Buffett: Wall St refusing to fund Obama election campaign

Wall Street bankers who feel they have been singled out to blame for the financial crisis are refusing to fund President Barack Obama's next election campaign, Warren Buffett has said.

According to the Telegraph, the billionaire investor and Democrat has said a wave of rhetoric and legislation - including the so-called Buffett tax which targets those earning more than $1m a year - has irked bankers.

They are now withholding funds from Obama's election campaign as they feel unloved, Buffett said.

"Wall Street certainly doesn't feel loved," he said. "I think there was some rhetoric that contributed to that."

Mr Buffett, a staunch backer of the president, said Obama's policies had helped banks recover from the recession - even though financiers think he has not embraced the industry.

"You take the number of people making a million dollars or over on Wall Street and you can fill a very large auditorium," Mr Buffett said. "I think the president felt, 'My God, look at all the things we did for business, and they're unappreciative, and I'm all that stands between them and the pitchforks'."

American anger against Wall Street continues to grow, with hundreds of anti-capitalist activists being arrested over the weekend as they marched against "corporate greed".

Arrests were made after protests spilled out on to main roads.