2014 Elections, Economy

Goldman Sachs looks to bag an elephant

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pols_small11The firm, once a reliable supporter of the Democratic Party, is now the biggest backer of the Republican Party on Wall Street. In the current election cycle, Goldman’s employees have made $1.75 million in donations to Republicans, according to data from the Center for Responsive Politics. That’s 63% of the firm’s political donations.

And who Goldman backs matters. Its employees have long been the biggest source of political money on Wall Street. Since 1990, they have sent $47 million to candidates and political action committees.  Even the mega-banks—Citigroup, J.P. Morgan Chase, and Bank of America—haven’t given that much. For years, though, Goldman’s giving skewed toward Democrats. That culminated in 2008, when Goldman cash went to Democrats by a three-to-one margin. Then, in the 2010 mid-term election cycle, Goldman leaned Republican for the first time. More here on the WSJ blog.

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