After putting a freeze on all campaign contributions since early May when questions arose over how the bank lost billions in bad investments – JP Morgan Chase just dished out its first round of political contributions to House and Senate candidates. No surprise – Republicans were rewarded the most.
A total of ten Congressmen and Senators received four-figure contributions from the Wall Street player – eight of them were Republicans who have been actively trying to defund or water-down any new Wall Street reforms designed to prevent another banking crisis.
Remember, when Wall Street gives many to a politician in the post-Citizens United age – it’s not a campaign contribution. It’s an investment – and Wall Street expects big returns in the form of tax breaks, fewer regulations, and bailouts.