FINANCIERS, ALONG WITH LAWYERS, ARE UNDERWRITING THE RACE FOR THE WHITE HOUSE
*New, exclusive analysis on OpenSecrets.org finds attorneys have given
candidates the most, but Wall Street’s biggest firms top all other
companies.
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*Candidates have relied on their personal connections for early
fundraising.
CONTACT: Massie Ritsch, Communications Director
202-354-0111; massie@crp.org
NOTE: To read this news release with hyperlinks to supporting data, go
here
WASHINGTON (April 18, 2007)–Lawyers and employees of the nation’s top
investment firms are the biggest underwriters of the 2008 presidential
campaign, according to a detailed analysis of the candidates’ first
campaign finance reports by the nonpartisan Center for Responsive
Politics.
Today the Center posted its exclusive analysis of the top industries
and contributors backing each candidate on its award-winning website,
OpenSecrets.org. The site’s presidential section also includes analyses of
the geographic distribution of contributions and the candidates’
fundraising over time. Soon the Center plans to release a new feature on
OpenSecrets, The Money Web, which uses social networking software to
illustrate links between the presidential candidates and their donors.
The biggest-giving industry so far in ‘08, lawyers and law firms, has
already contributed at least $14.6 million to the 18 major Republican
and Democratic candidates. The securities and investment industry ranks
second behind the lawyers, with more than $8.6 million, but Wall Street
firms dominate the list of top companies from across all industries.
“While candidates are collecting more money from small donors than ever
before, this campaign is largely being financed right out of the gate
by big money from big interests,” said Sheila Krumholz, the Center’s
executive director. “A candidate’s message can’t reach the voters without
tens of millions of dollars, which means that with their wallets, the
few Americans who are big donors will be winnowing the field for the
rest of us.”
Based on contributions from employees, their families and political
action committees, no company has contributed more to the candidates than
Goldman Sachs, the giant investment firm. Goldman’s executives and
employees donated nearly $500,000 in the campaign’s first three months,
followed by Citigroup, UBS Americas, Credit Suisse, Merrill Lynch, Morgan
Stanley, Lehman Brothers and Bear Stearns. Two hedge fund companies,
Fortress Investment Group-where John Edwards has served as an adviser-and
SAC Capital, come in at #9 and #10, further establishing hedge funds as
major political contributors.
Republican Mitt Romney and Democrat Hillary Clinton led their parties
in money from the securities and investment industry. Both collected
about $1.7 million, with Romney raising slightly more in CRP’s preliminary
analysis.
The top law firm, and the 12th largest contributor among all companies,
is Sidley Austin LLP, whose employees have donated more than $190,000.
More than 55 percent of the firm’s contributions have gone to Barack
Obama, who reportedly met his wife at Sidley Austin’s Chicago office
while she was an attorney and he was a summer associate.
But it is Edwards, a former plaintiff’s attorney, who is the legal
industry’s favorite candidate, by far. Edwards has taken in nearly $4.4
million from lawyers and their firms since January, or $1 out of every $3
he has raised. Clinton trails Edwards with about $2.8 million from
attorneys.
Other top industries footing the bill for the presidential race so far
include real estate ($5.9 million; top recipient: Romney), the
entertainment industry ($2.4 million; top recipient: Clinton) and doctors and
other health professionals ($2.2 million; top recipient: Clinton).
Retired individuals have contributed almost as much as the investment
industry-more than $8.3 million (with Romney leading the field).
All but about 1 percent of the money flowing to presidential candidates
comes from individuals, whose contributions are limited to $2,300 for
the primary election and another $2,300 for the general (provided the
candidate makes it that far). Political action committees controlled by
corporations, unions and interest groups play only a small role in
presidential fundraising (which makes it easy for candidates Obama and
Edwards to refuse their money). PACs, which can give up to $5,000 per
election to federal candidates, are far more influential in congressional
campaigns.
The presidential candidates’ biggest donors at this early stage tend to
be people and companies with whom they have a personal connection, not
surprisingly.
As previously noted, Obama and Edwards have leaned on firms to which
they have professional connections. Romney’s top donors include Bain
Capital, the Boston venture capital firm he founded, and Marriott
International, the hotel company started by fellow members of the Church of
Jesus Christ of Latter-Day Saints. Rudy Giuliani’s law firm, Bracewell &
Giuliani, has given him more than $60,000. Chris Dodd, who chairs the
Senate’s banking committee, has raised the bulk of his money from
financial industries he regulates. And top donors to Bill Richardson include
employees of New Mexico, where he is governor, plus those who work for
the state’s university and a large real estate developer with a major
project in Albuquerque.
“When you’re a candidate looking for a $2,300 check, you start with the
people you know best and those who might owe you one. The question is:
What will you owe them in return?” Krumholz, CRP’s director, said.
Researchers at the Center for Responsive Politics identified the top
donors to the ‘08 presidential race using the candidates’ Federal
Election Commission reports covering Jan. 1 through March 30, which were due
on Sunday, April 15. Compressing a process that normally takes three
weeks or more into three days, CRP’s researchers fingerprinted tens of
thousands of individual donors-a task only the Center undertakes on such a
large scale. Matches among family members were made to associate
unemployed spouses and children with the company and industry of their
wage-earning family member.
If a donor gives more than $200 to a candidate, their name, address,
employer and occupation must be provided to the FEC. The Center’s
analysis, displayed in a variety of ways on OpenSecrets.org, is based at this
point on the successful classification of about 70 percent of the
candidates’ itemized contributions, which exceeded $112 million and 94,000
records-more than three times the number of donations after the
campaign’s first quarter four years ago. The Center’s researchers will continue
their analysis over the coming weeks, so figures are subject to change.
#Â #Â #
The Race for the White House section of OpenSecrets.org is available here. There you can view profiles of each
candidate by clicking on his or her name.
You can also sort presidential data by:
Geography
Selected Industries
ABOUT THE CENTER FOR RESPONSIVE POLITICS
The Center for Responsive Politics is the nation’s premier research
group tracking money in U.S. politics and its effect on elections and
public policy. Founded in 1983, the nonpartisan, nonprofit Center aims to
create a more educated voter, an involved citizenry and a more
responsive government. CRP’s award-winning Web site, OpenSecrets.org, is the
most comprehensive resource for campaign contributions, lobbying data and
analysis available anywhere. CRP relies on support from a combination
of foundation grants and individual contributions. The Center accepts no
contributions from businesses, labor unions or trade associations.
