April 22nd, 2010
09:22 AM ET
8 years ago

Wall Street to abandon Democrats in future elections?

Senate Majority Leader Harry Reid has been criticized for holding a fundraiser with Goldman Sachs executives.

Senate Majority Leader Harry Reid has been criticized for holding a fundraiser with Goldman Sachs executives.

Washington (CNN) - They do well with Wall Street, but Democrats may now risk biting the hand that feeds many of them as President Obama and top party leaders press for financial reform.

And a key question arises: Will there be a squeeze on the money flowing from New York into Democrats' campaign coffers?

The answer is not so simple.

"Can we predict the future? Of course not. If legislation is passed that is particularly onerous to this industry [that] might change its tune," said Dave Levinthal with the nonpartisan Center for Responsive Politics and OpenSecrets.org. "That's entirely possible, but there's no indication of that yet."

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Filed under: Democrats • Wall Street
soundoff (18 Responses)
  1. Democrat-free zone

    Join the club.

    April 22, 2010 09:58 am at 9:58 am |
  2. Papasan in Az

    Great! Wall Street gets another soft ball pitch...

    Mr. President the priority is MAIN STREET USA!

    Where are your campaign promises to Main Street USA?

    Why are banks still foreclosing?

    Where is the Help / Hope for Main Street USA?

    When do you end the Wars?


    I know I'm not the only American that VOTED for Obama and now wonders if the President will ever get to a least one of the above list. Apparently Main Street USA voters will have to except that the President has better things to do than look after the people that put him in the Office of President.

    Good Luck and don't forget to write!

    Papasan in AZ

    April 22, 2010 10:02 am at 10:02 am |
  3. Annie, Atlanta

    And now, thanks to the Supreme Court, Wall Street and other large corporations can inject as much cash into a campaign as they need to get their agendas passed.

    SUGGESTION: Don't pay attention to the campaign commercials. They're just exaggerations of the truth or flat out lies anyway. If we ignore them, this money just stimulates the economy; that's all. And that's good for all of us.

    April 22, 2010 10:08 am at 10:08 am |
  4. Ryan

    Good. Then we will know for sure who is running for us and who is running for the banks. So when Republicans raise tons of money, we will know why and vote democrat! 🙂

    April 22, 2010 10:13 am at 10:13 am |
  5. will

    So what if they don't, its about we the people.

    April 22, 2010 10:13 am at 10:13 am |
  6. If it quacks like a duck.....

    ..... now risk biting the hand that feeds many of them..... ?!?!?

    And people complain about welfare recipients? What's the difference between them and our politicians??

    Since Wall Street is 'feeding' them so well, THEN STOP TAKING MY TAX DOLLARS to pay the salaries of politicians (both parties) that don't work for the ME !!!!!!!!!!!!!!

    April 22, 2010 10:16 am at 10:16 am |
  7. Turn Texas Blue

    The American people should teach Wall Street a lesson somehow.

    April 22, 2010 10:18 am at 10:18 am |
  8. carl

    Obama...was the guy,,,during the campaign,,,who swore that he would not accecpt donations from Big Business...ANOTHER..Obama lie...But now,,Big Business is saying Screw You...Get your payoffs somewhere else

    April 22, 2010 10:19 am at 10:19 am |
  9. LG

    When Johnson signed the civil rights voting act, he was said to have remarked that this assured the loss of the south to democrats for many years to come. Indeed, he was correct considering how solidly Republican the south has become since then.

    Obama may be at a similar decision point over whether it's more important to do what is right vs. politically expedient.

    On the other hand, Wall Street is more pragmatic than emotional and will do what is best for business in the long run.

    April 22, 2010 10:21 am at 10:21 am |
  10. Anonymous

    Dems and republicans alike have taken money (donations) from Goldman, with the dems by far receiving more. Nobama himself has received just $6,000 short of a million. Its no surprise to any of us that Wall Street sorely needs some sort of reform but get the politicians on board first. Put some of the blame on them for taking, taking, taking!

    April 22, 2010 10:30 am at 10:30 am |
  11. Randolph Carter, I'm no expert but...

    Cry me a river, banksters. Now you'll only rake in billions of dollars instead of billions and billions. Sux being you, I guess. Don't give me the old "it's a job killer" meme either. When the heck have trickledown nonsense and deregulation ever resulted in job creation besides in China? Thanks Reagan, for destroying the middle class. Have a nice day!

    P.S. Ayn Rand was a second rate romance novelist and a sociopath.

    April 22, 2010 10:34 am at 10:34 am |
  12. Dean

    As the 2010 midterm election season heats up, Democrats - as of the end of March - have received $21,513,828; $12,867,315 has gone to Republicans.

    I guess this is hard for all you liberals to believe. It shows that it is the Democrats who are owned by Wall Street.

    April 22, 2010 10:34 am at 10:34 am |
  13. The Voice

    No worries, Wall Street will continue to fund Democratic politicians. They will continue to need politicians in their pockets, this is not just about Wall St. Reform.

    April 22, 2010 10:37 am at 10:37 am |
  14. Sue


    Goldman Sachs gave $1 million to Obama's campaign when he was running for President........They gave money to Harry Reid and MANY other Democrats.

    Is Obama going to give back the $1 million??? Are all of the other Democrats going to give back their money as well???

    And, now they are trying to destroy businesses with their increased regulations and taxes.

    I do NOT think that the Democrats are going to get much financial support from Wall Street. But, hey--they stll have all of the other special interest groups such as the unions, La Raza, Moveon, etc.

    April 22, 2010 10:37 am at 10:37 am |
  15. Michael

    Just throw them in prison where they belong, the filthy thieves.
    Why should these money-grubbing parasites be allowed to blackmail our nation's elected leaders?

    April 22, 2010 10:39 am at 10:39 am |
  16. Tony

    I think the hand and the feeding, is what provided the environment for the disaster that we were presented.

    April 22, 2010 10:39 am at 10:39 am |
  17. Bryan

    Well' so are the American People and the Republican party as well.

    Everyone knows both of them are Corrupt and worthless.
    Worse aprroval rating for Congress by WE THE PEOPLE in the HISTORY of the Country.

    It does not get much worse than that.


    April 22, 2010 10:39 am at 10:39 am |
  18. Milbank

    PLEASE. The money is not going to stop coming in. Goldman is basially a DNC firm. $1Million to Obama's campaign and four White House visits for Goldman. This is just like Obama and Reid to do one thing behind closed doors and say another thing in public. They act pure as the driven snow but are CORRUPT. Its scary.

    April 22, 2010 10:52 am at 10:52 am |