Miffed at Obama, Wall St. Closes Wallet to Democrats

GOP swoops in to take advantage of 'buyer's remorse'
By Jane Yager,  Newser Staff
Posted Feb 8, 2010 6:55 AM CST
Miffed at Obama, Wall St. Closes Wallet to Democrats
President Barack Obama meets with members of the financial industry in Washington, Tuesday, Dec. 15, 2009. From left are, JPMorgan Chase CEO Jamie Dimon; PNC CEO Jim Rohr; Tand the president.   (AP Photo/Susan Walsh)

As President Obama pushes for tighter regulation of the financial industry, offended Wall Street donors are shifting ever more money to the Republicans. Obama's financial ties helped him pull in record Wall Street donations in 2008; now his policy proposals and anti-fat-cat rhetoric have the industry grumbling that "even if you are a big fan, when you are the piñata at the party, it doesn’t really feel good," as one Wall Street Democrat tells the New York Times.

closes wallet to democrats

Case in point: JPMorgan Chase, whose top execs are Obama allies, has given $30,000 to Republican campaigns while largely rebuffing Democrats. “I just don’t know how long you can expect people to contribute money to a political party whose main plank of their platform is to punish you,” said a GOP senator who has recently courted Wall Street donations.
(More Wall Street stories.)

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