Wall Street has shifted its allegiance in the 2006 election cycle by donating more to Democrats than Republicans who have been the investment banks' usual benefactors, U.S. Federal Election Commission data show.
Five leading firms Goldman Sachs Group Inc., Bear Stearns Companies Inc.,Morgan Stanley, Merrill Lynch & Co. and Lehman Brothers Holdings Inc. have contributed $6.2 million so far to candidates before the November elections, with about 52 percent going to Democrats.
"People give ideological money and they give money to people they think are going to win," said Maurice Carroll, director of Quinnipiac University's Polling Institute in Hamden, Connecticut. "It looks like it's going to be a good year for Democrats."
Monday, October 16, 2006
Wall Street is often correct when it comes to allocating money. Let's hope in this case they're very much right.
Posted by Grey Matter at 10:38 PM