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Democrats pounce on report of Wall Street money swinging to GOP

Within five minutes of each other, both White House press secretary Robert Gibbs and the Democratic Senatorial Campaign Committee circulated this story. Why? Read on.

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.

This is what I was getting at yesterday. Unless Republicans make the argument (and some do) that the Democrats' version of financial reform is going to benefit their donors, the utility of pointing out that Democrats get donations from Wall Street is basically zero. Because as Democrats cease to be the Wall Street-friendly party they were at the close of Bill Clinton's presidency, the money moves, and the opportunity for populist hits against them vanishes. (Also hurt by this: Ralph Nader, who's been working off the same "Democrats are pawns of Wall Street" script since before Miley Cyrus was born.)

By David Weigel  |  April 27, 2010; 11:05 AM ET
Categories:  Financial reform  
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