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.
By
Ezra Klein
|
April 28, 2010; 7:48 AM ET
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Posted by: visionbrkr | April 28, 2010 8:13 AM | Report abuse
"Since 1989, there has never been an election in which Goldman gave more to Republicans than Democrats"
Wall Street may be more interested in who wins, but for Goldman Sachs to be donating more to Republicans suggests a disenchantment with the Democrats. Which is actually a positive for the Democrats.
Could also just be the fickle girlfriend syndrome. "Now that we're actually dating, you aren't nearly as exciting and interesting as I thought you'd be. Maybe I should have gone with the other guy."
Posted by: Kevin_Willis | April 28, 2010 10:57 AM | Report abuse
This is fascinating actually, because the political science research shows that businesses typically give money to whoever is in power -- even when it's obvious that the other party is going to make substantial gains soon (i.e. even in late 2006 most business PACs didn't hedge their bets by giving to Democrats, they still gave mostly to incumbent Republicans. So the fact that Wall Street is swinging so hard to Republicans recently despite most incumbents being Democrats is a pretty strong statement on their trust in the GOP to do their bidding.
Posted by: vvf2 | April 28, 2010 11:45 AM | Report abuse
"So the fact that Wall Street is swinging so hard to Republicans recently despite most incumbents being Democrats is a pretty strong statement on their trust in the GOP to do their bidding."
After all that Democrats have done for them! It's like the guy who leaves the girlfriend right after she helps him get through Medical School. Such a cliche.
Although really, it's hard to expect better from Wall St, given all the cliches they've been living up to recently.
Posted by: slag | April 28, 2010 11:55 AM | Report abuse
The most corrupt firms like Goldman-Sachs continue to remain firmly in bed with the in-power Democrats, trying to ram through a financial reform bill that secures their status in dominance over the majority of honest Wall Street firms.
Republicans don't stand a chance.
Does anyone wonder why none of the insurance companies in the corrupt Senator Chris Dodd's state are exposed to the new banking regulations? Wonder what kind of unethical sweetheart deal he is getting this time.
The Democrats make me sick!
Posted by: FastEddieO007 | April 28, 2010 1:58 PM | Report abuse
President Obama = Goldman-Sachs Million Dollar Man!
Posted by: FastEddieO007 | April 28, 2010 2:00 PM | Report abuse
@ FastEddieO007 : way to ignore the facts of the issue. Wall st is giving more to repiglicans because repiglicans are carrying their water in the finreg debate. It's as simple as that...
Posted by: srw3 | April 28, 2010 5:56 PM | Report abuse
It sounds like Wall Street is giving a ton of money to both Democrats and 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."
Really, a flip from 48% R / 52% D to 52% R / 48% D is news? You've got a different mix of employees and many employees probably have different propensities to give than before. It would probably be hard for Wall Street to coordiate exact percentages amongst all the donors at all the firms.
For all we know the changes here are random rather than motivatved by recent political events.
Posted by: justin84 | April 28, 2010 6:13 PM | Report abuse
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Wall St knows who's going to do well in November and now they're starting to show that financially. We've been here before and Wall St giving is usually right.