Wall Street Cools to Dems Despite Bailout

Some gratitude: Wall Street’s top firms will largely sit out Barack Obama’s lavish Democratic Party fundraiser in New York tonight, with Goldman Sachs, JPMorgan and Citigroup sending a scant half-dozen representatives or fewer. Some Democratic fundraisers and executives tell the New York Times that bailout banks are afraid of a backlash if they’re seen cutting $30,400 checks to Democrats.

But others say Wall Street is outright miffed about Obama’s tough talk about their bonuses and anti-regulatory lobbying. “The investment community feels very put-upon,” says one event chairman. “They feel there is no reason why they shouldn’t earn $1 million to $200 million a year, and they don’t want to be held responsible for the global financial meltdown.” This year, Wall Street donors have accounted for just 3% of Democratic fundraising, compared to 6% last year.