Business Shifts Its Support to GOP - Most Donations From Company PACs, Staff Go to Party in $300 Million Swing From Democrats
From The Wall Street Journal:
During the 2008 presidential election, employees of AT&T Inc. T -0.54%and the company's political-action committee spread their donations pretty evenly between Democrats and Republicans.
This election, they have given twice as much to Republicans as to Democrats.
Companies are taking a clear stand ahead of the November ballot. So far, Republicans have received 56% of the donations made by company PACs and employees, according to the nonpartisan Center for Responsive Politics. It is a turnaround from the 2008 election, when corporate PACs and employees gave 55% of their donations to Democratic candidates. That's when President Barack Obama was elected and Democrats controlled both chambers of Congress. In between, during the 2010 midterms, companies split their donations more or less evenly.
The shift implies a financial swing to the GOP of as much as $300 million, and suggests that corporations are betting Republicans will win seats in the Senate and hold on to the House—although employers might not tell their employees outright where to donate.
"Corporate PACs blow with the political winds," said John Feehery, a Republican strategist and corporate consultant. "When the wind is not blowing, they spread their donations 50-50 between the parties. When the wind is blowing hard in a certain direction, then they give to the side that they think is going to win the election."
After supporting Democrats by a wide margin in 2008, the financial sector tilted narrowly toward Republicans in the midterm elections. Now, the industry appears firmly in the GOP's corner, donating $56 million to the party, compared with $35 million for Democrats, according to data compiled by the Center for Responsive Politics. Military companies and their employees, too, have given $9.9 million to Republican candidates this year, compared with just $6.7 million to Democrats. And after spending the past two elections narrowly supporting Democrats, drug companies have so far given 55% of their $11 million in donations to Republicans.
[L]awyers and lobbyists, has sent about two-thirds of its donations to Democrats so far this election, down from about three-quarters in 2008.
In few places is the shift more pronounced than on Wall Street. Securities and investment firms have given 62% of their donations so far this year to Republicans, up from 43% in 2008. That year, Goldman Sachs Group Inc.'s PAC and staff sent 75% of more than $6 million in donations to Democrats. The company's employees were the No. 2 source of campaign cash for Mr. Obama, at more than $1 million.
Companies are usually reluctant to choose sides in races lacking an incumbent. This year, some appear to be game.
During the 2008 presidential election, employees of AT&T Inc. T -0.54%and the company's political-action committee spread their donations pretty evenly between Democrats and Republicans.
This election, they have given twice as much to Republicans as to Democrats.
Companies are taking a clear stand ahead of the November ballot. So far, Republicans have received 56% of the donations made by company PACs and employees, according to the nonpartisan Center for Responsive Politics. It is a turnaround from the 2008 election, when corporate PACs and employees gave 55% of their donations to Democratic candidates. That's when President Barack Obama was elected and Democrats controlled both chambers of Congress. In between, during the 2010 midterms, companies split their donations more or less evenly.
The shift implies a financial swing to the GOP of as much as $300 million, and suggests that corporations are betting Republicans will win seats in the Senate and hold on to the House—although employers might not tell their employees outright where to donate.
"Corporate PACs blow with the political winds," said John Feehery, a Republican strategist and corporate consultant. "When the wind is not blowing, they spread their donations 50-50 between the parties. When the wind is blowing hard in a certain direction, then they give to the side that they think is going to win the election."
After supporting Democrats by a wide margin in 2008, the financial sector tilted narrowly toward Republicans in the midterm elections. Now, the industry appears firmly in the GOP's corner, donating $56 million to the party, compared with $35 million for Democrats, according to data compiled by the Center for Responsive Politics. Military companies and their employees, too, have given $9.9 million to Republican candidates this year, compared with just $6.7 million to Democrats. And after spending the past two elections narrowly supporting Democrats, drug companies have so far given 55% of their $11 million in donations to Republicans.
[L]awyers and lobbyists, has sent about two-thirds of its donations to Democrats so far this election, down from about three-quarters in 2008.
In few places is the shift more pronounced than on Wall Street. Securities and investment firms have given 62% of their donations so far this year to Republicans, up from 43% in 2008. That year, Goldman Sachs Group Inc.'s PAC and staff sent 75% of more than $6 million in donations to Democrats. The company's employees were the No. 2 source of campaign cash for Mr. Obama, at more than $1 million.
Companies are usually reluctant to choose sides in races lacking an incumbent. This year, some appear to be game.
posted by Sid Cottingham | 9:06 AM
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