Hell hath no fury like a Goldman scorned.
In 2008, the notorious investment bank counted among the top donors working to elect President Obama, but the relationship has since turned sour. Goldman employees are throwing their weight behind Republican nominee Mitt Romney this election cycle, donating some $1.8 million to elect Romney, including both contributions to SuperPACs supporting the Republican candidate and direct contributions to his campaign, The Wall Street Journal reports.
Just four years ago Goldman employees donated more than $1 million to elect Obama. What went wrong? It could be personal. Obama has been no stranger to the popular rhetoric in recent years that’s characterized Wall Street as greedy and selfish. He once even referred to the financial industry as “fat cat bankers.” At the annual White House Correspondents Dinner in 2010, Obama hit Goldman directly.
"All of the jokes here tonight are brought to you by our friends at Goldman Sachs," Obama said, referring to an SEC investigation being conducted at the time. "So you don't have to worry—they make money whether you laugh or not."
While the President’s term has been kind to Wall Street profits, Goldman employees may also be annoyed by the increased regulation the bank has seen under President Obama with the Dodd-Frank financial reforms.
But it’s not just Goldman Sachs that President Obama seems to have alienated. Employees from Morgan Stanley, JPMorgan Chase and Bank of America all count among big campaign contributors to Romney this election cycle after supporting Obama in 2008, the New York Post reports. Other companies have ditched Obama too, including AT&T and Blue Cross/Blue Shield.