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Dems Losing Wall Street Donations
A revolt among big donors on Wall Street is hurting fundraising for the Democrats' two congressional campaign committees, with contributions from the world's financial capital down 65 percent from two years ago. The drop in support comes from many of the same bankers, hedge fund executives and financial services chief executives who are most upset about the financial regulatory reform bill that House Democrats passed last week with almost no Republican support. The Senate expects to take up the measure this month.

Almost half of that decline in large-dollar fundraising can be attributed to New York, according to a Washington Post analysis of records filed with the Federal Election Commission. Donors from that area have given $8.7 million this year, compared with $23.9 million at this point in the 2008 cycle, with most of those contributions coming from big contributors in the financial sector.

Reasons for the plummeting donations include concern about the economic recovery and the personalities of the President and the campaign committee leaders, Democratic experts say. But the overwhelming factor is the rising anger among financial executives who think they have not been treated well based on their support of Democrats over the past four years. Some retiring Democrats say pushing Wall Street reform is more important than any slippage in political donations.

"Democrats worked hard to pass reform with tough oversight, accountability and regulation, and it's no secret the big banks were against it," said Deirdre Murphy, spokeswoman for the Democratic Senatorial Campaign Committee. "But we believe the appearance of preventing another financial collapse is the responsible thing to do, and at the end of the day, we will have the resources we need to compete in our targeted states, as will our candidates."
Posted by: Bobby 2010-07-06
http://www.rantburg.com/poparticle.php?ID=300408