Wednesday, February 24, 2010

Is Wall Street Switching Sides?

The times, they are a chang'en.

See: Democrats: Say Goodbye to Wall Street?

The securities and investment industry gave 2 to 1 to Democrats in early 2009 but sent nearly half its donations to Republicans by year's end, according to data complied by the Center for Responsive Politics for the Post.

The commercial banking industry and its employees gave nearly twice has much to Republicans during the last three months of 2009, the newspaper reported.

It may be that some of the Wall Street Execs and employees have figured out giving money to Democrats was like giving guns to gangsters.

The report cited JP Morgan Chase, headed by Obama supporter Jamie Dimon, as having scaled back its giving to Democrats.

"The bank and its employees, who doled out nearly $500,000 in federal contributions last year, went from giving 76 percent of the money to Democrats in the first quarter to giving 73 percent to Republicans in the fourth," the newspaper said.

Look for Democrats to start complaining about the need for more campaign contribution reform in the near future. I would not be too shocked if they start pushing hard for public financing of campaigns again.

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