Sunday January 08, 2012 at 10:00
“Obama’s list included all the major banks and bailout recipients, plus a smattering of high-dollar defense lawyers from firms like WilmerHale and Skadden Arps who make their money representing those same banks. McCain’s list included exactly the same banks and a similar list of law firms, the minor difference being that it was Gibson Dunn instead of WilmerHale, etc.
The numbers show remarkable consistency, as Chase, Morgan Stanley, and Citigroup all gave roughly twice or just over twice as much to Obama as they did to McCain, almost perfectly matching the overall donations profile for both candidates: overall, Obama raised just over twice as much ($730 million) as McCain did ($333 million).
Those numbers tell us that both parties rely upon the same core of major donors among the top law firms, the Wall Street companies, and business leaders – basically, the 1%. Those one-percenters always give generously to both parties and both presidential candidates, although they sometimes will hedge their bets significantly when they think one side or the other has a lopsided chance at victory. That’s clearly what happened in 2008, when Wall Street correctly called Obama as a 2-1 (or maybe a 7-3) favorite to beat McCain.
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Read more from Matt Taibbi here. (via jerriann)
Your vote counts, but not really.
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This post was reblogged from nathaniel stuart.
