Wall Street Starts to Lean Democratic: After Years of Backing GOP, High Finance Turns to Dems in '08

ABC News: Wall Street Starts to Lean Democratic
After Years of Backing Republicans, High Finance Turns to Democrats in '08
By SCOTT MAYEROWITZ
ABC NEWS Business Unit
July 23, 2007

....As campaign contributions pour in to the 2008 presidential race, employees at some of the nation's largest banks and investment firms are deciding more often than not to write out big checks to Democratic candidates.

Workers at Goldman Sachs, Citigroup, Lehman Brothers and elsewhere are putting their cash behind Hillary Clinton, Barack Obama and John Edwards over the Republican front-runners, according to an analysis of Federal Election Commission filings by ABC News.

At Goldman Sachs, the largest of the firms, employees donated $542,000 to the top three Democrats and the top three Republicans from Jan. 1 through June 30.

More than 63 percent of those dollars went to Democrats, with Obama getting the bulk of that cash — $184,750, according to the ABC analysis....

***

...Bush's actions after Sept. 11, and the war in Iraq, (Hassan Nemazee, the national finance chair for the Democratic Senatorial Campaign Committee) said, have driven away many of these Wall Street workers, whom he calls moderate Republicans.

"They're not happy campers in the Republican Party today," he said. "You've seen a move away by people I would characterize not necessarily as Democrats, but as more Democratic-leaning and more willing to give to a Democrat … as a consequence of the policies the administration's been perusing for the last seven years."...

http://abcnews.go.com/Business/MarketTalk/story?id=3399837&page=1

It's possible that one or two of them feels some resentment.

Translation: "it doesn't look good for the Republicans regaining the majority in either house in 2008." It's the incumbent protection racket, pure and simple.

have the Master of the Universe on their sides. This, of course, is a mixed blessing.

2008 looks like it will be a smoking crater for the Republican party and these people, whose business is risk evaluation, do not want to make bad bets.

Bush also failed to deliver permanent tax cuts, which did not go over well at all.

So now they're going to make sure that the next (inevitable Dem) pResident WILL deliver...

now Dem politicians will spend the next few years whoring for Wall Street instead of repukes. :sarcasm: The people and parties in power may periodically change, but the people really calling the shots do not.

It was wall st. that bankrolled Clinton I too...

That's how we got that fucking NAFTA, GATT and WTO crap...

That's why the poor and working class got shafted and the rich continued to get richer...

Old News...