Marco Rubio picked up steam this week with a strong finish in Iowa. The U.S. senator from Florida will have a fresh pile of Wall Street cash at his disposal as he takes aim at the next voting states.
Billionaire hedge fund managers Paul Singer and Ken Griffin gave $2.5 million each to the Conservative Solutions PAC, an outside organization that supports Rubio, as 2015 drew to a close, according to Federal Election Commission data released this week. The noted Republican donors helped to make the securities and investment industry the top-contributing sector to pro-Rubio groups in 2015, with nearly $10 million in donations, according to the Center for Responsive Politics.
The Wall Street money flows show the traditional power players' continued gravitation to Rubio and former Secretary of State Hillary Clinton on the Democratic side. They also underscore the consolidation of support as the GOP field gets thinner.
"Some of the traditional Republican donors have been lining up behind Rubio, while Ted Cruz is able to line up some support behind conservative donors. Major donors have been looking at people other than Jeb Bush," said Anthony Corrado, a professor of government at Colby College who studies campaign finance.