The Los Angeles Times reported on Friday that President Barack Obama has lost favor with many big-name Wall Street campaign contributors that were major money-makers in his 2008 Presidential bid.
According to the article, Wall Street campaign contributors appear to favor Republican Mitt Romney. The former Massachusetts Governor and businessman held a sold-out breakfast fundraiser at the exclusive Essex House hotel Tuesday and before that had breakfast with one of the biggest names on Wall Street, JPMorgan Chase & Co. CEO Jamie Dimon.
According to the article, even with the support of big-name financial tycoon Warren Buffet, Obama has had trouble selling $10,000 a plate spots at fundraisers in New York City’s financial hub.
Ben LaBolt, a spokesman for the Obama campaign, said Romney’s efforts to win over the finance industry are not a surprise, according to the report.
“It’s no surprise that the Romney campaign is raising money from Wall Street by saying they want to repeal consumer protections and allow Wall Street to write its own rules,” he told the Times.
Obama has also taken steps to improve relations with financial leaders. Last January, he hired a JPMorgan executive, William Daley, to be his chief of staff. The President has also invited top financial executives to the White House for conversations about the economy.