By David Morgan
WASHINGTON, July 27 (Reuters) – Wall Street executives who endured two years of blame for the U.S. financial crisis and now face costly industry reforms are turning against Democrats by shifting campaign contributions to Republicans.
Long a reliable source of big contributions for Democratic coffers, financial institutions in New York, Chicago and San Francisco are dialing back donations and vowing to shun lawmakers who pushed for the toughest provisions as reform moved through Congress to President Barack Obama’s desk.
Financial executives say they were unfairly blamed for the worst recession since the 1930s so that Democrats could deliver politically motivated reforms to angry voters — reforms that will now cost firms billions of dollars in revenue.
“If you’re going to haul me out of the bar and beat me up in the street, don’t expect me to buy you a drink,” said a source involved in political spending decisions at one Wall Street firm.
Bad feelings may be mutual. Some financial industry donors say they have been asked not to attend fundraisers for Democratic lawmakers who fear association with Wall Street could cost them at the polls.