Nov 082011
 

Image courtesy of Raquel Baranow via flickr

Joe Scarborough recently wrote a piece in which he pointed out, rightly so, that Barack Obama received more donations “from Wall Street” than “any politician in American history.”

Joe is being deceptive.

Goldman Sachs, as a corporate entity, has donated nearly 6.5 times more money to Mitt Romney than Barack Obama. Romney has received $290,750 so far during the 2011-2012 election season. Obama has received $44,750 (just slightly more than the $43,000 they have given to Senator Marco Rubio, a Republican here in Florida).

Goldman Sachs employees, however, contributed significantly to Obama’s 2008 campaign. As a matter of fact they were the second largest contributor. This is a VERY important distinction. I quote from the page I just linked to at OpenSecrets.org:

This table lists the top donors to this candidate in the 2008 election cycle. The organizations themselves did not donate, rather the money came from the organization’s PAC, its individual members or employees or owners, and those individuals’ immediate families. Organization totals include subsidiaries and affiliates.

In other words, the rank-and-file support the Democrats. The corporate entity itself supports the Republicans.

Where is the disconnect? Seems pretty typical to me.

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