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Rating:Fund Workers Like Obama Not Rated 3.0 Email Routing List Email & Route  Print Print
Monday, April 30, 2007

Fund Workers Like Obama

by: Sean Hanna, Editor in Chief

Fund firm workers apparently like Barack Obama. InvestmentNews reports that workers at FRC's top twenty fund firms donated at least $49,185 to the Obama campaign in the first quarter, or roughly a quarter of the entire $194,015 they donated to all campaigns. While the numbers are of prurient interest to those in the fund industry, they are a drop in the bucket over all. The data was gathered by The Center for Responsive Politics. The organization publishes its data at OpenSecrets.org.

Securities firms, for example, donated $8.9 million to presidential campaigns in the first quarter, while law firm workers gave $16.6 million, the most of any group.

Workers at Los Angeles-based Capital Group Companies (advisor the American Funds) donated nearly a third of that total amount, or $65,815. Fidelity employees were second with total donations of $59,975.

Fidelity's Bob Reynolds donated $2,100 to fellow Bay Stater Mitt Romney and another $1,000 McCain while Ellyn McColgan gave $2,300 to Clinton. Reynolds announced his retirement from Fidelity two weeks ago, leaving McColgan and Abby Johnson as Fidelity vice chairman.

The only Capital Group Companies employee to donate more than $1,000 to Clinton's campaign so far is John Emerson, who gave $4,200. No other worker at that fund firm is listed as donating to the Obama or Edwards campaigns, nor are any donations listed for McCain, Romney or Giuliani campaigns on the Republican side. Meanwhile, MFS Chairman Robert Pozen also donated $4,600 to Clinton.

Obama took in more from fund workers than any other candidate. John McCain's campaign took $33,995 and Hillary Clinton's $32,725. New Yorker Rudy Giuliani pulled in just $15,050. 

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