As the fight over financial reform heats up, both parties have attempted to warn the American people about the other side's long-standing affair with Wall Street: Senate Majority Leader Harry Reid called on his GOP counterpart, Minority Leader Mitch McConnell, to disclose the content of a recent meeting with Wall Street executives; Republicans have seized on Goldman Sachs' recent hiring of White House attorney Gregory Craig. Which side has been seduced the most fully, the most often? Who cares? It's a threesome:
In the often-confusing debate on financial regulatory reform, there are many assertions and accusations but few facts. Yet here are two: Washington is awash in Wall Street money, and both Republicans and Democrats are recipients.
Democrats have an edge when it comes to raising funds in lower Manhattan, and particularly from Goldman Sachs, the investment bank being sued by the Securities and Exchange Commission.
The financial sector has given $11.1 million to the Democratic National Committee and its two congressional campaign committees so far this election cycle, compared to $7.3 million for Republicans, according to OpenSecrets.org. Goldman has given about 70 percent of its donations to Democrats this cycle and gave 75 percent of its $6 million in donations to Democrats in the 2008 election.
Republicans get their share, too, especially in the Senate where financial reform will be decided. Out of the $7.3 million given to the Republican campaign arms, the National Republican Senatorial Committee got $4.3 million.