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Wall Street Backs Bush Big NewsMax.comPresident Bush appears to be winning over many financial executives, who are now strongly supporting his re-election campaign. According to a new study reported in the NY Times, the financial community has surpassed all other groups, including lawyers and lobbyists, as the top industry among Mr. Bush's elite fund-raisers. Wall Street executives say the support is fed by patriotism and other factors, including the administration's actions to fight terrorism after the Sept. 11 attacks, which struck the country's financial nerve center. According to a White House spokesman, Bush had maintained regular contact with small businesses and the industrial sector, seeing Wall Street as an economic engine. However, when he took office, he chose few from the Wall Street world as top advisers.
But Allen B. Morgan Jr., the chairman of Morgan Keegan & Company, a brokerage firm based in Memphis, said support from Wall Street executives had come in spite of Mr. Bush's decision to keep some distance from them. "Bush has stayed clear of the big firms," said Mr. Morgan, a former chairman of the Securities Industry Association and a Bush fund-raiser. "But I think one of the reasons that people have raised money for him is they see him as a person who is cutting the size of government in the long run. They buy into that. And they think he can be re-elected." In any event, one of the president’s first stops in the 2004 campaign funding trek was New York, where he collected millions at a single event. Thus far, employees of securities and investment firms and their political action committees have contributed $3.8 million to the Bush campaign through September. Raising more from the financial industry than all nine candidates in the Democratic field combined, Bush has outdistanced Sen. John Kerry, D-Mass., with his $1 million through September, Howard Dean with his $302,000, and Sen, Joseph Lieberman, D-Conn., with his $639,000.
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