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7/16/12

US Presdidential Election: Campaign Contributions From Banks In Libor Probe Lift Mitt Romney, Barack Obama

Six of the banks under investigation -- JPMorgan, Citigroup, Credit Suisse, UBS, Bank of America and Barclays -- rank among Romney's top 20 donors. Through the end of May, employees of those companies and their family members have contributed more than $2 million to the Romney campaign, according to the Center for Responsive Politics.

Mitt Romney is the top recipient of the financial sector cash, pulling in more than twice the contributions that have gone to President Barack Obama as of May. Incumbent members of Congress have received nearly one-third of the financial sector's donations so far.

None of the banks under investigation currently rank as top donors to Obama, although JPMorgan, Citigroup and UBS all ranked among Obama's top donors in 2008. Employees of the six banks that are top Romney donors have given $420,553 to the Obama campaign so far.

In addition, eight Obama bundlers hail from banks under investigation for their role in the rigging of the Libor rate. Executives from Barclays, Citigroup, Royal Bank of Scotland and UBS have raised at least $2 million for the reelection campaign.

The Obama team has already had to renounce one financial sector bundler this year after the investment fund of former New Jersey governor and senator Jon Corzine imploded and was found to have lost or misused investors' money. The campaign and the Democratic National Committee returned $70,000 in contributions from Corzine and his family, but declined to return more than $500,000 he had raised for the campaign from others.

Read more: Campaign Contributions From Banks In Libor Probe Lift Mitt Romney, Barack Obama

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