Wall Street's political cash favors Democrats

[deadparrot]

ST. LOUIS (Reuters) - Wall Street has shifted its allegiance in the 2006 election cycle by donating more to Democrats than Republicans who have been the investment banks' usual benefactors, U.S. Federal Election Commission data show.

Five leading firms Goldman Sachs Group Inc., Bear Stearns Companies Inc.,Morgan Stanley, Merrill Lynch & Co. and Lehman Brothers Holdings Inc. have contributed $6.2 million so far to candidates before the November elections, with about 52 percent going to Democrats.

"People give ideological money and they give money to people they think are going to win," said Maurice Carroll, director of Quinnipiac University's Polling Institute in Hamden, Connecticut. "It looks like it's going to be a good year for Democrats."

Despite being awash in record profits, Wall Street executives, investment bankers, brokers and traders may be getting weary of Republican control, Carroll said. President George W. Bush's polling numbers are low and growing violence in Iraq also weighs heavy on Republican leadership, he said.

http://news.yahoo.com/s/nm/financial_politics_wallstreet_dc

[bluestateguy]

1. Hasn't Goldman Sachs always leaned Democratic?

Wall Street is playing it safe.

[aquart]

2. Wall Street still dealing with respiratory problems?

They were the people sent back to work before the air was clear. They were the people who walked thru the dust of the dead every day. The ones stepping out of limos and the ones walking out of the subway.

But, of course, this is only a money decision.

[GreenPartyVoter]

3. I still say it's time to get ALL money out of elections, save for

equal amounts given to candidates by the gov't.

[54anickel]

4. Winning friends and gaining influence with the next "regime".

Pre-emptive back-scratching, if you will.

[AndyTiedye]

5. Running the Economy Off a Cliff is Bad for Business

[AX10]

6. True.

[maddezmom]

7. kick

[DuaneBidoux]

8. Wall Street's political cash favors Democrats (Reuters)

ST. LOUIS (Reuters) - Wall Street has shifted its allegiance in the 2006 election cycle by donating more to Democrats than Republicans who have been the investment banks' usual benefactors, U.S. Federal Election Commission data show

<http://elections.us.reuters.com/top/news/usnN06393176.html?src=cms>

Before we become too self rightous maybe we should examine our own people and let them know that we don't expect this to translate into being owned by Wall Street.

[soothsayer]

9. They want us out of that money pit that is Iraq!

I'm guessing

[NMDemDist2]

10. they recognize the deficit is bad news more than anyone n/t

[skipos]

11. Maybe they realize that Dem presidents are better for the economy

Forbes has some ratings of ecomonic properity that verify this.

"Not surprisingly, Bill Clinton tops the magazine's prosperity chart. He is followed by two other Democrats – Johnson and Kennedy. The first Republican to show up is Reagan, who comes in fourth. No Democrat finishes lower than seventh (Truman), and the last three spots are all occupied by Republicans (Nixon, Eisenhower and George H.W. Bush). On a scale of one to eleven (one being Bill Clinton, eleven being the elder Bush), Democrats have an average ranking of 3.8, Republicans of 7.8."

http://www.americanprogressaction.org/site/pp.asp?c=klLWJcP7H&b=131769

That probably explains why democrats are better for the stock market too.

DOW SINCE 1901
Republican years Avg. annual change 6.9%
Democratic years Avg. annual change 13.3%
Source: Stock Trader's Almanac 2005

http://www.usatoday.com/money/perfi/columnist/krantz/2005-12-02-presidents_x.htm

[AX10]

12. That too. But the reality is that the Democrats are about to regain...

national prominance and power (at least in one house).

But yes, big business realizes that you need a strong economy for everyone if they want to remain strong companies.

[LiberalArkie]

13. Investment bankers are different people than say an individual company

Whereas an individual company (say Halliburton, GE) can benefit from corrupt politicians, investment bankers do not. Investment bankers, venture capitalists benefit when the whole portfolio (hence the economy) is rising and profiting.

[gully]

14. It's simple "when we all do well, we all do well."

Clinton said something to that effect, Wallstreet has realized that Democrats are better for everyone.