Wall Street spending big to buy Congress

Wall Street has spent close to $11 million this year to buy votes in the Senate and the vote it covets most comes from New York Democratic Senator Charles Schumer.

Schumer has pocketed $1.65 million in campaign contributions from the financial industry — more than twice the amount to other Democrats and 500 percent more than contributions to any Republican.

While spending by big business is down in recession-driven economy, it’s clear the boys with the bucks are counting on Democrats to save their bacon in the halls of Congress.

Reports Politico:

Wall Street has showered nearly $11 million on the Senate since the beginning of the year, and more than 15 percent of it has gone to a single senator: Democrat Chuck Schumer of New York.

Schumer’s $1.65 million take from the financial services industry is nearly twice that of any other senator’s — and more than five times what the industry gave to any single Republican senator.

While the industry has scaled back its political spending in the wake of last year’s economic collapse, data from the Center for Responsive Politics show that it’s still investing heavily in the Senate, where it’s likely to have its best shot at stopping — or at least shaping — the crackdown on Wall Street that President Barack Obama has proposed.

And it’s clearly looking to Democrats to do it.