Obama welcomes donors to a fundraiser on April 14 in Chicago, one of its key markets of money Mandel Ngan/AFP/Getty Images
By John McCormickWhen the President Barack Obama visited California in February, he had a dinner private with Apple (AAPL) CEO Steve Jobs, founder of Facebook Mark Zuckerberg and other technology leaders. The purpose of the meal was to solicit ideas from the growth of employment.
The President returned to Golden State on 20 April with something different on the menu: campaign cash. A re-election in 2012 at a time when Republicans fundraisers are eager to take advantage of the relaxed restrictions campaign expenses, Obama is a tower at the beginning of its most important markets of money, Chicago to Silicon Valley to Hollywood to Wall Street. While his campaign downplaying of speculation he might be the first to raise $ 1 billion, it is nevertheless accumulates a reserve of cash as the GOP, with the large open field, gets off to a slow start. Former Governors Tim Pawlenty of Minnesota and Mitt Romney of Massachusetts are only two main candidates Republican who announced exploratory committees, while the Obama campaign is about to open offices in the States of the battlefield.
Although some major democratic donor names, including the actor Matt Damon and hedge fund manager Daniel Loeb, have expressed their disappointment in the Administration of the Obama, fundraisers say the President remains popular, and its events are sold. After the heading to a meeting of City Hall on 20 April at the headquarters of Facebook in Palo Alto, California, Obama was scheduled to host a series of San Francisco collectors of funds, including a dinner at the home of Marc BenioffPresident of Salesforce.com (CRM). This event, which was supposed to attract about 60 donors, has an entry price of $35 800 per person, with $5,000 to the Obama campaign and the rest to the Democratic National Committee in support of his reelection.
Wade Randlett, a fundraising and co-founder of San Francisco Nextfuels biofuel startup, said that Obama is helped by the fact that there is no Republicans in the current field of candidates who are "strong on issues trade and moderate on social issues." Randlett raised between $200,000 and $500,000 for the Obama in 2007 and 2008 and plans to match this performance this cycle. "When you see what offers on the other hand, it really is just obvious to the Bay area." California events have should provide as much as 5 million for Obama and the DNC, according to a democratic source who could not speak publicly because he was not authorized to share information. It is approximately twice that Obama raised on 14 April at three events in Chicago, where he began his fundraising campaign.
Another swing silver livestock is scheduled for April 27 in the region of New York, a trip which will include another $ 35 800 per person, this time in the House of Jon Corzine, the former Goldman Sachs (GS) CEO and Governor of New Jersey. The funding effort will be the first test of whether donors to Wall Street will be as generous as they were in 2008, when Obama has received the most money of employees in the sector of investment as those of any other industry and securities, according to the Center for Responsive Politics. After the financial regulatory overhaul of last year, rhetoric of "fat cat" of Obama, some former supporters of Wall Street cooled toward the President, said Dan Gerstein, a Democratic strategist in New York. "He has paid a heavy price in the banking sector," said Gerstein. "He has alienated many people with his rhetoric."
Jim Messina, Director of campaign Obama and a former White House Deputy Chief of staff, has tried to curb the predictions that the President will raise 1 billion for 2012. Still, it has established an aggressive fundraising schedule. Top of the bundle page, seeking money from a wide circle of donors, have been asked to collect at least $350,000 this year alone. Four years ago the members of the Committee on national finance of the Obama were to raise $ 250,000 for the whole election.
The top bar has been set partly because Democrats don't know if Obama will be helped or hurt by Republican labour disability measures, a great source of democratic money. Governors of Wisconsin and Ohio signed invoices, making it more difficult for the unions to collect contributions. Anthony j. Corrado, a professor who studies the political fundraising at Colby College in Maine, said that the move could the opposite effect. Trade unions will have "a very strong incentive" to counter Republican attacks by donating heavily to the Democrats. At the same time, the Supreme Court 2010 Citizens United decision makes it easier for the political groups "take corporate and Union money and advertising specifically advocating the election or defeat of candidates," explains Corrado. It provides that the presidential election of 2012 will be a battle "proxy" between business and trade unions.
Obama will have a larger pool of potential donors that he did four years ago, when the theatre of a primary battle with Hillary Clinton marathon has helped fuel its funding but also divide the field of the donors. At the same time, some of the top tables in Obama in 2008 will be officially prohibited from fundraising because they are now enjoying the benefits of their past performance. Philanthropist Boston Alan d. Solomont, former media Executive Charles Rivkin and technology lawyer John Roos each raised more than $500,000 for the Obama 2008 campaign. They now serve as ambassadors in Spain, France and Japan, respectively.
The President is also not the aura of a historic quest to become the first Black President. "There was some type of excitation which revolved around the first go-around," says Lester n. Coney, an Executive Vice-President at Mesirow Financial, which was one of the fundraisers in 2008 from the high Obama of the page. "It will never be able to capture once more".
The bottom line: Campaign 2012 Obama application bundle high to increase their objectives at least 40%, to $350,000 this year.
McCormick is a reporter for Bloomberg News.
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