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PROTESTS: Wall Street protestors’ conundrum

Letter by John P. Dickson, Gig Harbor on Oct. 21, 2011 at 5:44 pm | 81 Comments »
October 24, 2011 10:19 am

The conundrum facing those who protest against the large firms on Wall Street and their support of politicians is whom to support.

Both parties love the money Wall Street, big businesses, unions and government rain down on them. For example, it is interesting to look at the top 20 donors in 2008 to candidates Obama and McCain. Wall Street firms donated $3,879,583 to candidate Obama and $2,604,890 to McCain, a nearly 50 percent advantage to Obama.

The single largest Wall Street donor was Goldman Sachs, which gave Obama $1,013,019 and McCain $240,295. By the way, the single largest donor of all to either candidate was the University of California. It gave Obama $1,648,685.

Another top 20 donor to candidate Obama was GE ($529,855). Lo and behold, GE’s Chairman and CEO, Jeffry Immelt, was appointed as the president of President Obama’s Council on Jobs and Competitiveness. Ironically, GE paid no federal taxes in 2010 and, in fact, received a $1.1 billion tax benefit.

If one looked back at past presidents of both parties, I am quite sure it would be equally surprising who received how much and from whom. Money is the mother’s milk of politicians of all ilk.

Alas, sometimes it is easier to figure out who to protest against than to support. Politicians often have strange bedfellows.

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