NEW YORK (
is tilting toward the Republican party for the first time in at least 20 years, even as the rest of Wall Street favors Democrats in their political contributions.
Data from the
Center for Responsive Politics
(CRP) shows Goldman giving more money to Republicans than Democrats for the first time since it began keeping records back in 1990.
During that 20-year time period covering 11 election cycles, Goldman has donated nearly $21 million to Democrats, nearly double the $12 million it has handed out to Republicans.
This time around, however, Goldman has handed out roughly $914,000 to Republican candidates compared to some $776,000 to Democrats. Goldman has been the top donor among securities firms in every election cycle since 1990 except for 1994, when it was second to
A Goldman spokeswoman declined to comment.
The move is especially noteworthy since Goldman has tended to be more Democratic in its political leanings than other Wall Street firms, and though much has been written lately about Wall Street, including prominent Democrats like
, being fed up with the Obama administration, the securities industry has nonetheless donated more money to Democrats than Republicans in the latest election cycle.
As the chart above indicates, Goldman is the largest political donor on Wall Street by a comfortable margin, having spread out $1.6 million among various candidates.
Among companies the CRP classifies as securities firms, Goldman was followed by
($900 million) and
($800 million). But Goldman also outspent JPMorgan and
, which the center classifies as commercial banks, and
Bank of America
, which gets credit for $500 million as a securities firm and $900 million as a bank.
Unsurprisingly, New York's two Democratic senators Chuck Schumer and Kirsten Gillibrand were the top recipients of campaign donations from Securities and Investment firms (see chart below).
Among lesser-known candidates who got big money from Wall Street were Rep. Mark Kirk, a former military man running for Senate in Illinois, and Pat Toomey, a former Congressman and Wall Street executive running as a Republican for Senate in Pennsylvania. Each of those candidates received about $100,000 from hedge fund
, the main reason they ranked so highly among politicians receiving donations from the securities and investment industries.
The securities industry's main lobbying arm, the Securities Industry and Financial Markets Association (SIFMA) declined to discuss the issues it is focusing on in the mid-term elections.
SIFMA's campaign donations showed increasing support for Democrats versus previous cycles with overall contributions way down in the current cycle compared to 2008 and 2006. Iowa senator Chuck Grassley, the ranking Republican on the Senate Finance Committee, got the biggest check from SIFMA: a whopping $6,500.
Written by Dan Freed in New York
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.