Blankfein, Mack Lead Wall Street Shift to Democrats

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http://www.bloomberg.com/apps/news?pid=20601070&sid=a5kqj1wDfAK4&refer=

By Michael Forsythe and George Stein

Sept. 14 (Bloomberg) -- Wall Street, which backed President George W. Bush and his fellow Republicans when they were riding high, is putting most of its money behind Democratic candidates in this year's U.S. congressional elections.

Democrats received $3.1 million from executives and employees at 11 leading securities firms in the first half of 2006, compared with $1.95 million for Republicans, according to Federal Election Commission figures. Lloyd Blankfein, chief executive officer of Goldman Sachs Group Inc., is among the biggest Democratic givers; John Mack, CEO of Morgan Stanley and a former Bush fund-raiser, has given more to Democrats than Republicans this year.

``Wall Street is always trying to back winners,'' said Gary Goldstein, chairman of the Whitney Group, a New York-based executive-recruitment firm specializing in securities personnel, and a self-described political independent. He and others say investment bankers see the Republicans dragged down by such issues as the war in Iraq, Bush's handling of Hurricane Katrina and the slowing U.S. economy.

Democrats last posted a significant fund-raising lead among investment banks in 2001, receiving 10 percent more than Republicans. The two parties were about even in 2002, following the Sept. 11, 2001, terrorist attacks, and Republicans got most of the donations from 2003 through 2005.

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1. As someone is sure to point out, this is both good news and bad news.

[AX10]

2. Agreed.

[Wretched Refuse]

3. or is that

"greed"