Mitt Romney attracts big donations from financial industry, including Goldman Sachs and Bain
By T.W. Farnam,
Mitt Romney’s history in the financial industry is clearly an asset for his campaign when it comes to fundraising.
A new disclosure filing released Sunday night shows that the Republican presidential candidate’s biggest sources of cash in recent months have been top financial firms. Employees of Goldman Sachs Group alone have given $902,000 to Romney Victory, which is a joint fundraising vehicle for Romney and the Republican Party.
They are closely followed by employees of Bain Capital, the private equity firm that Romney founded and recently a target of Democratic attacks. Romney raised $820,000 from Bain Capital employees and another $175,000 from employees of the Bain & Co. consulting firm, the source of the top talent and business philosophy for the private equity partnership.
Employees of Elliott Asset Management, the hedge fund company run by Romney supporter Paul Singer, gave $818,000. People who listed themselves as self-employed investors gave more than $2 million over the three-month period from April through June.
The report shows that Romney Victory brought in a total of $140 million during the past three months.
Donors are allowed to write checks of up to $70,000 to the committee and Romney has relied heavily on the wealthy to fund it. Almost half of the total raised, $67 million, came in checks of $40,000 or more.
As a result of new guidelines from the Securities and Exchange Commission, much of that financial industry money will be going to fund House and Senate races and not to support Romney’s campaign against Obama, however.
The Romney Victory fund is set up to send money to Romney’s campaign, the Republican National Committee and a handful of state parties around the country. Many financial industry professionals in effect can’t contribute to state parties because their firms would then be banned from managing lucrative financial deals with the states under SEC rules. That means their donations will go to the National Republican Senatorial Committee and the National Republican Congressional Committee instead.