The Hill reports that Wall Street is putting money into the coffers of Senate Republicans who need to win in the November midterms to take control of the Senate from Democrats.
Wall Street and financial interests are putting their money behind a handful of top-tier Senate Republican candidates as the GOP looks to win back power in the midterm elections.
The industry's contributions, which favored Democrats in recent election cycles, are now helping Republicans vie for control of the Senate.
Between February and June, financial, insurance and real estate interests contributed heavily to five Senate Republican candidates: Ohio's Rob Portman ($820,000), Pennsylvania's Pat Toomey ($728,000), California's Carly Fiorina ($650,000), Illinois' Mark Kirk ($618,000) and Florida's Marco Rubio ($613,000), according to data compiled by the Center for Responsive Politics.
Republicans say the shift in donations is another sign of growing concern about the Democrats’ agenda, which has included broad new financial regulations.
“We’re seeing a shift in support towards Republicans because the message of restoring accountability in Washington and serving as a check on the Democrats’ agenda of more spending and higher taxes is clearly resonating,” said Brian Walsh, a spokesman for the National Republican Senatorial Committee.
Democrats have long held the money advantage and any help for Republicans trying to win the net 10 seats needed to wrest control of the Senate away from Democrats and Harry Reid, is welcome.
Wall Street and financial interest groups have seen what Democrats legislation has done to their profits, the country's economy and the unemployment spike and understand that only by putting a stop to Obama's agenda being jammed through both houses of congress by Democrats that control both, can this country and therefore their own profits start to come out of this economic downfall.
The Politico reports how this change is affecting Democratic coffers.
Senate Majority Leader Harry Reid, a regular Wall Street cash recipient, has taken a big hit this year, as financial, insurance and real-estate-related donors have begun funneling more of their cash to Republican lawmakers who opposed financial reform, according to new numbers from the Center for Responsive Politics.
Reid averaged $135,572 each month in donations from the financial industry for the first half of last year, but as Democrats moved to crack down on Wall Street’s activities last fall, Reid dropped to an average of $93,415 a month between September 2009 and June 2010, according to the most recent financial disclosure figures on record.
Sen. Kirsten Gillibrand (D-N.Y.), who has enjoyed solid donation support from Wall Street, saw her monthly donations from the industry drop from $153,592 between January and August 2009, down to $143,875 from September 2009 until June 2010.
Over much of 2009, Democrats often made up the majority of the top 10 lawmakers that the financial, real estate and insurance industries gave money to.
Democrats should have known that if you continue to bite the hand that feeds you, eventually you stop getting fed.
The tides have turned.
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