Banks Are Supporting Mitt Romney Mostly Due to Dodd-Frank Opposition

FOX Business Network (FBN) Senior Correspondent Charlie Gasparino reports that Wall Street is primarily backing GOP presidential candidate Mitt Romney over President Obama this election because “they want Dodd Frank to at least be whittled down.”  Gasparino goes on to report that while Goldman Sachs Group, Inc. (NYSE:GS) is Mitt Romney’s “number one contributor” and “financial industries are the second biggest contributor to the RMitt omney campaign,” President Obama “has no banks in his top 10 contributors.”

On why Wall Street is backing Romney:

“They want Dodd Frank to at least be whittled down. They believe in a Romney administration particularly if the Republicans hold at least one House in Congress, you’re going to have Dodd Frank be whittled down tremendously. It will be a slowness in the implementation maybe a reinterpretation of the rules, including the Volcker Rule which prevents proprietary trading, that is, trading with their own money their own capital. That’s what they are expecting from the Romney administration. If the Republicans take all three; House, Senate, keep the House take the Senate and Presidency, a lot of people are saying there’s a good shot this could be a complete rewrite of Dodd Frank.”

On the revenge of the “fat cats”:

“It is revenge of the fat cats. Everybody knew Wall Street was moving towards Romney. If you look at the latest numbers, the numbers on the eve of the convention, they are very, very dramatic. It’s basically Wall Street except for a few lost souls out there I think Larry Fink at BlackRock, Inc. (NYSE:BLK) and Former Head of UBS AG (NYSE:UBS) [Robert Wolf] most of the Wall Street CEO’s are out and there in the Romney campaign.”

On whether Romney will break up the big banks:

“Romney is not really in favor of breaking up the big banks…Ryan is a wild card.”

On Obama’s supporters:

“Obama has no banks, no banks in his top 10 contributors… Goldman Sachs the subject the targetable from Occupy Wall Street and all the class warfare guys are Romney’s number one contributor…They are not, not even in Obama’s top 20… Financial industries are the second biggest contributor to the Romney campaign.”

On the Wall Street executives that still support Obama:

“I know of two predominate names that overly support president Obama. Larry Fink at BlackRock, Inc. (NYSE:BLK) he said it, and if president Obama gets re-elected he has a good shot to be Treasure Secretary and former head of UBS AG (NYSE:UBS) Bob Wolf another name possibly Treasure Secretary. If it was between those, I would give the edge to Larry Fink.”

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