15 Financial Firms That Bought Off The US Congress

securities donations

Looming reform from Washington has the financial industry nervous. Draft rules, lots of money and skittishness means one thing: lobbying.

Securities and investment players — banks, hedge funds, industry associates, etc. — are showering money on federal candidates and parties via employees and political action committees.

OpenSecrets has the numbers. So far, more than $22 million has been donated for the 2010 election cycle, 67% to Democrats and 33% to Republicans, a record imbalance. The firms don’t give it directly; instead, 86% came from individual employees and 14% from political action committees.

See the huge donors here >>

Contributions for the 2010 election cycle are part of a long history of giving. The total to current members of Congress since 1989 is $153 million (60 per cent to Democrats); the industry spent $674.9 million on lobbying since 1998.

Lindsay Renick Mayer of OpenSecrets’ Capital Eye Blog explains the stories behind the numbers:

  • Payday lenders, for example, are fighting a bill that would cap interest rates on payday loans and “force lenders to provide a 90-day fee-free repayment plan if a borrower couldn’t meet the original terms,” according to Politico.
  • The industry’s biggest lobbyist this year, the Investment Company Institute, is nervous a systemic risk council to oversee the financial system’s health could add another layer of bureaucracy and undue constraints.
  • One of the industry’s most vocal trade groups on Capitol Hill this year is the Securities Industry and Financial Markets Association, which advocates measures that would create a new systemic risk regulator to oversee the well being of the financial system. The group would also wants regulators to have power to break down floundering firms that pose a threat to the economy.
  • The National Venture Capital Association successfully sought an exemption in draft bills for venture capital and private equity firms from registering with the SEC and providing information beyond what they already record.

SEE WHO IN FINANCE IS DONATING THE MOST>>>
Notes on methodology from OpenSecrets: The numbers are based on contributions from PACs, soft money donors, and individuals giving $200 or more. (Only those groups giving $5,000 or more are listed here. Soft money applies only to cycles 1992-2002.) In many cases, the organisations themselves did not donate; rather the money came from the organisation’s PAC, its individual members or employees or owners, and those individuals’ immediate families. organisation totals include subsidiaries and affiliates. All donations took place during the 2009-2010 election cycle and were released by the Federal Election Commission on Sunday, November 08, 2009.

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[slide
permalink=”15-bank-of-america-1″
title=”#15 Bank of America”
content=”2010 Election Contributions: $162,604

per cent to Democrats: 45

per cent to Republicans: 55

Main Donation Source: Individuals

image=”http://static.businessinsider.com/image/92b9b914682f294a2c8e6e00/image.jpg”
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[slide
permalink=”14-vanguard-group-2″
title=”#14 Vanguard Group”
content=”2010 Election Contributions: $164,292

per cent to Democrats: 50

per cent to Republicans: 50

Main Donation Source: Political Action Committee

image=”http://static.businessinsider.com/image/4b194ced00000000002b0678/image.jpg”
caption=””
credit=””
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[slide
permalink=”13-kleiner-perkins-et-al-3″
title=”#13 Kleiner, Perkins et al”
content=”2010 Election Contributions: $167,700

per cent to Democrats: 99

per cent to Republicans: 1

Main Donation Source:Individuals
image=”http://static.businessinsider.com/image/4b194d6b000000000096bd15/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”12-intellectual-ventures-4″
title=”#12 Intellectual Ventures”
content=”2010 Election Contributions: $238,300

per cent to Democrats: 58

per cent to Republicans: 42

Main Donation Source: Individuals

image=”http://static.businessinsider.com/image/4b194e1300000000007ed177/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”11-ubs-5″
title=”#11 UBS”
content=”2010 Election Contributions: $269,350

per cent to Democrats: 59

per cent to Republicans: 41

Main Donation Source: Political Action Committee

image=”http://static.businessinsider.com/image/4abd320c8e5f33326e67669a/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”10-renaissance-technologies-6″
title=”#10 Renaissance Technologies”
content=”2010 Election Contributions: $274,000

per cent to Democrats: 82

per cent to Republicans: 18

Main Donation Source: Individuals

image=”http://static.businessinsider.com/image/3eb9b9146831ca49d3151000/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”9-capital-group-companies-7″
title=”#9 Capital Group Companies”
content=”2010 Election Contributions: $275,916

per cent to Democrats: 70

per cent to Republicans: 30

Main Donation Source: Individuals

image=”http://static.businessinsider.com/image/4b194e8500000000002e01f4/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”8-cme-group-8″
title=”#8 CME Group”
content=”2010 Election Contributions: $349,250

per cent to Democrats: 66

per cent to Republicans: 34

Main Donation Source: Political Action Committee

image=”http://static.businessinsider.com/image/4b194f150000000000026f12/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”7-goldman-sachs-9″
title=”#7 Goldman Sachs”
content=”2010 Election Contributions: $359,475

per cent to Democrats: 76

per cent to Republicans: 24

Main Donation Source: Individuals

image=”http://static.businessinsider.com/image/4aef26e60000000000d54cc8/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”6-national-venture-capital-association-10″
title=”#6 National Venture Capital Association”
content=”2010 Election Contributions: $365,500

per cent to Democrats: 79

per cent to Republicans: 21

Main Donation Source: Political Action Committee

image=”http://static.businessinsider.com/image/4b194fbf00000000006688e4/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”5-morgan-stanley-11″
title=”#5 Morgan Stanley”
content=”2010 Election Contributions: $385,853

per cent to Democrats: 55

per cent to Republicans: 45

Main Donation Source: Individuals

image=”http://static.businessinsider.com/image/4eb9b9147992464864c14300/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”4-credit-suisse-12″
title=”#4 Credit Suisse”
content=”2010 Election Contributions: $407,275

per cent to Democrats: 61

per cent to Republicans: 39

Main Donation Source: Political Action Committee

image=”http://static.businessinsider.com/image/4b1950240000000000995b29/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”3-fmr-corp-13″
title=”#3 FMR Corp.”
content=”2010 Election Contributions: $408,450

per cent to Democrats: 60

per cent to Republicans: 40

Main Donation Source: Political Action Committee

image=”http://static.businessinsider.com/image/4b19507f0000000000aec7c9/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”2-paloma-partners-14″
title=”#2 Paloma Partners”
content=”2010 Election Contributions: $436,700

per cent to Democrats: 100

per cent to Republicans: 0

Main Donation Source: Individuals

image=”http://static.businessinsider.com/image/4b1951130000000000a36e0b/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”1-investment-company-institute-15″
title=”#1 Investment Company Institute”
content=”2010 Election Contributions: $460,125

per cent to Democrats: 59

per cent to Republicans: 41

Main Donation Source: Political Action Committee

image=”http://static.businessinsider.com/image/4b1951c800000000008c728e/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”see-also-16″
title=”See Also”
content=”The Most Corrupt Members of Congress
image=”http://static.businessinsider.com/image/5db9b914583a9c49b6b3b100/image.jpg”
caption=””
credit=””
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]
[/slideshow]

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