Two Thirds Of Wall Street Donations Now Go To Republicans As Democrats Get Least Contributions Since May 2008
According to the most recent study by the Center for Responsive Politics, Wall Street has completely given up on Democrats, even as contributions to Republicans have surged to a near multi-year record, or 68% of total. After donations hit parity in December 2009, following a gradual decline from a record Democrat preference in March of 2009, the spread between Wall Street charity to Democrats and Republicans has hit nearly 40% in the GOP's favor. Per OpenSecrets: "The Center's preliminary study indicates that political action committees and individuals associated with the broad finance, insurance and real estate sector have given more money to federal-level Republican interests during every month since December. The gap continued to grow during that time, reaching its widest point in June." The sad conclusion for the Obama administration is that even those who the president burned so much political capital to bail out, and will almost certainly cost him his second term, have turned against him: "But at this juncture, the general trend is clear: The broad financial
sector in June appears to have spent a greater percentage of its cash
on federal-level Republicans than at any time since May 2008."
More from OpenSecrets:
The Center's preliminary study indicates that political action committees and individuals associated with the broad finance, insurance and real estate sector have given more money to federal-level Republican interests during every month since December. The gap continued to grow during that time, reaching its widest point in June.
Such a shift away from Democratic candidates -- darlings of Wall Street interests for much of 2009 -- coincides with Democrat-driven financial reform legislation that President Barack Obama signed last month.
Contribution trends toward Republicans is particularly pronounced in the securities and investment industry, the Center finds.
During March 2009, people and PACs associated with this industry directed 70 percent of their federal-level contributions to Democratic candidates, party committees and leadership PACs.
By June, such numbers had practically flipped, with preliminary figures indicating Republican interests had received 68 percent of all federal-level contributions from this industry.
Individuals associated with these industries, such as company executives and middle managers, are the primary drivers of a Republican campaign donation shift, the Center's research indicates.
For example, in June, political action committees sponsored by securities and investment firms and trade groups almost evenly split their federal-level political contributions between Democrats and Republicans, preliminary figures show.
But individuals working within this industry favored Republicans by a nearly seven-to-10 margin in June. That's a significant departure from the beginning of 2009, when individuals working in this industry favored Democratic interests with six dollars for every 10 dollars spent on federal-level political interests.
One may wonder who the two remaining advisors that Obama has surrounded himself by, Larry Summers, and Tim Geithner truly work for: it is no secret that their long-term allegiances lie with precisely those who have now deserted the president. Perhaps it is not too late for Obama to make a clean break with Wall Street and truly embrace the bulk of America's population in one last act of expiation. After all, that would be a return to precisely the same roots of "change" that got the president elected in the first place. We are confident the American public can fina way to forgive and forget if Obama is truly repentful for the past two years of consistent faux pas.