A just-released study by the Center for Responsive Politics shows that President Obama is relying more on Wall Street to fund his re-election this year than he did in 2008, according to CNBC, which obtained an advance copy of the report.
The report says that one-third of the money Obama's elite fund-raising corps has raised on behalf of his re-election has come from the financial sector.
"Individuals who work in the finance, insurance, and real estate sector are responsible for raising at least $11.3 million for Obama's campaign and the Democratic National Committee," the report says.
And, all of Obama's “bundlers” — top fundraisers who obtain donations from people and groups in their business, professional, and personal networks — have raised a minimum of $34.95 million.
Obama has even added new Wall Streeters who did not work for him in 2008, including former Goldman Sachs CEO Jon Corzine, Evercore Partners executive Charles Myers, Greenstreet Real Estate Partners CEO Steven Green, and Azita Raji, a former investment banker for JPMorgan.
Obama and the DNC combined are on pace to far exceed the amounts Obama raised from Wall Street donors in 2008, both in raw dollar amounts and as a percentage of what he raises overall.
According to the Center's research, Obama fundraisers who worked in the finance, insurance and real estate sector were responsible for a minimum of $16 million, or about 21 percent of the $76.5 million estimated minimum amount brought in by top bundlers.
Moreover, the Center has identified 80 bundlers — out of 244 whose names were released by the Obama campaign last week — who are part of the financial sector.
Forty-four of these specifically work for the securities and investment industry.
United Press International reports that Obama has raised more money than his Republican rivals in 36 states and Washington, D.C.
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