GOP Chases Wall Street Donors

Data Show Fund-Raisers Begin Capitalizing on Bankers' Regret Over Backing Obama
By BRODY MULLINS And NEIL KING JR.
WSJ

Republicans are stepping up their campaign to win donations from Wall Street, trying to capitalize on an increasing sense of regret among executives at big financial institutions for backing Democrats in 2008.

In discussions with Wall Street executives, Republicans are striving to make the case that they are banks' best hope of preventing President Barack Obama and congressional Democrats from cracking down on Wall Street.

GOP strategists hope to benefit from the reaction to the White House's populist rhetoric and proposals, which range from sharp critiques of bonuses to a tax on big Wall Street banks, caps on executive pay and curbs on business practices deemed too risky.

Democrats have dominated Wall Street's fund-raising circles in recent elections. Mr. Obama himself raised millions of dollars from employees of Goldman Sachs Group Inc., Citigroup Inc., J.P. Morgan Chase & Co. and other Wall Street firms.

Now, at least some Wall Street executives have reduced their political contributions to the Democratic Party and its candidates, according to fund-raising reports and interviews with executives at financial-services firms.

(More here.)