Wall Street Firms Top Donors to Presidential Candidates
Political action committees (PACs) organized by Wall Street firms dominate the list of top donors to the Presidential candidates, and unlike in prior elections, most of them are giving more money to Democrats than Republicans.
Latest figures from the Center for Responsive Politics show that 9 of the top ten donors are financial firm PACs, surpassed only by ActBlue, which pools donations from individual democrats.
Corporations are prohibited from directly donating to candidates, but they can form political action committees that do contribute to campaigns.
PACS are like the “mutual funds of politics,” The Center’s Massie Ritsch told NPR’s Morning Edition. “You, as the employee of the corporation, are asked to give to the PAC. You believe in the general investment direction of it, but you don’t get to decide where the money goes.”
He attributes the shift to Democrats as a way of covering the bases:
It’s important that they have access to whoever is going to be leading our country.
Sen. Hillary Clinton has been the top beneficiary of corporate largesse, and was the leading recipient of financial support from PACs organized by banks, securities firms and private equity.
Looking at the industries financing this election, lawyers and law firms have contributed more than any other industry, totaling at least $46.6 million to the candidates in 2007. Democrats have received 77 percent of lawyers’ donations, and Hillary Clinton is the top recipient.
Retired individuals made up the No. 2 “industry” for the year, and in the 4th Quarter, they were No. 1. Retirees have contributed more than $38.6 million in this campaign, splitting their donations evenly between the two major parties. Barack Obama has raised more from retired individuals than any other remaining candidate.
In third place for 2007 was the securities and investment industry, which contributed nearly $28.7 million, 56 percent to Democrats. Clinton has received more from Wall Street than any candidate, but Obama is close behind her.
Other top-giving industries in 2007 included real estate (No. 4), health professionals (No. 8), education (No. 9) and entertainment (No. 10).
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