Wall Street Cools to Dems Despite Bailout

Financial regulation tough talk hurting donations
By Kevin Spak,  Newser Staff
Posted Oct 20, 2009 6:10 AM CDT
Mariah Dahl of Ithaca, N.Y., a student at the University at Albany, protests against a bail out of Wall Street firms during a rally in Albany, N.Y., Wednesday, Oct. 1, 2008.   (AP Photo/Mike Groll)
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(Newser) – Some gratitude: Wall Street’s top firms will largely sit out Barack Obama’s lavish Democratic Party fundraiser in New York tonight, with Goldman Sachs, JPMorgan and Citigroup sending a scant half-dozen representatives or fewer. Some Democratic fundraisers and executives tell the New York Times that bailout banks are afraid of a backlash if they’re seen cutting $30,400 checks to Democrats.

But others say Wall Street is outright miffed about Obama’s tough talk about their bonuses and anti-regulatory lobbying. “The investment community feels very put-upon,” says one event chairman. “They feel there is no reason why they shouldn’t earn $1 million to $200 million a year, and they don’t want to be held responsible for the global financial meltdown.” This year, Wall Street donors have accounted for just 3% of Democratic fundraising, compared to 6% last year.