May 29, 2019 by stephenshubert
Hedge Fund Billionaires Were Democrats’ Main Bankrollers in 2018
In the 2018 midterms, Democrats benefited more than Republicans from election spending by outside groups for the first time in recent history. Now, thanks to a new report from Public Citizen, we have a better understanding of where much of that money backing Democrats came from: wealthy individuals who earn their livings as hedge fund founders, bank executives, and other key positions in the financial industry.
The report, named “Plutocrat Politics: How Financial Sector Wealth Fuels Political Ad Spending” and authored by Public Citizen’s Alan Zibel, analyzed the 100 individuals who gave the most money to outside political spending groups in the 2018 cycle and found that about half of that money came from people with financial industry backgrounds. Roughly three-quarters of the money donated by financial industry donors was spent supporting Democratic candidates. The finance industry donors in the top 100 gave $264 million to Democrat-supporting outside groups in 2017-18, according to the report.
“By lavishing spending on both Republicans and Democrats, the ultrawealthy receive access and influence to block the aggressive, progressive policy agenda that Americans favor by overwhelming margins,” Robert Weissman, president of Public Citizen, said in a press statement. “Our democracy can’t function if the plutocrat class maintains an iron grip on American election campaigns.”…Truthout, written by Donald Shaw, Sludge.PUBLISHED May 17, 2019
The historian who predicted Trump says Democrats are ‘fundamentally wrong’ on impeachment “Democrats are fundamentally wrong about the politics of impeachment and their prospects for victory in 2020,” Lichtman told Cillizza. “An impeachment and subsequent trial would cost the president a crucial fourth key — the scandal key — just as it cost Democrats that key in 2000. The indictment and trial would also expose him to dropping another key by encouraging a serious challenge to his re-nomination.” Read the article, click on the headline.