So far, super PACs have received more than one-third of their donations from financial-services executives, according to data from the nonpartisan Center for Responsive Politics.
In the 2012 election, donations from the financial-services sector made up roughly 20% of the $845 million raised by super PACs, or political-action committees, and other independent campaign groups. In the 2004 election, Wall Street and other financial groups were responsible for just $2.4 million of the money collected by political-action committees.
The early fundraising data provides the most recent evidence that Wall Street is the single biggest driver behind the surge in spending by super PACs and other outside groups on U.S. elections.
– From the Wall Street Journal article: Wall Street’s Donor Role Expands as Money Flows Into 2016 Election
If Wall Street knows anything, it’s how to hedge its bets. This is precisely why powerful financiers make sure they bankroll as many politicians as possible.
Indeed, when it comes to the 2016 Presidential race, the only two candidates who are not being funded by Wall Street are Donald Trump and Bernie Sanders. This explains much of the horror exhibited by the establishment when it comes to the success of these two individuals.
While the influence of Wall Street money in politics is nothing new, what is notable about the current race is the monetary investment by these financiers is substantially higher than as recently as 2012. It appears many financial oligarchs see a pressing need to boost their spending this time around in order to protect themselves against the justified angst of the American public.
A very interesting article in yesterday’s Wall Street Journal highlighted some the spending in detail. Here are some of the numbers as relates to those candidates still in the running:
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