Goldman Sachs Shifts Majority Of Political Contributions To Republicans

In the latest example of former Obama supporters on Wall Street turning against the administration, Goldman Sachs has pledged more money to Republicans than to Democrats in this year's election cycle. It's the first time the firm has leaned Republican in at least 20 years. (Hat tip to The Street)

Data from the Center for Responsive Politics shows that in every election since 1990 (when the group started keeping records), Goldman has given most of its money to Democrats. This year, though, Republicans got 54 percent of its campaign money, up from 26 percent in 2006. With about $1.7 million in total funds (to Republicans and Democrats combined) donated so far, Goldman is, as usual, leading the Wall Street pack. Morgan Stanley is in second with $1.1 million.

Goldman isn't alone. As New York Times scribe Andrew Ross Sorkin noted recently that Daniel Loeb, the hedge fund manager and former Obama backer, wrote a flowery letter to investors in which he complained about the Goldman Sachs lawsuit and blasted the government for "pulling capital and power from the hands of some and putting it in the hands of others."

Billionaire hedge fund manager Steven A. Cohen, another former Obama man, reportedly held a secret meeting with Republican candidates at his Greenwich, Conn., mansion last month.

Comments

[HalEBurton]

10:05 AM on 09/14/2010

People actually think that Barack Obama hired the same incompetents that caused the crisis. Can you imagine that? There are people spreading propaganda that Barack Obama staffed his economic team with the architects of the current collapse, AND the chief regulator of banks during the period that the banks destroyed the economy. How can we overcome such pernicious lies.

That's why I hate right wing media. They spread these lies and people get confused.

[HalEBurton]

09:56 AM on 09/14/2010

and partisan people will use this bit of news to somehow validate their devotion to their party, missing completely the lesson that is contained within: They do not care about political party, they only care about who is in a position to help them screw YOU.

[mediamarv]

03:55 PM on 09/13/2010

Big surprise here. One day it's Dems getting money, next the GOpers... what difference does it ma?
Here's an interesting comparison of the two:

http://www.sfgate.com/cgi-bin/article.cgi?f=%2Fc%2Fa%2F2010%2F09%2F12%2FINH31F68GB.DTL

[tuberider]

02:41 PM on 09/13/2010

You forgot slave traders. They give a significant amount of money to slave traders I believe.

[LogicalMathMan]

12:46 PM on 09/13/2010

Oh yeah! Colored us surprised. As if Henry Paulson, the beggar was not a BIG enough clue.

[Mafdet]

11:16 AM on 09/13/2010

We have a Chicago Machine Politician and an Irish Junkyard Dog and somehow they both let a cheap snake oil salesman like Lloyd Blankfein have his way with them...and us.

I never saw it coming when I voted for those guys.  I thought that my outrage at Wall Street would be answered by this Administration with one criminal indictment after another and instead my tax dollars bought Lloyd Blankfein and Jamie Dimon the best brandy and cigars to be had before nights at the Kennedy Center courtesty their BFF Barack Obama.  I just feel like it's Paris Hilton and Nicole Ritchie all over again, but with us as casualties instead of miniature dogs.

[HalEBurton]

09:58 AM on 09/14/2010

But you knew, didn't you, before you voted that if they didn't do what we thought they were going to do, the blowback would be monumental.

[Mafdet]

12:31 PM on 09/15/2010

I thought the blowback would be monumental in a socially relevant way; not in the mundane slimy politics as usual way it has been. I mean all of the noise about the GOP being obstructionist blah blah blah is just about creating cover for a president who has had to spend his first year in office covering the sins of his party and as a residual benefit to the GOP, covering their sins too. The term "conciliation" will forever be definied in political lexicons as "Democrats and Republicans working together to keep each other out of jail...and maybe even keep the loot too."

But you know, everyone on Capitol Hill must feel real good that the bodies are all buried now and the skeletons back in the closet because otherwise people like Chris Dodd wouldn't be back on center stage - he would still be holding his breath quietly fading away just ahead of a criminal indictment as was the plan when he announced his impending retirement 10 minutes after his unique role as bursar of bailout funds was made public.

[bcarb]

09:14 AM on 09/13/2010

Wonder if the GOPher's own propaganda network Faux will air this 24/7. Ya know, that fair and balanced reporting.

[syllable]

12:55 AM on 09/13/2010

I hope the Tea Partiers are watching and realize which administration orchestrated the bailouts:

http://articles.cnn.com/2008-09-24/politics/bush.bailout_1_bailout-proposal-rescue-plan-mortgage-related-securities?_s=PM:POLITICS

[nualak]

11:34 PM on 09/12/2010

Contrary to what the tea party members believe, it was George Bush who bailed out the banks, but we the taxpayer will be holding the bill for it for a thousand years, and who does it hurt - the Democrats because all those knuckleheads out there think that President Obama and the Democrats bailed them out. How ironic is that.

[HalEBurton]

10:04 AM on 09/14/2010

You know what is even more ironic. People actually think that Barack Obama hired the same incompetents that caused the crisis. Can you imagine that? There are people spreading propaganda that Barack Obama staffed his economic team with the architects of the current collapse, AND the chief regulator of banks during the period that the banks destroyed the economy. How can we overcome such pernicious lies.

That's why I hate right wing media. They spread these lies and people get confused.

[sarabono]

11:30 PM on 09/12/2010

That is what happens when you have a White House and Congress attacking your every move for over two years. GS maybe a lot of things but one of them is not dumb.

[bcarb]

09:07 AM on 09/13/2010

Yup, they know they aren't getting far with this administration, so they are putting all their money on the Rethugs, who will happily screw American to get a little moola for themselves.

EVEN MORE REASON VOTE Dem in November.

[uniquindividual]

09:56 PM on 09/12/2010

In reality they are always contributing to republicans tn their minds. Those labeled democrats who also get cash, they just represent missionary work and have yet to be fully converted.

[Duppy]

06:45 PM on 09/12/2010

Duh ? Do bears poop in the woods ?

[Frog in a pot]

03:25 PM on 09/12/2010

Gee no kidding.They throw their money behind who they think will win.

[sdmcmla]

02:17 AM on 09/13/2010

They put their money into a wise investment from which they expect good returns.  They know they have struck a deal to buy off the GOBP, so that's where their money goes.

[bcarb]

09:15 AM on 09/13/2010

Who they think will do their dirty deeds. Obviously the Dems didn't do those deeds like they wanted.

[Frog in a pot]

03:09 PM on 09/13/2010

I wouldnt say that.I would say they see the writing on the wall.The dems did everything they wanted and more and the people are angry about it.

[OldSelfHere]

02:38 PM on 09/12/2010

Give me an F, Give me an A, Give me an S, Give me a C, Give me an I, Give me an S, Give me an M!.. What does that spell? What does that spell? What does that spell?
sorry had to go with Country Joe and the Fish cheer from Wood Stock for that one!

[R Car]

02:14 PM on 09/12/2010

America should pay more attention to the issues than phony campaign ads. At this point, Americans must know the issues because we cannot allow these lobbyists to buy our elections.

[Fivestarmichael]

03:19 PM on 09/12/2010

Exactly, if people took the time to learn more about to their own party, their own Congressmen we wouldn't be in this mess.