September 13th, 2010
12:11 PM ET
4 years ago

Big business and Wall Street bet on GOP

Washington (CNNMoney.com) - Banks, investment firms and hedge funds are giving millions of dollars more to Republicans, and abandoning the Democrats they had been supporting just a year ago.

The Center for Responsive Politics says the reversal began early this year, as the Senate started crafting tougher rules to crack down on Wall Street, and that it has become more pronounced.

"We noticed a very dramatic shift right around the beginning of this year, which coincided with financial reform," said Dave Levinthal, spokesman for the Center for Responsive Politics. "This is not just a blip at all; this is a major shift in the opposite direction and one that has persisted ever since."

Looking at the top 20 candidates for federal office receiving strong support from financial firms, only six are Democrats, the center found. New York Sens. Kirsten Gillibrand and Charles Schumer top that list - which isn't surprising since they represent a chunk of the financial sector, the center noted.

The rest of the top 20 are Republicans, many seeking Senate seats. Former Hewlett-Packard chief executive Carly Fiorina of California tops the list for Republicans, followed by Dan Coats of Indiana and Marco Rubio of Florida.

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Filed under: issues • Republicans • Wall Street
soundoff (71 Responses)
  1. GOP Scorched Earth Politics

    Just confirms what the Republicans have been trying to hide all along. The Republican Party is the official party of elitism, big $ corporate lobbyists and cronism. Any of you fanatic Republicans that still have heads in the sand need to check yourselves.

    September 13, 2010 01:32 pm at 1:32 pm |
  2. Donkey Party

    To "barry" @ 12:39pm – How effing insanely stupid are you??? I lost my job in 2008 and all of my 401k because of the Republicans. As long as I breathe, I will NEVER vote for the filthy, greedy, fear and hate-mongering racist Republicans again. You deserve a beating for your asinine comment. Wish I could be the one to give it to you.

    September 13, 2010 01:32 pm at 1:32 pm |
  3. Carmelle

    For all who say that Obama is directing this country in wrong direction.... no, YOU ARE!

    This president has been fighting those big interests who thought they could buy him! He is the one fighting for us! Yes, the fight is not pretty at times, and he has to make deals with the devil, but at end of the day.... He does what is right for ALL AMERICANS.

    We just don't recognize what's right anymore because we are so used to being slaves of big businesses and wall street. They are all holding the middle class hostage (i.e. not lending to small biz and investing) so they can make voters believe that the Dems are killing jobs. THEY ARE NOT!

    The republicans are defending the rich of this country. That doesn't mean it's a class warfare. It's called: calling it like I see it! They have given them endless bailouts! While the middle class has seen no wage increase in years!! Wall Street profit is on record high, after being bailed out by us, but yet, they are not lending!! If anything, they have acted like greedy spoiled BASTARDS!

    ENOUGH WITH THE SPECIAL INTERESTS MONOPOLY!!

    WAKE UP!!!

    September 13, 2010 01:32 pm at 1:32 pm |
  4. a in austin

    Middle class Americans better wake up! Talk about class warfare. As Rick stated, the rich get richer, the poor get poorer and I'll say the middle class is becoming extinct.

    September 13, 2010 01:36 pm at 1:36 pm |
  5. Randy

    Why is it that none of the people on here who are saying "of course they support the republicans" aren't mentioning that a year ago the same group was benefitting the Democrats. In my opinion, businesses have figured out that that hope and change that was promised, isn't helping anybody.

    September 13, 2010 01:37 pm at 1:37 pm |
  6. GI Joe

    VOTE, people, don't just sit there wringing your hands.

    Vote NO to the Corporatist Republibaggers.

    September 13, 2010 01:38 pm at 1:38 pm |
  7. steven harnack

    Now if middle Americans can't see the writing on THAT wall ,what will it take to get them to vote with their brains and realize that all the Republicans are selling is fear, hate and policies that are well past their sell-by date. If republican ideas were a product they would by subject to a recall.

    September 13, 2010 01:40 pm at 1:40 pm |
  8. Carmelle

    Linda C September 13th, 2010 12:41 pm ET

    After, almost, 4 yrs. of the Democrats running our country into the ground, it's definitely time for a BIG CHANGE. This Independent is voting Republican!

    ---------------

    Dear Linda C,

    Can you please tell me what "big change" is the republican party offering that will revive the economy from the comma that they put it in?

    Stop being a Dem hater, and THINK about your country first!! I'm not saying vote Democrat, but what reason has the GOP given you to vote for them????

    they are not even claiming that they are changing....but you have convinced yourself that they did. This country is doom with voters like you!

    September 13, 2010 01:43 pm at 1:43 pm |
  9. geecee

    Wow, what a surprise!! What else would you expect? Never have the rich corporate interests supported the Democratic Party. Big Business has always been Republican and always will be. They don't want rules and regulation. They want to run rampant across America and make their rich friends richer and to h*** with the other Americans. Get out and vote in the mid-terms Dems. Don't stay home complaining. Don't be lazy and complacent. Vote for the Democratic Party candidates because we'll only go back to the Bush years if you don't. If an incumbent has done good, keep him/her in office.

    September 13, 2010 01:46 pm at 1:46 pm |
  10. ABM

    They had their hands out for the government (and the people of this country) to help save them and also obtain special breaks. Now that they have high revenues and profits they don't want to thank those who helped them but instead they turn on them. They are holding jobs hostage and have shipped jobs overseas.

    Laws should be been passed to ban any corporation getting assistance from the governement from contributing to political campaigns and engaging lobbyists to sway pols in their favor.

    ENOUGH IS ENOUGH. Time to reign these guys in.

    September 13, 2010 01:46 pm at 1:46 pm |
  11. Me

    Barry said, "September 13th, 2010 12:39 pm ET:
    If we want our 401K's to be worth anything we better all vote Republican"

    Is that a threat? If we don't vote gop the bankers and wall street execs are gonna do number on our 401k plan?

    Didn't our 401k plans shrink dramatically under GObP rule? Remember? The GLOBAL Financial Meltdown?

    The reason Big Business and Wall Street support the Republican Party is because the Republican party passes legislation that benefits Big Business and Wall Street at the expense Main Street and the Middle Class...or as they like to call it, "The Little Class"

    September 13, 2010 01:51 pm at 1:51 pm |
  12. T'SAH from Virginia

    "Banks, investment firms and hedge funds are giving millions of dollars more to Republicans, and abandoning the Democrats they had been supporting just a year ago."

    And I have said this before – BIG CORPs are in the RepubliCAN'T's back pocket!! After the election – in a hope the GOP takes over the HOUSE/SENATE (NOT), BIG CORPs will reward the GOPers by HIRING – yes – CREATE JOBS that already exist NOW but they REFUSE to HIRE because it will REALLY show that President Obama's agenda is WORKING!! GOPers will continue to vote NO on every proposal/issue President Obama presents – the RepubliCAN'Ts, in the meantime, will TRY to take CREDIT for the 'all of a sudden' surge in employment!!!

    DEMOCRATS – we must STATE our CASE – UNITE the BASE and WIN this RACE in November 2012!!!

    (My name is T'SAH and I approve this message...)

    September 13, 2010 01:58 pm at 1:58 pm |
  13. Djinn

    The Koch brothers want an American feudal system and they are funding the Tea-tards and key Repugnicans like Agent Orange who will do their bidding in bringing about a full-fledged oligarchy. VOTE THE REPUGNICANS OUT FOR ANOTHER TEN YEARS!!!

    September 13, 2010 01:59 pm at 1:59 pm |
  14. katiec

    Of course the republicans are getting more support from Wall St.
    They gave the republicans millions to fight off finance reform.
    The republicans never have and never will represent middle class America. They have spent these last 20 months playing every dirty trick in the books to obstruct any improvements, accomplishments on the economy, all for the goals of remaining in power and winning this next election.
    They have thrown all integrity, honor, responsibility to the wind, continuing to sacrifice us and our country. The only policy they have supported is the extension of tax cuts, perks for the rich and Wall St. They have voted against anything and everything, regardless of merits.
    We cannot allow politicians of this caliber to regain control as it will be further destruction of middle class, senior citizens, less fortunate, veterans as they plan on undoing what is best for us and our country.

    September 13, 2010 02:03 pm at 2:03 pm |
  15. water bearer

    "If we want our 401K's to be worth anything we better all vote Republican"

    Really, barry?? If YOUR 401k is doing badly I would venture to say that YOU are not managing YOUR investments properply. MY 401k is doing much, much better today than it was the day George W. Bush left office while leaving America on the verge of going broke! I thank the Democrats for that and you can bet I"LL be voting Democrat all the way!!!

    September 13, 2010 02:03 pm at 2:03 pm |
  16. CaliforniaBC

    This just proves the stereotype of Big Business Republicans. Yet what is continually amazing is how all these lower and middle income people keep supporting the GOP when they do very little IF ANYTHING for them.

    September 13, 2010 02:05 pm at 2:05 pm |
  17. all of America

    The corrupt socialistic looser democrats cannot be trusted. they have run our economy into the dirt so now its time to give them the boot. obama and his socialistic agenda will be tossed in the trash can soon !

    September 13, 2010 02:14 pm at 2:14 pm |
  18. Naqib

    But of course that was ok when they gave money to Dems?

    Oh the hypocricy!

    September 13, 2010 02:16 pm at 2:16 pm |
  19. Dean

    Jeff September 13th, 2010 12:29 pm ET

    How do you spell Bribes?

    Answer: Pelosi, Frank and Dodd for starters.

    September 13, 2010 02:17 pm at 2:17 pm |
  20. AmFem

    Linda C – The Democrats may have been the majority party (majority by 1, and Joe L. doesn't count). But, because the Republicans are obstructionists, the Dems have to have a super majority of 60+ to get anything done. Unfortunately, that's not the case. So... don't blame the Dems for the abyss the Republicans have thrown the country into. You call yourself an "independent" but you're really just another "low-information" voter. Learn the facts before you cast your very precious vote. If you're a working class stiff like most of us, you have done and will do, better, under the Democrats.

    September 13, 2010 02:26 pm at 2:26 pm |
  21. greenfish

    That's gratitude – after Obama saved those sorry sacks from total oblivion. Remember: pigs get fat, but hogs get slaughtered.

    September 13, 2010 02:26 pm at 2:26 pm |
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