US Business Finds New Friends in Democrats, Abandon GOP Pals
July 8 2008 by Fayazuddin A Shirazi / Research & Graphics: Priyan
Who’s getting what? In the run up for the US presidential election, Democrats are way ahead in tapping funds from corporations in comparison to Republicans. About 70 percent of the corporate political donations from the top wall street securities firms have all gone to the Democrat’s kitty. Interestingly, companies which favored Republicans in the last election in 2004 have also shifted their loyalties and are now closely identified with Democrats.
SUMMARY OF POLITICAL CONTRIBUTIONS FOR 2000 , 2004 & 2008 ELECTIONS
Sources : Center for Responsive Politics (opensecrets.org), Federal Election Commission
CE Online conducted a detailed analysis and assesment by selecting few of the top US corporations and their political contribution pattern. In the given charts and tables, we’ve tried finding which parties have got how much from the corporate funding, which includes, PAC contributions, 527 contributions and individual contributions as well.
SUMMARY OF TOTAL POLITICAL CONTRIBUTIONS BY SOME OF THE TOP US CORPORATIONS FOR 2000, 2004 & 2008 ELECTION CYCLE
Sources: Center for Responsive Politics (opensecrets.org), Federal Election Commission
“**The numbers on this page are based on contributions from PACs and individuals giving $200 or more to federal candidates and parties as reported to the Federal Election Commission. All the numbers on this page are for the 2000, 2004 & 2008 election cycle and are based on data released by the FEC for respective years.”
** “-” indicates data not available
** Wall Street Investment & Security firms are highlighted in Red Color.
*Green colored companies represent the companies which increased their contribution towards politics and democrats in 2004 and decreased their investments in 2008.
*Companies in white color represent companies which shows downtrend towards contributing in politics starting 2000.
We’ve also seen that individually Barack Obama secured the major chunk of corporate political donations, while John McCain could only manage about half that level.
Likewise Obama has also emerged as the top funded presidential candidate all through the last three election cycles, i.e., 2000, 2004 and 2008 compared to what Al Gore, John Kerry or Hillary Clinton were able to manage.
ORGANIZATIONS CONTRIBUTIONS TO INDIVIDUALS FOR ELECTION CYCLE 2004 & 2008
** - indicates organization contribution to that party candidate is more in 2008 when compared to 2004 election cycle
- indicates organization contribution to that party candidate is less in 2008 when compared to 2004 election cycle
Sources: Center for Responsive Politics (opensecrets.org)
Federal Election Commission
Companies such as Goldman Sachs and JP Morgan have given about 71 percent and 66 percent of their political contributions respectively to Democrats, followed by Citigroup with 63 percent. “An obvious engine behind the shifting fortunes of the parties is the Democratic takeover of Congress. Businesses that ignored minority members for years are now trying to build relationships with the new power players,” said a report published in Politico.com.
However, old time corporate pals of President Bush and Vice President Cheney in the oil and gas sector are holding firm with Republicans with 72 percent of their donations to the GOP and 28 percent to the Democrat. “Political pundits believe these numbers could change after the Democrats unveil a global warming bill and the industry’s lobbyists seek to tweak the final language,” the Politico report said.