Wall Street Rules Help GOP Fill Campaign Coffers

[flpoljunkie]

Wall Street Rules Help GOP Fill Campaign Coffers

By Brody Mullins

Republicans are poised to lose the fight over Wall Street regulations, but there is a silver lining: the fight has helped the Republicans pad their campaign accounts.

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.

Meanwhile, the Wall Street firms have also begun writing large checks to the Republican Party, while stiffing the Democratic Party. Goldman, KPMG, and FMR Corp. (the owner of Fidelity Investments) each gave $15,000 to the Republican Party in March.

The change of allegiance comes as Congress closes in on legislation that would overhaul financial services regulations. Democrats back an aggressive bill that has been so far blocked in the Senate by Republicans.

http://blogs.wsj.com/washwire/2010/04/27/wall-street-rules-help-gop-fill-campaign-coffers/

[ShortnFiery]

1. If it's published by the WSJ, I can't rule out the tactic of "disinformation."

We all should take the time to fully read and understand the final reform bill. We don't want it to also turn out to be authorization for large banks to take over smaller ones as well as credit unions. That would be a devastating turn of events and truly put ALL THE WEALTH into the hands of the super-rich.

This battle, IMO, is not democratic vs republican but "The Super-Rich Club" vs. "The Rest Of The American People"

[flpoljunkie]

2. This article is about numbers, and it does not make Republicans look good.

Otherwise, I agree with you. As Elizabeth Warren has said, do our representatives stand with American families or with the big banks? We will soon see where they end up--despite their rhetoric.

[ShortnFiery]

3. Understood. My point is only that we need to be aware of WSJ spin. eom

[flpoljunkie]

4. Absolutely. Though, it's their editorial board, like the Washington Post, that is so slanted.