President Barack Obama’s estrangement from Wall Street is costing him money in fewer campaign donations even as it is fueling his argument for re- election.
Bloomberg reports that since the start of his campaign through Aug. 20, Obama has spent an estimated $132 million on television commercials, with $22m - or 17% - on an ad defending the new law he signed tightening bank oversight and criticizing Republican challenger Mitt Romney’s opposition to it.
'Rather than attack the industry, he’s been able to use Romney’s positions and focus on that as opposed to doing what the conventional wisdom suggested and run a very populist campaign focused on bashing Wall Street', said Elizabeth Wilner, Vice President of New York-based Kantar Media’s CMAG, a company that tracks television ads.
As Obama takes the stage at Bank of America Stadium in Charlotte to accept the Democratic nomination, some of the political ramifications of the Wall Street Reform and Consumer Protection Act are already on display.
Employees in the financial, insurance and real estate industries, which pumped $43m into the president’s campaign four years ago, have given Romney $29 million this year, more than twice the $12m they’ve donated to Obama’s re-election, according to the Center for Responsive Politics, a Washington-based research group.
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