Wall Street Shorts Democrats, Goes Long on GOP
by Charles Lemos, Wed Feb 24, 2010 at 05:40:15 AM EST
Via the Washington Post:
Commercial banks and high-flying investment firms have shifted their political contributions toward Republicans in recent months amid harsh rhetoric from Democrats about fat bank profits, generous bonuses and stingy lending policies on Wall Street.
The wealthy securities and investment industry, for example, went from giving 2 to 1 to Democrats at the start of 2009 to providing almost half of its donations to Republicans by the end of the year, according to new data compiled for The Washington Post by the Center for Responsive Politics.
Commercial banks and their employees also returned to their traditional tilt in favor of the GOP after a brief dalliance with Democrats, giving nearly twice as much to Republicans during the last three months of 2009, the data show. At the same time, total political donations by the major banks and investment houses alike dropped in the waning months of that year.
On the bright side, it might encourage the Administration to press forward with meaningful regulatory reform of the financial sector now that Wall Street donor base has pivoted back to the GOP.