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Morgan Stanley's Mack backs Clinton |
| by By Grace Wong, CNNMoney.com staff writer - 04/27/2007 |
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| "CEO of one of Wall Street's leading investment banks endorses Clinton's 2008 presidential campaign." |
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NEW YORK (CNNMoney.com) -- Morgan Stanley chief executive John Mack is endorsing Democratic Senator Hillary Rodham Clinton's 2008 run for the White House, the company said Friday.
Mack, who returned to head the Wall Street investment bank in 2005 after a bitter fight with Philip Purcell, and Mack's wife Christy have decided to back Clinton, a Morgan Stanley (Charts, Fortune 500) spokeswoman confirmed.
John Mack and his wife are backing Hillary Rodham Clinton's presidential campaign.
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Sen. John McCain announced his presidential candidacy on Wednesday. CNN's Candy Crowley reports (April 26)
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Mack's involvement with healthcare is one of the reasons behind his endorsement for Clinton, whom he has worked closely with before, one person familiar with the situation said. Mack is chairman of the board of trustees of New York-Presbyterian Hospital.
"As one of the nation's pre-eminent business leaders, John Mack's support underscores Senator Clinton's ability to lead from day one," said Howard Wolfson, communications director for the Clinton campaign.
Wall Street is shaping up to be a major force in the 2008 presidential campaign, with the securities and investment industry one of the biggest contributors in the first three months of the year.
The industry contributed more than $8.6 million to presidential hopefuls in the first quarter, coming in only behind lawyers, according to the Center for Responsive Politics, a non-partisan research group that tracks U.S. political donations.
Clinton received $1.75 million from the investment community, more than any other Democratic candidate.
But she isn't the only one with ties to Wall Street. Republican candidate Mitt Romney is a co-founder of private equity powerhouse Bain Capital, and Democratic hopeful John Edwards has served as an adviser to hedge fund Fortress Investment Group (Charts).
Romney raised $1.76 million from the securities and investment industry in the first quarter, while Edwards received about $512,000, according to the Center for Responsive Politics.
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