McClatchy: Wall Street donates millions to top presidential candidates

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Wall Street donates millions to top presidential candidates
Greg Gordon | McClatchy Newspapers

last updated: February 01, 2008 08:24:42 PM

WASHINGTON — Employees of Wall Street investment banks, whose role in the unregulated sub-prime mortgage market helped stall the U.S. economy, have donated more than $5 million to the top four Republican and Democratic presidential candidates.

A McClatchy analysis of the latest Federal Election Commission filings found that employees and executives of 12 firms — including Merrill Lynch, Citicorp, Lehman Brothers and Swiss-owned UBS — made hefty contributions to candidates in both parties but seemed to be betting more on Democrats.

The companies are among those who have the most at stake in the next election: They've already sustained losses approaching $100 billion, politicians are talking about tougher regulations and the new administration will have a large hand in crafting policies to address the sub-prime crisis. With the prospect of growing foreclosures for homeowners with shaky credit, the value of hundreds of billions of dollars in bundled mortgages could plummet.

Democratic candidates Sens. Hillary Clinton of New York and Barack Obama of Illinois were the leading recipients of cash from employees of these firms, collecting half the $7.4 million in donations to 15 major presidential candidates.

Through Dec. 31, Clinton had collected more than $2 million in donations from employees of 12 banking firms caught up in the sub-prime mess. She received $373,020 from Morgan Stanley workers, $316,001 from Goldman Sachs employees and nearly $290,000 from Citicorp. workers.

Obama got $1.7 million from the same firms, including $288,835 from Goldman Sachs employees, $242,395 from UBS workers and $226,805 from Lehman Brothers employees.

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[thunder rising]

1. Now please prove that these employees were reimbursed by their employer.

Otherwise, I can donate (and do) to anybody I damned well please and it does not have SHIT to do with my employer.

Believe it or not, there are many people in positions in finance and business power structure that did not want nor ask for the "gifts" of the Bush administration. And, if they choose to donate to a candidate they thing can put the United States back on an even keel, then good for them.

[thunder rising]

3. This is a moronic "linkage" with no value. Get a clue, sometimes Americans are Americans

and really have a conscience. Corporations are amoral, they exist to make money. They are machines. It is the responsibility of the government to regulate them and keep the amoral behavior in check (it's like allowing sociopaths and con-men to roam free). The Bush administration has embarrassed even the corporations soul with the leeway they have been given and they are required by law to maximize their profit.

It's only the people in the corporations that have a soul. And just maybe they are donating to help right what they know is wrong.

[thunder rising]

4. You have no clue who I work for and I'm a Democrat .. and yes I donate enough to be itemized on list

[aquart]

2. Please-don't-put-us-in-jail donations?

[Eric J in MN]

5. How dare employees make donations!

What a bogus article.

[thunder rising]

6. Barack received donations from EMPLOYEES of the firms. You changed your syntax

and the semantics are inflammatory. By the time you parse this statement the election will be over this.