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Republican Marco Rubio's presidential run has drawn more money from Wall Street donors than any other candidate, according to a Reuters review of campaign finance disclosures, shoring up his position as his party's establishment alternative to front-runner Donald Trump.
The U.S. senator from Florida has received more than US$4 million so far from employees of banks and investment firms such as Deutsche Bank, Goldman Sachs and Bank of America since launching his bid for the presidency last year, according to the analysis.
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Although he has failed to win any of the first three nominating contests, Rubio is considered by many political strategists as the best positioned establishment figure to challenge frontrunner Donald Trump, a billionaire political outsider, and Senator Ted Cruz of Texas, who has campaigned on an anti-Washington message.
Former Florida governor Jeb Bush, who dropped out of the race after poor finishes in the early nominating contests of Iowa, New Hampshire and South Carolina, came in second in Wall Street donations, accumulating US$2.45 million in contributions, while Democratic hopeful Hillary Clinton took third place with US$723,361, according to the review.
The amounts include contributions to the candidates’ respective Super PACs, fundraising groups that are not directly connected to their campaigns but which spend on their behalf.
More money could be on the way for Rubio as the Republican field narrows. Within minutes of Bush leaving the race, for example, some of the former governor's donors told Reuters they were preparing to throw their financial support behind Rubio.
"Jeb's network is already naturally migrating to Marco," said Gaylord Hughey, a top Bush fundraiser from Texas, echoing what four other top donors told Reuters. "It's the clear path."
"It's a stampede," said another donor, who spoke on the condition of anonymity because he wanted to give Bush some time after dropping out before he went public with his support of Rubio.
Wall Street donations, however, can hurt as well as help a candidate, especially with voters who blame bankers for the 2008 financial crisis and the ensuing recession. Donald Trump has attacked Ted Cruz for taking loans from Goldman Sachs, for example, and Democrat Bernie Sanders has used Hillary Clinton's ties to the financial sector to his advantage.
"The idea of raising cash from Wall Street is a tricky one," said University of Iowa professor Tim Hagle. "Even on the Republican side, there's a certain mistrust among the base for that sector."
#GOPTownHall
— Dan Slott (@DanSlott) February 18, 2016
Rubio says Dems are under the influence of big business.
Rubio's received the MOST Koch Bros funding of ALL the 2016 candidates
But Hagle added that the financial support could help Rubio as he seeks to become the Republican party's anti-Trump candidate.
The support for Rubio was largely provided through donations to his allied Super PAC, Conservative Solutions, which raised more than US$60 million in 2015. The fifth richest person in the world, Larry Ellison, donated at least US$4 million to the Super PAC, and billionaire investor Paul Singer contributed US$2.5 million, according to the filings. Singer, a hedgefund manager, is a financial supporter of the Israeli settlements in the West Bank. He has also been locked in a fight with Argentina over the South American country's defaulted debt, seeking full repayment of said debt — which he purchased for pennies on the dollar — in contravention of an earlier agreement between the Argentine government and its creditors.
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Rubio’s biggest single donor, Florida auto dealer Norman Braman, gave an estimated US$10 to US$25 million. Rubio has described him as a father figure.
@mitchellvii Rubio has a nice, cushy job waiting for him. Either Norman Braman or Pepe Fanjul will make sure of it.
— writeonright (@Writeonright) February 22, 2016
In January, Rubio raised US$9,792 from the financial sector, the third-highest total for the month in the presidential field behind Clinton, with US$51,000.
Democrat Bernie Sanders and Republican Donald Trump have received some of the smallest totals from Wall Street.
Sanders, who has blamed the financial crisis on Wall Street and has promised to break up big banks, raised US$26,650 from bank employees since launching his bid, a tiny fraction of the US$96 million he has raised from all sources.
Trump, a billionaire businessman who is largely self-funding his campaign, raised only US$1,566 from employees of banks. Most of Trump's fundraising has come in the form of selling merchandise on his website.
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