The Democrats are currently trying to roll out that old war horse, “class warfare” in a desperate attempt to arrest their freefall in the polls. The myth is that they are for the little guy when they are the party of big government. Businesses, once they get big, are hardly fans of the free market as they would much prefer to settle into a profitable market niche and not have to keep battling against upstarts.
Show Me the Money
An organization known as OpenSecrets.org, has a website that has information on contributions to the 2008 presidential campaign. The list of top contributors is not a list of contributions by corporations but by contributions from those company’s Political Action Committees, its individual members or employees or owners, and those individuals’ immediate families, but it does give you a sense of where the people who make up these companies see their bread buttered.
If you look at the top 20 donors to Obama compared to the top 20 donors to McCain, the 20th donor on Obama’s list gave 32% more to Obama than the top donor to McCain. As with any large organization there will be individuals who support Republicans and individuals who support Democrats, as well as their PACs wanting hedge bets by giving to both. But the amounts are telling.
What is particularly illuminating is with regard to Wall Street and the Banks. The Democrats are latching onto the sound bite that they want more regulation to protect the little guy, while the Republicans want less regulation so that Wall Street and the banks can get rich at the expense of the little guy.
Who’s Dumber Wall Street or the Democrats?
Does anyone believe that the leaders of Wall Street would give money to a candidate or party without expecting their point of view to be heard? Does anyone believe that the Democrats would take contributions and then turn around and burn those who contributed so generously, particularly before a very tough election? Okay, now that we have that settled let’s look at the numbers.
The top Wall Street and Bank Contributors to Obama’s election were as follows:
- Goldman Sachs — $994,795
- Citigroup — $701,290
- JP Morgan Chase — $695,132
- UBS AG — $543,219
- Morgan Stanley — $514,881
The top Wall Street and Bank Contributors to McCain’s election were as follows:
- Merrill Lynch — $373, 595 (subsequently sold to Bank of America)
- Citigroup — $322,051
- Morgan Stanley — $273,452
- Goldman Sachs — $230,095
- JP Morgan Chase — $228,107
- Wachovia — $195,063 (acquired by Wells Fargo)
- UBS AG — $192,493
- Credit Suisse — $183,353
- Bank of America — $166,026
- Bear Stearns — $117,498 (subsequently sold to JP Morgan Chase in a fire sale)
- Lehman Brothers — $114,357 (Bankrupt)
It looks like four of the companies with people who gave to McCain didn’t survive the meltdown and either disappeared or were swallowed up by the winners. If you look as people from companies that gave to both candidates, the amounts are significantly different:
- Goldman Sachs associates gave $764,700 more to Obama than McCain
- Citigroup associates gave $379,239 more to Obama than McCain
- JP Morgan associates gave $467,025 more to Obama than McCain
- UBS associates gave $350,726 more to Obama than McCain
- Morgan Stanley gave $241,429 more to Obama than McCain
I am not suggesting any quid pro quo for the contributions, but people do things for a reason. Who do you think will be more sensitive to the needs of Wall Street, Obama or the Republicans?
So look for a Financial Reform package that is a lot of smoke and mirrors that actually does nothing constructive. Republicans will oppose it, and Democrats will try to flog them as being for Wall Street and the Banks and against the little guy, but facts are facts. Remember, after passing ObamaCare Democrats tried to paint the picture that they stood up to the insurance companies, when they passed a law that will compel millions of Americans to become customers of those same insurance companies. Do you think that is why the opposition from the insurance companies was muted?
It’s time to drive home the point that this Administration is allied with Wall Street, GE, health insurance companies against us. It should not be hard to do. People are listening closely like never before.










