Fairness? Whoever said life was fair? The NY Post reports that with hundreds of proposed rules finally being written in the wake of the financial crisis, big banks are stepping up lobbying efforts in Washington by over 16 percent when compared to 2007 spending -- and shifting campaign contributions to Republican candidates from less financial-friendly Democrats, according to data from the Center for Responsive Politics, a nonpartisan research group that tracks the effect of money on elections and political policy.
Starting in 2006 and in the run-up to the 2008 presidential election that saw Barack Obama win office, Democrats scored the majority of political donations from securities and investment firms as financial players sought to hang on to their influence in a Democratic-controlled country.
Now, after a couple of years of intense banker bashing, however, money is flowing back to Republican candidates. Political contributions from Goldman Sachs favored Republican candidates by 60 percent, according to figures from last year, compared with 75 percent of funds going to Democrats in 2008 and 61 percent in 2006. A similar swing across the aisle toward Republicans is happening at Morgan Stanley, UBS and Bank of America, where 71 percent of contributions are going to the Republicans…...
Find out more at http://www.nypost.com/p/news/business/wall_et_street_Hp5CSTCxo323ysZ6haBfkN
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