The Shifting Business of Presidential Candidate Alliances

In a political climate that reflects George W. Bush's unpopularity with much of the American citizenry, and with the burden of the Iraq war hanging over the administration and many members of Congress, Presidential candidates are finding new opportunities for financial support. According to a report posted on CNNMoney.com, the traditional alliances between Republicans and big business are crumbling. Democrats are taking advantage of the situation.

One example is Hillary Clinton's wooing and winning the support of John and Christy Mack. John Mack is the CEO of Morgan Stanley. Mack raised money for George W. Bush's reelection campaign, and he was important enough to the campaign that he had once been thought of as a possible Secretary of the Treasury in the Bush administration, according to CNN.

CNN chronicles the relationship between Clinton and the Macks that eventually led to the Macks supporting Clinton. Thomas Nides, a Democratic strategist and the chief administrative officer at Morgan Stanley, originally brought the candidate and the Macks together. Clinton later followed up on the meeting and asked for the Macks' support. Eventually she got it.

Illinois Senator Barack Obama, Clinton's primary Democratic opponent, has also had success among business people on Wall Street and in Hollywood. As CNN notes, the leading Republican candidates, including Rudy Giuliani, John McCain, and Mitt Romney, are also making approaches to the business community, but "what's different this time is that CEOs are up for grabs on both sides."

Another factor in the current political climate, other than the war and the unpopularity of Bush, is that "corporate America likes to bet on winners," says CNN. Now that the Democrats have taken control of Congress, the chances of the party winning the presidency have improved. The Republican cause is further hurt by the lack of a clear cut GOP nominee for the Presidency. "Even in 2000, Bush was the presumptive nominee," notes longtime GOP fundraiser and Thayer Capital chairman Fred Malek. as quoted by CNN. "Signing up with Bush was a no-brainer."

While Democrats are making inroads on traditional Republican supporters, the top three GOP candidates, former Massachusetts Governor Mitt Romney, former New York City Mayor Rudy Giuliani, and Arizona Senator John McCain, all have had long careers that give them access to a list of important business connections, according to CNN.

Despite Clinton's success with the business--CNN estimates 150 top executives have raised money for her--she finds herself in the difficult position of working with business people while still having to appeal to the left wing of the Democratic Party with its antipathy toward big business and perceived corporate greed. Clinton received applause when she told an audience of grass-roots activists, "Let's start holding corporate America responsible, make them pay their fair share again. Enough with the corporate welfare! Enough with the golden parachutes! And enough with the tax incentives for companies to ship jobs overseas. We have to make sure there is not a single benefit they would get for doing that." Hours later she was interviewed by Fortune magazine, and tried to convey a more balanced approach to business.

Sources:

money.cnn.com/magazines/fortune/fortune_archive/2007/07/09/100121742/index.htm
www.freerepublic.com/focus/f-news/1856005/posts