Wednesday, November 28, 2007

Big political money gets even bigger as Wall Street swings Dem

Wall Street is throwing ever more money into campaign contributions, including now having a 57-43 tilt toward Democrats.

In both presidential and congressional contests, Democrats are benefiting more than Republicans from the surge in business donations, with 57 percent of giving from typical big donors going to Democrats versus 43 percent in 2006 and 2004.

More money is coming in from lawyers than from any other sector, as usual. But the biggest increase in giving since 2004 is coming from financiers, whose donations are up 91 percent.

Steep increases are also coming from the real estate industry, Hollywood, healthcare professionals and insurers. …
Wall Street's favorite presidential candidate, based on the latest FEC disclosures from October 29, was Democratic New York Sen. Hillary Clinton. Close behind her in donations from financiers were Republican former New York Mayor Rudolph Giuliani and Democratic Illinois Sen. Barack Obama.

Next were Republican former Massachusetts Gov. Mitt Romney, Democratic Sen. Christopher Dodd of Connecticut, Republican Sen. John McCain from Arizona, Democratic former North Carolina Sen. John Edwards and Democratic New Mexico Gov. Bill Richardson.

The biggest donors in the securities and investment sector, as of October 29, were the brokerage firms Goldman Sachs, Morgan Stanley, UBS, Merrill Lynch, Lehman Brothers and Credit Suisse.

Also among the sector's top contributors were hedge funds and private equity firms Bain Capital, SAC Capital Advisers, Fortress Investment Group and Blackstone Group.

Chuck Schumer is probably saying, “Bring ’em on” even as we speak. Do you really expect a lot of change out of the next presidential administration? Or the next Democratic Congress?