Democrats, GOP have donations in common

April 25, 2010 at 12:00a.m.

McClatchy Newspapers

WASHINGTON

Although painting Republicans as pawns of Wall Street is a cornerstone of the Democratic strategy to overhaul financial regulation, financial interests have given campaign money generously to both political parties for years.

“No one party has any firm hold on righteousness here,” said David Levinthal, a spokesman for the Center for Responsive Politics, which tracks donations.

In the past two election cycles, when Democrats controlled Congress, the Democrats benefited most. So far in the 2010 cycle, the finance/insurance/real-estate sector has given $65.2 million, or 56 percent of its contributions, to Democrats. Republicans have received $51.7 million.

People and political committees affiliated with securities and investment banking interests have been particularly kind to Democrats, giving them $21.7 million, or 63 percent of their donations so far.

Commercial banks, though, prefer Republicans; they’ve given GOP hopefuls $4.7 million so far, or 54 percent of their total.

According to the Sunlight Foundation, an independent research group, lobbyists with connections to the financial sector have hosted 10 fundraisers this year for members of the Senate Banking and Agriculture committees — six for Democrats and four for Republicans. The two panels wrote different parts of the financial overhaul bill.

None of that has stopped Democrats from insisting that they’re the party of Main Street, not Wall Street.

Levinthal and groups advocating changes to the campaign-finance system contend that the flood of money into both parties amounts to “buying long-term influence. They develop relationships and make sure their views are heard.”