Political Correction

Wall Street Paying Republicans A Bonus For Opposing Reform

April 27, 2010 1:24 pm ET - by Matt Finkelstein


After Senate Republicans voted yesterday to block debate on Sen. Chris Dodd's (D-CT) Wall Street reform bill, RNC Chairman Michael Steele released a statement blasting Democrats.  "Today, Senate Democrats stood with Wall Street by attempting to move forward with a bill that creates a permanent bailout for irresponsible financial firms," he declared.

For weeks, Republicans have been pushing this false notion that Democrats are creating a "permanent bailout" to help the big banks.  All the while, it is Republican lawmakers who have been huddling with Wall Street titans and promising to do their bidding. 

Today, the Wall Street Journal provided more evidence of whose side the Republicans are really on.  According to the report, the "biggest Wall Street firms" are rewarding the Republican effort to derail reform with campaign cash:

For the first time since 2004, the biggest Wall Street firms are now giving most of their campaign donations to Republicans.

A Wall Street Journal analysis of 12 large financial services companies, including J.P. Morgan Chase & Co., Goldman Sachs Group Inc. shows that they have collectively made $1.4 million in political donations, with 52% going to Republicans so far this year. That's a reversal from last year, according to the most recent round of fund-raising reports covering January, February and March. [...]

The change of allegiance comes as Congress closes in on legislation that would overhaul financial services regulations. Democrats back an aggressive bill that has been so far blocked in the Senate by Republicans.

[H/T: ThinkProgress]

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