CAPITAL HILL CONTRIBUTIONS
Wall Street is shifting loyalties. So far in the 2008 election cycle, the securities and investment industry has showered the Democratic Party with contributions. The balance began to shift in 2006, when the industry gave 53 percent of donations to Democratic candidates and parties, according to Opensecrets.org. Compare that to the previous 8 years, when the vast majority of the securities and investment industry donations went to the GOP. Of course, it's not terribly surprising that the industry's donations have followed the prevailing political winds, as Democrats have gained power and Republicans have lost some credibility. Unlike votes, political contributions are public, so they have more likelihood of influencing candidates to, say, do a few favors for those who helped them get elected. Apparently, the big Wall Street banks are betting the Democrats are going to win the 2008 election. Goldman Sachs and Morgan Stanley are putting the most money on this bet. Citigroup seems a little less sure about where it stands.
TOP CONTRIBUTORS TO FEDERAL CANDIDATES AND PARTIES
| Organization | Amount | Percentage to Democrats | Percentage to Republicans |
|---|---|---|---|
| Goldman Sachs | $2,327,721 | 72% | 28% |
| Morgan Stanley | 1,541,643 | 65 | 35 |
| UBS AG | 1,467,453 | 61 | 39 |
| Lehman Brothers | 1,147,387 | 64 | 36 |
| Credit Suisse Group | 1,078,200 | 52 | 48 |
| Merrill Lynch | 1,060,396 | 50 | 50 |
| Bear Stearns | 765,971 | 58 | 42 |
| Citigroup Inc. | 330,977 | 50 | 50 |
| Source: Opensecrets.org | |||
