Democrats and big banks

Some political stereotypes survive long past their expiration point. For example: Democrats are for the working man and Republicans are shills for evil big business. But The Wall Street Journal notes that J.P. Morgan Chase — of the notorious $2 billion loss — actually gave far more to Democrats than Republicans in 2008. That year, Democrats received $3.6 million compared with $2.3 million for Republicans. This election year, Mitt Romney is the bank’s biggest recipient with $373,650 so far, but that still pales compared with $807,799 given Barack Obama in 2008. Goldman Sachs, Bank of America and Citigroup also bankrolled Democrats in a big way in 2008 before shifting to Republicans this cycle. Democrats and big business are clearly willing to get in bed together, although this administration’s economic record is causing the banks to rethink that marriage of convenience.

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