Midterm Madness

2010 Midterms: Wall Street Donors Dump Democrats

Is this the price of financial reform? Wall Street donors are breaking up with Democrats, offering campaign contributions 65 percent lower than two years ago, The Washington Post reports. The falling out, perhaps not unexpected, comes after House Democrats passed the financial-regulatory-reform bill staunchly opposed by many in the industry. Though the party has seen an overall drop in contributions of 16 percent compared to this stage in the 2008 campaign, its leaders are nervous about disenchanted big donors. Last time, Democrats raised $81.3 million from donations of $1,000 or more; this time it’s just $49.5 million. Half that difference is thanks to a lack of enthusiasm from the New York area, where donors have offered just $8.7 million this year—half of what they gave in 2006 and a sharp drop from $23.9 million at this point in the presidential race.