Bloomberg News

Goldman Employees Join Bain as Top Donors to Romney Group

July 16, 2012

Employees of Goldman Sachs Group (GS:US) Inc., the biggest source of donations directly to Mitt Romney’s presidential campaign, are also the top givers to the joint fundraising committee he has set up with the Republican Party.

Goldman employees contributed $902,310 to Romney Victory, according to a computer-assisted analysis of Federal Election Commission reports. Overall, Romney Victory has raised more than $140 million since being established on April 5. Employees of Boston-based Bain Capital LLC, the private-equity firm co- founded by Romney, were its second biggest contributors, giving $820,400.

Employees of Elliott Management Corp., a New York-based hedge fund, were third with $808,150 in donations to Romney Victory, which raises money for the presumptive Republican presidential nominee and state and local party committees. Paul Singer, the president and founder of Elliott Management, has also given $1 million to the pro-Romney super political action committee Restore Our Future.

The super-PAC, which operates independently of Romney’s presidential campaign, raised a record $20 million in June, spokeswoman Brittany Gross confirmed today.

Adelson Check

The super-PAC’s haul, which exceeds by double any previous month, includes a $10 million check from Las Vegas casino billionaire Sheldon Adelson. Other donors will be included in a report to the FEC due July 20.

Employees of New York-based Goldman and their families also have contributed $593,080 to Romney’s own campaign, more than those of any other company, according to the Center for Responsive Politics, a Washington-based research group that tracks campaign contributions.

Goldman employees and their families gave $1 million to President Barack Obama for his 2008 campaign, more than those at any other company. They’ve given $100,424 to him for his re- election, according to the center.

“Romney is the candidate of Wall Street now, of course,” said Paul Light, a professor of public service at New York University’s Wagner School. “Obama was seen as the logical candidate for economic stimulus in 2008, but has now launched a campaign based on inequality and taxation of the 1 percent.”

Romney Victory reported raising $140.3 million through June 30 and had $57.7 million in the bank after transferring $68.8 million to the Romney campaign, the Republican National Committee, and state parties in Idaho, Massachusetts, Oklahoma and Vermont.

Other Contributors

Also supporting Romney Victory are several corporate PACs, including Chesapeake Energy Corp. (CHK:US), which gave $40,000, and Anheuser-Busch InBev NV (ABI), which contributed $15,000. A lobbyist for Anheuser-Busch, Michael Roche, brought in $25,000.

Former Kansas Governor Bill Graves, president and chief executive officer of the Arlington, Virginia-based American Trucking Associations, raised $587,500 for the joint fundraising committee. Patrick Durkin, a lobbyist for London-based Barclays Plc (BARC), brought in $184,630.

Barclays’ chief executive officer, Robert Diamond, resigned his position earlier this month after the bank said it rigged global interest rates. Diamond won’t co-host a forthcoming London fundraiser for Romney, as originally planned.

Priorities USA Action, a super-PAC supporting Obama, took in $6 million last month, co-founder Bill Burton told Bloomberg Television on July 13.

Both super-PACs are using most of their cash to air attack ads in battleground states.

Super-PACs can accept donations in any amount, while limits are imposed on how much can be given to joint fundraising committees such as Romney Victory and directly to the candidates.

To contact the reporters on this story: Jonathan D. Salant in Washington at jsalant@bloomberg.net; Julie Bykowicz in Washington at jbykowicz@bloomberg.net.

To contact the editor responsible for this story: Jeanne Cummings at jcummings21@bloomberg.net.


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Companies Mentioned

  • GS
    (Goldman Sachs Group Inc/The)
    • $160.46 USD
    • 2.66
    • 1.66%
  • CHK
    (Chesapeake Energy Corp)
    • $28.46 USD
    • -0.06
    • -0.21%
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