Republican Senators Have Taken More Wall Street Cash Than Dems Over Last 6 Years

The 41 Senate Republicans who signed a letter of opposition to the Democratic financial regulatory reform bill have on average received 25 percent more money than Dems from Wall Street over the past six years.

The average Senate Republican has amassed $2.1 million from the financial, insurance, and real estate sector (affectionately known as the FIRE sector) since 2004, according to a report by watchdog groups Common Cause, Public Campaign and Public Citizen. The average Senate Democrat has taken in $1.6 million in that time.

However, the top recipients of FIRE campaign donations in the 2010 election cycle are Democrats, according to the Center for Responsive Politics. Sen. Chuck Schumer's (N.Y.) campaign is leading with $3 million -- more than twice the amount any other senator has taken from Wall Street. Fellow New Yorker Sen. Kirsten Gillibrand comes in second, with $1.4 million, followed by Senate Majority Leader Harry Reid (Nev.) and Banking Committee Chairman Chris Dodd (Conn.). Among Republicans this cycle, Sen. Scott Brown (Mass.) has taken the most FIRE money: $972,814.

"The fascinating thing about this industry is it's probably one of the most 'buy-partisan' industries out there," said David Donnelly of the Public Campaign Action Fund, which advocates for public financing of elections. "They really do buy both sides of the aisle."

What does the FIRE sector get for its contributions? Maybe nothing more than the chance to bend a senator's ear at a fundraiser -- or maybe special treatment for a client in the form of a "carve-out." Lobbyists are circulating a list of carve-outs in the Democrats' bill. Private equity funds, for instance, are exempt from several requirements.

"Obtaining a carve-out isn't rocket science," a Republican FIRE lobbyist told HuffPost last week. "Just give Chairman Dodd and Chuck Schumer a shitload of money."

On Monday, Senate Democrats blasted Sen. Richard Shelby (R-Ala.), the ranking Republican on the Banking Committee, for attending a lunch fundraiser for New Hampshire Senate candidate Kelly Ayotte ahead of a 5 p.m. test vote on reform. On Friday, while President Obama urged Wall Street executives to play along with reform, Senate Republicans had a fundraiser with FIRE lobbyists. Harry Reid has similarly been caught on FIRE.

When House Minority Leader John Boehner (R-Ohio) recently urged JPMorgan CEO Jamie Dimon to give more to Republicans, Democrats in both the House and Senate bent over backwards to rebut the claim that the GOP is the party of Wall Street.

Despite the constant accusations of "backroom deals" by the Wall Street, it seems that FIRE giving really is buy-partisan.

Comments

[pattiposa]

10:27 AM on 05/12/2010

I have reached the point where anytime someone starts playing the Republican vs Democrat game I discont them as narrow minded hate baters. Real Americans don't care about party any more than they do about race, religion etc. All we really want is a real restoration (not change) to thrift, industry and truth and a respect for the religious rights of all (Yes even Christians).

[lonbwoy]

09:54 PM on 04/29/2010

Who has Received More Money in the Last 3 Years?????

THAT WOULD BE THE DEMOCRATS, SEE HOW FACTS CAN BE SPUN IN YOUR FAVOR??

[Kevyn Bohon]

07:07 PM on 04/28/2010

hmm...Republicans aren't simply just opposing simply to oppose. It seems they are also opposing legislation because they're being paid to as well...that and the legislation that they want is occuring as quickly as they want...at least in Lindsey Graham's case.

http://www.renemonroe.com/2010/04/republicans-offer-to-debatelindsey.html

[Anonymous11]

02:12 PM on 04/27/2010

The very title of this article renders the content unreliable in its partisan nature. The implication that the republicans 'took" more money implies that the democrats didn't "take" money. That is RIDICULOUS. It is true that the republicans were given more money, but if the democrats were given more money then they would have "taken more."

[SPQR1775]

08:11 AM on 04/27/2010

My fellow Americans, in this time of fear by the GOP, one only need to use the internet and find the truth, it was and has always been available, please focus your attention to below and spread the word. This November turn back the FACIST and they also sits on the SCOTUS, we must help OBAMA and the Democrats this is what they are up against....
http://www.prisonplanet.com/articles/july2007/240707fascistcoup.htm
"When industrialists ignore laws designed for social and economic progress they will seek recourse to a fascist state when the institutions of our government compel them to comply with the provisions."

[pattiposa]

10:33 AM on 05/12/2010

Don't you know thta facsism and comunism or just the opposite extreme ends of the socialism spectrum and have nothing to do with true republics. We were established as a REPUBLIC and if we follow the constitution, instead of trashing it we will become strong, prosperous and the American dream wil be revived. It's up to us.

[JCCross]

01:25 AM on 04/27/2010

I realize that it's a Congressman's sworn duty to try and raise as much cash as they can for reelection, as soon as they're voted into office... but I would like to see NO Congressmen taking bribes... er, I mean contributions, from Wall Street - on either side of the aisle. Why hasn't there been a groundswell of opposition to this practice?

[ThankGodhesgone]

01:05 AM on 04/27/2010

In other extraodinary news- rain is wet.

[pattiposa]

10:38 AM on 05/12/2010

With that name and picture can I assume your whole reason for existing is to despise George Bush and Republicans. How sad.

[uniquindividual]

12:09 AM on 04/27/2010

Both parties take too much. Both parties have no choice given the system we have (The supreme court's recent decision highlights the cultural problem we have.)

Therefore, examining policy differences between the parties is key. Republicans were far more supportiveo of deregulating Savings and Loans (remember?) Banks, and electricity markets. They thought the health Insurance status quo was great, they have promoted huge tax cuts for the wealthy while driving up the debt in healthy economies (REALLY LAME).


Republicans also hate unions, raising the minimum wage, environmental standards and enforcement of safety standards in the workplace.

I don't love democrats because they are not always as far away from republicans as i would like on the above - but they are to the left of the repubs.

I hope before I die, what constitutes liberalism today will be seen as as backward as what defined liberalism in the Jim Crow/Anti Woman/Environmental rape of 100 years ago.

If not, we are doomed.

[aznurse]

10:55 PM on 04/26/2010

Wall street doesn't care about Republicans or Democrats, Its just about who will have the power.
So if the democrats regulate Wall Street , it would seem like Wall street didn't get their monies worth.

[dragonladywaltham]

10:03 PM on 04/26/2010

I guess Scott Brown isn't bought cheep!!!

[NABNYC]

10:00 PM on 04/26/2010

The past 6 doesn't give us a very good picture, does it? How about 2008? Goldman Sachs was the #2 contributor to Barack Obama (with bundled contributions from Goldman employees). Citi and J.P. Morgan were #6 and 7 largest contributors to Obama.

Is this a contest: which party is the most corrupt? Because the answer is: they both are.

Both parties take money. Whoever is in power, or perceived as likely to win, gets more money. During the Bush years, the Republicans got more. So far, during the 2008 election, Democrats did.

Who's the big loser here? The American people. All our politicians take money, and are corrupt.

[aznurse]

10:56 PM on 04/26/2010

and what will the recent supreme court ruling do?

[ipogo]

11:11 PM on 04/26/2010

Cost all of us more money. The corporate money will flow, and it will be charged off as "overhead". Probably with tax deductions provided by those in Congress hoping to curry favor. It's worked out for them so far hasn't it?

[pattiposa]

10:42 AM on 05/12/2010

That's just it. The government is corrupt and when the people can no longer trust their government there is tyrrany. That is why many of our current congress have to GO! Both republicans and democrats.

[jsgaetano]

09:45 PM on 04/26/2010

The last time a "fiscal conservative" paid down the national debt was the last time there was a Republican President who wasn't a supply-sider: Nixon.

However, by comparison, both Carter and Clinton paid down the National Debt during their terms in office.

How about balanced budgets? Last Republican to balance a budget was Dwight Eisenhower (who most certainly was NOT a conservative)... meaning a "fiscal conservative" president has NEVER passed a balanced budget.

And for comparison, Clinton balanced the budget his last TWO years in office.

So any claims that Republicans were fiscally responsible ended ALMOST FOUR DECADES AGO (and never existed at all, as far as balanced budgets are concerned).

Democrats: the ONLY party of fiscal responsibility.

[IrishLover]

09:26 PM on 04/26/2010

REPUBLICANS PLAN FOR
-
-
-bipartisanship
-the economy
-world peace
-the environment
-health care reform
-jobs
-financial reform
-voter reform
-equality
-doing what is best for EVERY American

SEE ANSWER BELOW:
-
-
-
-
-
-
-
-
-
-
-
-
- tax cut
(for the top 1% ).

[eddiendawood]

08:53 PM on 04/26/2010

The RNC and corporate republicans need a real job instead of getting free donations. They are as lazy as a pig.

[WashingtonBS]

08:15 PM on 04/26/2010

Stupid article!
Over the past 4 yrs...the amounts are just about even.

Delaney...way to cherry pick the data!