Democrats are Wall Street's Best Friend?

A very interesting Bloomberg article on fundraising, political parties, and Wall Street:

Democrats outdid Republicans last year in attracting political donations from investment banks, brokerages and fund managers for the first time since 1994, helped by support from hedge funds and companies such as Merrill Lynch & Co.

Democrats got $13.6 million, or 52 percent of the financial industry's $26.3 million in political donations in 2005, said the Center for Responsive Politics, a nonpartisan Washington group that researches the influence of money on elections and public policy. In the two years leading up to the 2004 presidential election, Republicans received 52 percent of the $91.6 million given by the industry.

This is big.

"Wall Street wants change" on issues such as the Iraq war and the budget deficit, said James Torrey, chairman of the Torrey Funds, which manages about $1 billion. "I'm finding people who are registered Republicans who are saying to me, `what can I do to help?'"

"When the party with no power can raise more money than the party with all the power, it means people are pretty disturbed about the country's condition."

When Wall Street is working against the Republican Party, one of two things is about to happen: The Rature or a pretty big swing in Congress. My guess is that the latter, not the former, would actually get more Republicans out of Congress, but that's just an opinion...

Democrats Republicans Wall Street Fund Raising