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Golden showers

By Michael J. Smith on Tuesday April 25, 2006 01:57 PM

What's this all about?
Democrats Beat Republicans in 2005 Fund-Raising on Wall Street

April 24 (Bloomberg) -- Democrats outdid Republicans last year in attracting political donations from investment banks, brokerages and fund managers for the first time since 1994, helped by support from hedge funds and companies such as Merrill Lynch & Co.

Democrats got $13.6 million, or 52 percent of the financial industry's $26.3 million in political donations in 2005, said the Center for Responsive Politics, a nonpartisan Washington group that researches the influence of money on elections and public policy. In the two years leading up to the 2004 presidential election, Republicans received 52 percent of the $91.6 million given by the industry.

``Wall Street wants change'' on issues such as the Iraq war and the budget deficit, said James Torrey, chairman of the Torrey Funds, which manages about $1 billion.

Well, if it's change they want, it's not clear why they should give any money to the Democrats. So what's up here? Are they just placing their bets on the likelier horse?

Comments (1)

J. Alva Scruggs:

When your product is awful and consumers are restless, it's easiest to rebrand it. The Bushists have managed to very publicly brand neoliberalism as the export product of violent, demented perverts. The market share for that is limited. Some of that happy, happy Clinton magic will restore the lustre.

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