Wednesday, August 30, 2006

Financial Services Stick With GOP, Blunt

The major financial service companies are once again doling out a majority of their campaign contributions to Republicans, according to a new article by the American Banker.

"As of Aug. 7 companies in the financial sector had given 64% of nearly $40 million of their political action committee contributions to Republican candidates, according to the Center for Responsive Politics, a nonpartisan think tank that tracks money in politics," writes Stacy Kaper.

The companies include Bank of America Corp., Wachovia Corp., and Mellon Financial Corp.

Political analysts believe this is notable particularly because the conventional wisdom swirling right now is that Democrats will pick up seats in Congress this November, and possibly even takeover one of the chambers.

The mortgage industry also favors the G.O.P. Top recipients from Freddie Mac's political action committee include Rep. Roy Blunt, according to the Banker article.

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