ranked fourth among all interest groups giving to Mr. Obama and the DNC.