Wall Street Shorts Democrats, Goes Long on GOP

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.

Tags: Wall Street, Money & Politics, financial reform (all tags)

Comments

4 Comments

It won't matter if real healthcare reform passes

The democratic base through a massive online donation engine has raised more money for candidates than half of the sources cited here - combined.

 

The concept of lobbyism, institutional donation to campaigns, and the general 20th century pressure to keep lobbyists happy in order to get elected - are all falling by the wayside. Insurgent campaigns are becoming the norm.

 

If real healthcare reform passes there will be 40 million Americans out there with 20 bucks each waiting to hit a button on a campaign somewhere. If the Democratic party doesn't ask them too often, or at the wrong time - to do so - and they have a real reason to believe the Democratic party is the party that represents their interests and not those of some lobbyist somewhere - such as, say , for example, the passage of a National Health Service and Real Healthcare Reform - then to be quite honest, Jerome, I just don't see how it is relevant that the Good ole Boy Network is trying to invest in the GOP. They did that two years ago, remember?

 

It didn't pay off then and it won't pay off now. Again, so long as the Dems do their job. If however this new internet-enabled electorate catches wind of the Democrats not standing up for what they want.  I predict the election will be all over the map, and likely a wash for both sides as the money just ebbs and flows but there is a notable absence in the real cash that can come from an energized base and an online machine.

 

by Trey Rentz 2010-02-24 09:19AM | 0 recs
RE: It won't matter if real healthcare reform passes

Typo: I meant Charles , not Jerome. Sorry there.

by Trey Rentz 2010-02-24 09:20AM | 0 recs
Wannabe LapDogs

We now see how effective the Repubs have been in their efforts to convince their long time corporate sponsors that the Dems really would not make better lapdogs no matter how much the
Dems pander.  The heart of the Repug effort was to show the corporatists that the Repugs would not let the Dems get anything done.  "Go off and have your fling with those wannabe lapdogs, but you'll come back to us.  And besides we don't have a base that says mean things about you--We know you are the Masters of the Universe and we love you for it---All of us!"

Numbers don't lie--This strategy is working and it is also going to pay off electorally as well.

But Obama will continue to reach out in the vain and foolish hope that the Repubs will help him and the Dems supplant them as the pooches that the corporations can really trust.

 

Jim Montgomery

by dipsop 2010-02-24 10:20AM | 0 recs
That would seem to be at odds

with the Tea Party narrative we've been hearing about.  Is it really possible that the media has misread the Tea Party?  Shocking.  Shocking.

by the mollusk 2010-02-24 01:16PM | 1 recs

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