LAT: Obama's former campaign funders on Wall Street turn against him

[ellisonz]

Obama's former campaign funders on Wall Street turn against him
The president's fundraising difficulties speak to his contentious relationship with the financial community.

By Nathaniel Popper, Los Angeles Times

September 30, 2011
Reporting from New York—

The race is on to tap one of the most vital sources of campaign cash — Wall Street — and the early results are not looking good for President Obama.

The president's campaign struggled this week to sell out a fundraising dinner Friday at Manhattan's gilded Four Seasons restaurant despite its being hosted by America's No. 1 capitalist, Warren Buffett, according to people close to the campaign who were not authorized to speak publicly. The dinner for 100 was also a relative bargain at $10,000 a plate; recent fundraisers in Hollywood and New York have gone for $35,800 a pop.

The episode highlights a worrying trend for the Obama campaign. Wall Street, a key contributor to Obama in 2008, seems to be switching allegiances.

"His record has been one of reform and that has been an uncomfortable process for some of the major sources of political cash," said Sheila Krumholz, executive director of the Center for Responsive Politics, which tracks political fundraising.

http://www.latimes.com/business/la-fi-obama-wall-street-20110930,0,6677823.story

[UrbScotty]

1. But I heard that he LOVES Wall Street!

Seriously, though, he seems to be doing fine WITHOUT Wall street's help: 552,000 donors as of June 30, nearly half of whom had never given to Obama (not even in 2008), $88 average donation, 98% of donations are under $250.

Ah, facts.

[Angry Dragon]

2. I guess wall street is just un-American

[DrunkenBoat]

3. Why are there dozens of reports of record-breaking fundraising for 2012 then?

As of June Obama had raised more money than all the republican candidates combined.

http://en.wikipedia.org/wiki/Fundraising_for_the_2012_United_States_presidential_election

Obama Fundraising For 2012 Campaign, DNC Breaks Record

http://www.huffingtonpost.com/2011/07/13/obama-fundraising-2012-dnc_n_896813.html

[ellisonz]

6. From your own article - which is from July:

"Messina said more than 550,000 people donated money to the campaign during the first three months, a large increase from about 180,000 donors to Obama during the first half of 2007. The campaign has actively courted small donors, hoping to show that the president is in a good position for the 2012 campaign and capable of generating broad financial support."

"About 98 percent of the donors gave $250 or less. Messina said the average donation was about $69."

If you're going to try and distort the facts - at least pick sources that support your argument. :spank:

[DrunkenBoat]

10. I didn't distort anything. What percent of the *money* he's received so far came from small donors?

If 99 people donate a dollar each and bill gates donates a million you can still say 99% of your donors gave less than $250. But 99.9% of the money still came from bill.


The statistics show obama is out-fundraising the republican candidates & the article says his fundraising is a "record".

are those reports false?

[ellisonz]

11. But Bill gates can't donate a million...

Donations are capped. You're point is irrelevant to the fact that most of the people giving are small donors and they are giving small.

I think it's a good thing the President is out fundraising his Republican opponents at this point? It shows the organization that was built in 2008 is present.

Would you rather he not? And if so, what do you suggest we do to fight back against the Republicans?

:dem:

[DrunkenBoat]

I realize that. "Bill Gates" represents big donors in my example. You still haven't answered

my questions.

I asked you if the data & reports I posted were false.

[ellisonz]

16. The premise of your argument is false.

Money isn't the problem in campaigns - it's the undue influence of money. Ads cost money, offices cost money, staff costs money.

As of June 30th -

Source of Funds How to read this chart

legend
legend Individual Contributions
- Small Individual Contributions
- Large Individual Contributions $31,679,668
21,220,058 (44%)
11,158,236 (23%) (65%)
legend PAC Contributions $980 (0%)
legend Candidate self-financing $0 (0%)
legend Other $16,981,537 (35%)

http://www.opensecrets.org/pres12/candidate.php?id=N00009638

The next quarterly deadline is coming soon.

The evidence taken as a whole doesn't support your argument. Try comparing these numbers to any of the Republican candidates...

:popcorn:

[DrunkenBoat]

17. I didn't make an argument. I asked a question.

Per your link:

44% in small contributions
23% in large contributions
35% in "other"

i.e. less than half the money he's raised so far came from small donors.

and you still didn't answer the other question: why are there reports of record fundraising?

how has he raised more money than all the gop candidates combined?

[ellisonz]

19. LOL.

You've answered none of mine. I've addressed your weak argument head on and you don't like the answer.

This is 2011 - Barack Obama is the sitting President of the United States. He is going to run the largest and most representative major campaign in the history of the United States.

Don't like it - stop baiting.

[DrunkenBoat]

21. Warren Buffett Is Raking In The Cash For Barack Obama

Warren Buffett has committed to headlining another fundraiser for his pal Barack Obama this fall, his second in the span of just one month.

According to Bloomberg, the billionaire investor will be the featured speaker at a $35,800-a-head dinner in Chicago next month. Although the President won't be there, many of Obama's core hometown supporters are expected to attend the fundraiser, which is being held at the North Shore home of Byron Trott, a managing partner at BDT Capital Partners an a friend of Buffett's.

Other hosts include Penny Pritzker, the billionaire businesswoman who chaired Obama's 2008 national finance committee, and John Rogers, Jr., chairman of Ariel Investments.

Read more: http://www.businessinsider.com/warren-buffett-is-raking-in-the-cash-for-obama-2011-9#ixzz1ZQ78c3d4


you still didn't answer the question. i guess you don't want to because you don't like the answer.

[Name removed]

23. Deleted message

Message removed by moderator. Click here to review the message board rules.

[DrunkenBoat]

24. Top Obama bundlers: #1 = "Securities & Investment/Finance"

http://www.opensecrets.org/pres12/bundlers.php?id=N00009638

[Name removed]

25. Deleted message

Sub-thread removed by moderator. Click here to review the message board rules.

[TwilightGardener]

4. "His record has been one of reform"--I'll just let that sink in for some folks around here.

[Luminous Animal]

14. I snorted.

[Amonester]

5. W$ $it$ on 'their' (stolen) $2 Trillion.

It's not just the President they look down on...

[Democat]

7. Don't tell DU posters who bash Obama daily!

It doesn't fit their narrative.

[Raksha]

8. No, it doesn't fit our narrative, or anybody else's narrative.

And I don't believe it. This article stinks of psy-ops.

[ellisonz]

13. "This article stinks of psy-ops."

Prove it.

Bio of the reporter: http://latimesblogs.latimes.com/readers/2010/01/nathaniel-popper-joins-business-section-as-wall-street-reporter.html

[TheWraith]

15. Because, of course, if it doesn't fit your preconcieved notions, it can't be true!

You are, after all, more accurate than facts. Dammit, you KNOW the truth, even when reality disagrees!

:sarcasm:

[DrunkenBoat]

22. actually it doesn't seem to fit the facts. obama has raised more money than all the gop

candidates combined.

[Luminous Animal]

20. Oh lord. If Wall St. had to choose between a candidate who was willing to give them 85%

of a loaf or an candidate who was willing to give the 100% of a loaf, they'd go for 100%

[Amonester]

28. Ding Ding Ding

That's when they're not hired by the faux $nooze netweRk.

[YellowCosmicSun]

9. Did it sell out or not?

[DrunkenBoat]

26. Of course it sold out. Do you really think Buffett has trouble finding 100 people to pay $10K to

have dinner with him?

People pay $1 million or more to have dinner with him.

http://www.google.com/#sclient=psy-ab&hl=en&source=hp&q=pay+one+million+dinner+with+buffett&pbx=1&oq=pay+one+million+dinner+with+buffett&aq=f&aqi=&aql=1&gs_sm=e&gs_upl=72731l79001l0l79294l35l26l0l0l0l0l559l6425l0.11.10.3.1.1l26l0&bav=on.2,or.r_gc.r_pw.,cf.osb&fp=a271f0478f23d1e9&biw=933&bih=585

[YellowCosmicSun]

27. So what's the point of writing an article about how it almost didn't sell out?

Just another lame attempt to make Obama look bad?

[andym]

12. Not at all surprising.

Obama has been critical of Wall Street and imposed new regulations on them. That the criticism was not at the forefront of his Presidency, that he kept on Wall Street cronies like Bernanke, or the regulations are at best moderate impositions does not matter to those who are on the receiving end. At heart, they want the praise of the GOP and their no regulation ideology.

[Major Hogwash]

18. Oh noes!! Obama gots no money! No wonder he sent Michelle to Target tonight!

She had to pick up some blank campaign buttons for the girls to color in by themselves!
Oh noes!!!

[moondust]

29. The People vs. Mammon.

Who ya gonna serve?