Why Do "Fat Cats" Support the President Who Insulted Them?July 10, 2012 @ 5:16 pm
President Obama attacks bankers and hedge fund managers as greedy "fat cats," but the financial industry continues to lavish generous donations on his campaign. The non-partisan Center for Responsive Politics shows the Securities and Investment industry in third place among all interest groups in supporting the Obama campaign and the Democratic National Committee. Financial sector donors have already provided $14.5 million, ahead of their record-breaking pace in 2008.
Why would Wall Street titans continue to back the president, when he rips them rhetorically and threatens harsh new regulations? Because many industry leaders dread an increasingly hostile federal government and want to protect themselves by buying special consideration and connections. Political givers sometimes donate because they love a certain candidate and sometimes donate because they fear him. When it comes to Obama and Wall Street, fear could be a more powerful motivator than love.
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