Largest Democratic donor won't donate to Obama

Haim Saban, who is believed to be the largest donor to the Democratic party, will not donate money to President Obama's re-election campaign, because of the President's stand on Israel (Hat Tip:Memeorandum).

Billionaire financier Haim Saban told CNBC last night that Obama hasn’t done enough to show support for Israel. He also said that he has no plans to contribute to the president’s campaign.

“President Obama has raised so much money and will raise so much money through the Internet, more than anybody before him. And he frankly doesn’t, I believe, need any of my donations,” said Saban.

“I’m very perplexed as to why the president, who’s been to Cairo, to Saudi Arabia, to Turkey, has not made a stop in Israel and spoken to the Israeli people,” he continued. “I believe that the president can clarify to the Israeli people what his positions are on Israel and calm them down. Because they are not calm right now.”

There have been reports that Obama is losing Jewish support after his clash with Prime Minister Netanyahu last week, but this development is the most significant so far. If a key donor like Saban has decided to break with the president, then there are likely others who will follow suit.