A Positive Correlation Between Political Contributions & Senate Votes

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Over the last twenty years in Washington, corporations in the finance, insurance and real estate (FIRE) sectors, i.e., those who will directly benefit from last weeks contentious Emergency Economic Stabilization Act of 2008, have spent billions of dollars contributing to Democratic and Republican representatives and senators.

In fact, since 1990, $2,091,258,674 in contributions have been made, with $1,160,131,255 of that amount going to Republicans (55%) and $918,920,738 going to Democrats (45%).

So I guess it should come as no surprise to anyone, that when breaking down the contributions to those Senators who voted on Wednesday evening for the bailout package, received about 138% more over the span of their careers than those who voted against the bailout package.

The Center for Responsive Politics has put together the data and their executive director, Sheila Krumholz, reports the following:

The finance sector's closest friends in Congress are the ones who've been supporting this legislation. The lobbying effort on the bailout has been brief but intense. To make up for time they do not have, interest groups have undoubtedly capitalized on relationships they've built over many years. And in Congress, campaign contributions are an essential tool for building relationships.

Here is how it breaks down: there were 39 Democrats who voted yes, and on average, they received just over $4 million over their careers from the FIRE sector and, during the current election cycle, they've received $1.675 million. There were 34 Republicans who voted yes, an on average, they received just over $3 million over their careers from the FIRE sector and, during the current election cycle, they've received just over $1 million.

On the no side, 9 Democrats broke with their party and voted against the bailout, and on average, they received $1.788 million over their careers from the FIRE sector and, during the current election cycle, they've received $246,668. The 15 Republicans who voted no have on average received $1.701 million over their careers from the FIRE sector and during the current election cycle, they've received $350,129.

In a carbon copy of the political handout split, the two independents in the Senate one voted yea and one voted nay; the yea voter, Senator Joe Lieberman has received over $10 million from the FIRE sector over his career and the nay voter, Senator Bernie Sanders has received $167,045 over his career. However, in all fairness, it probably should be noted that Sen. Lieberman has been around for 20 years and Sen. Sanders has only been around for 2 years.