Many of Wall Street's biggest investment firms are stepping up their political donations, after taking a hiatus while receiving government funds. The Wall Street Journal (sub req'd) reports:
New fund-raising data show that Morgan Stanley's political action committee made a total of $110,000 in political contributions in September. The only other month this year the company made donations was July, when it gave $43,000. About 60% of the September donations went to Republicans, who generally support Wall Street's efforts to block the regulations proposed by Mr. Obama and congressional Democrats, a shift to the minority party from July.
The fund-raising arm of Bank of America donated $30,500 to Republicans in September and $13,500 to Democrats. The company gave a large amount in February, but otherwise has been quiet this year. Goldman Sachs made $37,500 in donations through its PACs in September, after donating $23,000 up until that month.
President Obama's regulatory reform legislation is currently making its way through Congress, the first parts of it were approved by the House Financial Services panel this week.
categories: News
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