You won’t believe which party receives the most donations from Wall Street

A meme imploring us to “DO THE MATH!!” is circulating about hedge fund managers paying less in taxes than the little people. According to the infographic, the amount saved in one tax loophole for 10 people is the same as the total income tax for over 260,000 middle-class workers.

apparently the monopoly man has cornered the market on poorly paint-drawn money

However, 5 out of 5 top hedge fund earners agree: donating to Democrats is where it’s at.

While hedge fund managers might be presumed to be eager to help the GOP beat back Wall Street reform, the reality is that the biggest of the big-time spenders funneled their donations primarily to Democrats, the party that holds Congress and the White House. According to an analysis done by the Center for Responsive Politics for ABC News, the five biggest hedge fund donors all gave almost all their donations to Democrats.

Not just any Democrats either. Democrats who are re-writing financial laws:

With $94,100 in contributions over the past year, Jim Simons is the single largest political donor among hedge fund managers. The founder of quantitative hedge fund powerhouse Renaissance Technologies gave almost all of that total to Democrats, including Senators Harry Reid of Nevada, Chris Dodd of Connecticut and New York’s Charles Schumer. Dodd is in charge of the committee working on a financial reform bill.

In fact, in 2012, Obama received far more money from Wall Street than Romney did.  Individually, he received more money from Wall Street than the entire Republican Party:

Obama’s key advantage over the GOP field is the ability to collect bigger checks because he raises money for both his own campaign committee and for the Democratic National Committee, which will aid in his reelection effort. As a result, Obama has brought in more money from employees of banks, hedge funds and other financial service companies than all of the GOP candidates combined, according to a Washington Post analysis of contribution data. The numbers show that Obama retains a persistent reservoir of support among Democratic financiers who have backed him since he was an underdog presidential candidate four years ago.

Obama even raised more money than Romney…from the company Romney founded:

Obama’s fundraising advantage is clear in the case of Bain Capital, the Boston-based private-equity firm that was co-founded by Romney, and where the Republican made his fortune. Not surprisingly, Romney has strong support at the firm, raking in $34,000 from 18 Bain employees, according to the analysis of data from the Center for Responsive Politics. But Obama has outdone Romney on his own turf, collecting $76,600 from Bain Capital employees through September — and he needed only three donors to do it.

The fact remains that Wall Street is an important interest group that donates to Democratic candidates—growing in importance each election:

But rather than abandoning Mr. Obama, the securities and investment sector still holds the third spot among the top 10 interest groups in the most recent rankings of individual donations to the Obama campaign and the DNC, according to the center. In the 2008 campaign, the financial-services sector ranked fourth among all interest groups giving to Mr. Obama and the DNC.

Interesting how the same people who encourage us to “tax the rich” sure do love taking the rich’s money and raising taxes on everyone else.

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