Corporate Donations Shift Left
Posted on Jun 20, 2006
Companies in the insurance, pharmaceuticals and tobacco industries are boosting their share of contributions to Democrats this year, an indication that the traditionally Republican-friendly donors suspect Dems may soon end up holding the reins of power.
Wall Street Journal via AOL:
WASHINGTON—Some big companies are boosting their share of campaign contributions to Democrats this year, a sign that executives may be starting to hedge their political bets after a decade of supporting congressional Republicans.
The shift includes backers of the Republican Party in the insurance, pharmaceuticals and tobacco industries, such as American International Group Inc., Wyeth, and Reynolds American Inc., according to PoliticalMoneyLine, a nonpartisan tracker of campaign contributions.
Most companies say they give political donations to candidates who support their businesses, regardless of party affiliation. But corporations also tend to channel funds to politicians they think will hold power. So any shift in corporate campaign giving toward Democrats could signal that businesses believe Democrats will have more sway in Washington after the 2006 midterm elections or the 2008 presidential contest.