How times have changed. It wasn’t so long ago that the SEC stood accused of letting Morgan Stanley chief executive John Mack’s reportedly close connection to the Bush Administration block an investigation into insider trading. Now Mack has endorsed Hillary Clinton.
Business Week reports:
One of Wall Street's big-time Republican fund-raisers, Morgan Stanley (MS) CEO John Mack, has told BusinessWeek that he and his wife, Christy, are endorsing Democratic Presidential candidate Hillary Clinton, whom they supported for re-election as senator.
Mack previously reached Ranger status in Republican campaign finance circles by raising at least $200,000 for President George W. Bush's reelection in 2004. (Former Goldman Sachs (GS) CEO Hank Paulson, now U.S. Treasury Secretary, raised a Pioneer-worthy $100,000.) Mack, who says he'll stay a registered Republican, was also considered a possible candidate for various Bush Administration posts over the years.
It's too early to tell who the other major bank chiefs will back. But Mack's switch could tip the balance of power toward the Democrats. According to nonpartisan contribution tracker PoliticalMoneyLine, three of the other top six bank CEOs (Goldman's Lloyd Blankfein, Lehman's (LEH) Richard Fuld Jr., and JPMorgan Chase's (JPM) Jamie Dimon) have favored Democrats in their political giving patterns over the past few years. Bear Stearns (BSC) CEO Jimmy Cayne is strongly Republican. Citigroup's (C) Charles Prince and Merrill Lynch (MER) CEO Stan O'Neal have bipartisan donation habits.
John Mack Backs Clinton [Business Week]