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Businessmen Who Supported Obama in ’08 are Switching to Romney in ‘12

June 14, 2012 by Jason Elsman in Business

Griffin, Founder, President and CEO of Citadel Investment Group LLC

Campaign finance filings reporting allow observers to clearly see where donations to the presidential candidates are flowing from. It is clear from this information that the big Wall Street bucks are definitely favoring Romney in this year’s race for the presidency, and by a wide margin.

Among the financial-sector donors Mitt Romney’s campaign and the super PAC which supports it have raised $37.1 million compared to only $4.8 million for Obama. That might not appear to be much of a surprise, that the naturally conservative business community would support the Republican candidate; what is a surprise however is the fact that among the leading donors are 19 who supported Obama in 2008.

These 19 supporters have already donated a tidy $4.8 million to Romney’s bid for president. In 2008 these same 19 gave Obama $213,700, according to an analysis of Federal Election Commission filings. So far this year none of the 19 have given Obama anything.

For example, founder of the Chicago-based Citadel hedge fund Ken Griffin has said Obama is guilty of “class warfare.” Griffin gave $2,500 to Romney’s campaign plus an additional $1.1 million to the pro-Romney super PAC which supports Romney’s campaign, Restore Our Future.

In 2008 Griffin gave Obama’s campaign the maximum amount of $4,600 and helped Obama raise an additional $50,000 to $100,000.

“It is critical that the next president appreciates that America’s prosperity is driven by the innovation and hard work of the American worker, whose valiant efforts have, in recent years, been undermined by the oppressive weight of government intervention,” Griffin said.

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Jason Elsman

About Jason Elsman

Jason Elsman is a periodic contributor to Left Justified, bringing his business knowledge and background to the publication. With 15 years on Wall Street, Jason offers a unique perspective on the business world as it impacts the political landscape. Jason also has a special fondness for history, and will write on this subject when the urge compels him Find Jason at carl(at)leftjustified.com.

View all posts by Jason Elsman →

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