Wall Street Dumps Dems: Donations Down 65%

Upset about financial reform, banks keep their cash
By Kevin Spak,  Newser Staff
Posted Jul 6, 2010 7:49 AM CDT
In this Aug. 7, 2006 file photo, a Wall Street street sign is seen in front of flags at the New York Stock Exchange.   (AP Photo/Mark Lennihan, File)

(Newser) – Democrats are feeling the wrath of a financial sector scorned. Wall Street donations to the Democrats’ two congressional campaign committees are down 65% from the 2008 election cycle, the Washington Post reports. Big donors in general are staying away, giving just $49.5 million, compared to $81.3 million in 2008. Smaller donations have filled the gap—the funds are down only 16% overall—but party leaders are still concerned.

Part of the problem is that the well-connected Chuck Schumer isn’t headlining the Democratic Senatorial committee anymore. But financial reform is a much bigger factor, says the committee’s current chair. “It’s no secret the big banks were against it.” The CEOs of Goldman Sachs and JP Morgan, for example, who’ve donated a combined $115,000 to the committees over the past two election cycles, haven’t given a penny this year.

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