Obama Hosts Fundraiser In New York City, With Wall Street In Tow

Obama Hosts Fundraiser In New York City, With Wall Street In Tow

President Obama is hosting a swanky fundraiser at the Mandarin Oriental in New York tonight -- and about a third of the 200 Democratic donors attending will be from Wall Street. Each donor is paying the legal maximum of $30,400.

The fundraiser comes as White House officials strongly condemn huge bonuses at firms that received bailout money.

But Republicans are raising far more money from Wall Street. As the New York Times reported, big bankers are reluctant to contribute to President Obama. Only six or fewer donors from bailed-out giants like Goldman Sachs, JPMorgan Chase and Citigroup are expected to attend.

Part of the reason, several Democratic fund-raisers and executives said, is a fear of getting caught in the public rage over the perception that Wall Street titans profiting from their government bailout may use their winnings to give back to Washington in return. ...

Many involved, though, say the low attendance from those Wall Street giants also reflected a broader disenchantment with Mr. Obama over the angry language emanating from the White House over the million-dollar bonuses and anti-regulatory lobbying.

In fact, the reason Obama has to do so many fundraisers is "because the Democratic Party is not raising money like it did two and four years ago, and the president -- because of the lobbyist restrictions he's put on fundraising for his appearances -- is not the big draw presidents usually are," MSNBC reported.

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