Market Overview

Clinton Joins Obama Fundraising Effort


Former President Bill Clinton (D-Ark) has agreed to join President Barrack Obama's (D-Ill) fundraising efforts for the 2012 election. Citing three sources with knowledge of the matter Bloomberg News reports that Clinton, the 42nd president, will make joint appearances with Obama at several fundraisers.

The duo will appear in together in the Democratic strongholds of Los Angeles, Chicago and New York over the next several months, Bloomberg reported, citing one of the sources. An Obama spokesperson said no events have been put on the schedule while a Clinton spokesperson declined to comment.

The New York event will likely be aimed at generating support from the Wall Street crowd. Companies found within the lineups of ETFs such as the Financial Select Sector SPDR (NYSE: XLF) and the iShares Dow Jones US Broker-Dealers ETF (NYSE: IAI) were warm to Obama's cause in 2008, but following the financial crisis and a series of regulatory moves and rhetoric aimed at Wall Street, financial services firms' support of the President has cooled.

Republican candidate Mitt Romney, who has yet to seal up the GOP nomination, has collected $6.6 million in donations from Wall Street firms while Obama had netted just $2.3 million through the end of January, Bloomberg reported, citing the Center for Responsive Politics.

Showing up to woo Wall Streeters with Clinton could prove to be a shrewd move for Obama if Wall Street remembers its history. It was Clinton that repealed the Glass-Steagall Act in 1998. Plus, Goldman Sachs (NYSE: GS) likes or at least used to like Clinton. The venerable Wall Street bank was the fourth-largest contributor to Clinton's 1996 reelection effort.

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