Bank of America, Wachovia rivals in '08 presidential donations
The favorite among political donors working at Bank of America is Democrat Barack Obama, while Republican John McCain got the most checks from those at Wachovia. Former North Carolina Sen. John Edwards is an also ran at both of the Charlotte-based banks.
According to data complied by the Center for Responsive Politics, a nonpartisan Washington-based nonprofit, New York Sen. Hillary Rodham Clinton has received the most money from employees at banks and securities firms at $5.7 million. She's followed by Obama ($5.4 million) and Republican Rudy Giuliani ($5.1 million).
In 2004, President Bush raised nearly $12 million from donors with ties to financial services companies -- double the amount pulled in by the Democratic nominee, Massachusetts Sen. John Kerry.
"What's different is we have an open seat this time," said Massie Ritsch, a spokesman for the Center for Responsive Politics. "Donors in the past may have been guessing that President Bush would be back in office."
Bank of America employees and their spouses have given about $253,980 to Democrats, or about 62 percent of the contributions from bank employees. About 57 percent of donations from Wachovia staffers, worth about $134,800, have gone to GOP candidates.
Eric Montgomery, an attorney at Bank of America, said he and two other Obama supporters with company ties hosted a fundraiser for the Illinois senator in April. Montgomery, 42, said backing Obama was a personal preference, not something tied to his job.
Obama "brings a fresh perspective about what he would do as president," Montgomery said. "He certainly represents a different part of America. He is more ingrained with the common man."
Bank of America chief executive Ken Lewis, who gave money to Bush in 2004, has not donated in this election cycle, according to finance data. His seven top executives at Bank of America, however, made donations to Democrat Chris Dodd, the Connecticut senator who chairs the Senate banking committee.
Wachovia CEO Ken Thompson and his wife, Kathylee, have given $2,300 each to McCain, the Arizona senator.
Individual contributions have far outweighed donations by the banks' political action committees. Bank of America's PAC gave $10,000 to Dodd and $5,000 to Democrat Joe Biden, a senator from Delaware. Wachovia's PAC hasn't yet contributed to a candidate.
Ted Arrington, a professor of political science at the University of North Carolina at Charlotte, said the diversity of contributions mirrors uncertainty among voters about which candidates will emerge as front-runners.
"It also reflects the notion that big business gives to both parties because they want access to whoever wins," he said.
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