Wall Street Doing Its Best to Buy Schumer

Hands NY Dem $1.65M as vote looms on new financial regulations
By Kevin Spak,  Newser Staff
Posted Sep 28, 2009 10:07 AM CDT
Wall Street Doing Its Best to Buy Schumer
Charles Schumer, D-NY, gestures while delivering his opening remarks on Capitol Hill, Sept. 22, 2009, during the markup of health care legislation.   (AP Photo/Susan Walsh)

With a vote looming on Barack Obama’s plan to revamp financial regulations, Wall Street has shoveled $10.6 million into Senate campaign chests this year. Most of that money, $7.7 million, has gone to Democrats, and more than 15% has gone to one man: Chuck Schumer. Schumer’s $1.65 million take is nearly twice what anyone else got; fellow New Yorker Kirsten Gillibrand took second with $866,000.

Richard Shelby, the top Republican on the Banking Committee, topped the GOP list with just $313,000. Republicans are traditionally seen as, in Politico’s words, “bagmen for Wall Street,” but the disparity reflects a new political reality. “Democrats are holding the reins in Washington now,” said one financial lobbyist. “It only makes sense that donors want to put their money into the coffers of those who are driving the agenda.” (Read more Wall Street stories.)

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