Wall Street giving more to GOP for the first time since 2004
For all that Republicans think Democrats treat Wall Street with kid gloves and quick bailouts, Wall Street appears to prefer the warm embrace of the Republican Party. Though in true Wall Street fashion, they're making sure to hedge their bets.
For the first time since 2004, the biggest Wall Street firms are now giving most of their campaign donations to Republicans.
A Wall Street Journal analysis of 12 large financial services companies, including J.P. Morgan Chase & Co., Goldman Sachs Group Inc. shows that they have collectively made $1.4 million in political donations, with 52% going to Republicans so far this year. That’s a reversal from last year, according to the most recent round of fund-raising reports covering January, February and March.
Last year, J.P. Morgan’s political action committee gave about 60% of its $100,000 in donations to Democratic candidates. But in the first three months of 2010, the company’s PAC has reversed that trend, sending about 60% of its donations to Republicans.
Morgan Stanley has also reversed course. Last year, the company’s PAC gave $77,500 to Democratic candidates and $63,500 to Republicans. Through the first months of this year, Republicans have received 80% of its $40,000 in donations, according to the analysis.
But campaign records show that even Goldman Sachs has given more – 52% — of its PAC donations to Republicans in the first three months of the year. Few companies have been more reliable supporters of the Democratic Party than Goldman Sachs. Since 1989, there has never been an election in which Goldman gave more to Republicans than Democrats, according to the nonpartisan Center for Responsive Politics. In fact, employees of Goldman were the No. 2 source of campaign cash for President Barack Obama, giving his 2008 presidential campaign nearly $1 million.
April 28, 2010; 7:48 AM ET
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