Who Wall Street favors politically
September 23, 2008| By David Talbot
Who do the failing Wall Street firms favor politically? How about energy companies?
The left argues that "the same firms that preached free-market capitalism are now the ones begging for a taxpayer bailout," Heritage Vice President Michael Franc explains on National Review Online.
But this is a myth, as Franc's research reveals. In fact, employees of financial and energy firms who donated to presidential hopefuls overwhelmingly favor liberal candidates.
This myth falsely assumes "the typical Wall Streeter" is a student and practitioner of "predatory capitalism," and that the employees of all the institutions now seeking government help are "the financial muscle behind the modern conservative movement."
Franc did quick research with a handy search tool on Huffingtonpost.com, a liberal news site. By sorting presidential campaign donors by employer, Franc discovered "something about the political and ideological cultures that permeate modern day Wall Street."
The liberal advantage among Wall Street employees is substantial, as high as 4-1 among the major players in today's financial crisis — Bear Stearns, JP Morgan Chase, Lehman Brothers, Goldman Sachs, AIG, Morgan Stanley (Merrill Lynch is an exception). The same is true at Fannie Mae and Freddie Mac, the failed government-created businesses bailed out earlier this month.
The liberals' "long march through America's elites did not stop at Wall Street. It even extends to Big Oil," reports Franc.
At Chevron, British Petroleum, Royal Dutch Shell and Exxon-Mobil, employees gave approximately $249,000 to liberal candidates, compared to $112,800 given to conservative candidates.
“As the blame game takes shape,” Franc argues, “we should remember that “the elite members of this corporate culture are overwhelmingly enamored of a distinctly left-of-center approach to markets, the role of government, and risk.”