Deep Pockets Help Pick Dem Convention's Tab
The Democratic Party can thank some of the nation's largest financial institutions, many of them Boston-based, with helping them raise about $55 million to pay for the Democratic National Convention in Boston this summer.
Among the largest donors to the Democrat's host committee, according to documents filed with the Federal Elections Commission, were Boston-based companies: Fidelity Investments ($2.2 million), John Hancock Financial ($2.1 million) State Street Corp. ($1 million) and Bank of America, which recently acquired Boston-based Fleet Financial ($1.8 million). Secondary mortgage market giants Freddie Mac ($361,000) and Fannie Mae ($250,000) also helped pay the tab. CUNA contributed $40,000 and the American Bankers Association just $15,000. CitiCorp kicked in $250,000 and MasterCard International $225,000. Other big donors included IBM ($2.2 million) Raytheon Corp. ($1 million); Gillette Corp. ($1.6 million); and Verizon ($2 million).