October 9, 2012
Confirming a move that will surprise exactly no one, the firm which is best known in the world for two things: i) arbitraging the gullibility of its clients, and ii) flipflopping faster than anyone when the narrative demands it, the WSJ reports that Goldman Sachs has mutated from Obama’s biggest financial backer 4 years ago on Wall Street, to one of the most stingiest firms. “Employees at Goldman donated more than $1 million to Mr. Obama when he first ran for president. This election, they have given the president’s campaign $136,000—less than Mr. Obama has collected from employees of the State Department. The employees have contributed nothing to the leading Democratic super PAC supporting his re-election. By contrast, Goldman employees have given Mr. Romney’s campaign $900,000, plus another $900,000 to the super PAC founded to help him.” In other words Goldman has just voted with their wallets, and the bottom line is “Strong Sell” with price target One Term.
From the WSJ:
When Barack Obama ran for president in 2008, no major U.S. corporation did more to finance his campaign than Goldman Sachs Group Inc.
This election, none has done more to help defeat him.
Prompted by what they call regulatory attacks on their business and personal attacks on their character, executives and employees of Goldman Sachs have largely abandoned Mr. Obama and are now the top sources of money to presidential candidate Mitt Romney and the Republican Party.
Underscoring the magnitude of the reversal, Goldman has been the No. 1 source of campaign cash to Democrats among companies during the 23 years the Center for Responsive Politics has been collecting such data.
In interviews with more than a dozen past and current Goldman executives, many said they felt betrayed by Democratic lawmakers and the White House, for years considered friendly allies. Several Goldman executives said they didn’t want to speak out publicly against the president, and that their donations speak for themselves.
Jim Donovan, a banker formerly in charge of Goldman’s relations with Bain & Co., the private-equity firm run by Mr. Romney, helped draw his colleagues’ attention to the GOP candidate. “As a longtime friend to Mitt and Ann, I can attest that his conviction and strength on fixing the U.S. economy is compelling as are his values,” said Mr. Donovan, who handles Mr. Romney’s personal investments. “That is why there has been such a strong outpouring of support for Mitt from all sectors.”