The big penny drops 183

Good news: Big Business is no longer eager to give big donations to the anti-business Democratic Party, the Washington Post reports (regretfully, we suppose).

Big Businessmen are notoriously slow to understand where their political interests are best served, but it seems the big penny is dropping at last.

A revolt among big donors on Wall Street is hurting fundraising for the Democrats’ two congressional campaign committees, with contributions from the world’s financial capital down 65 percent from two years ago.

The drop in support comes from many of the same bankers, hedge fund executives and financial services chief executives who are most upset about the financial regulatory reform bill that House Democrats passed last week with almost no Republican support. The Senate expects to take up the measure this month.

This fundraising free fall from the New York area has left Democrats with diminished resources to defend their House and Senate majorities in November’s midterm elections. ..

The overwhelming factor is the rising anger among financial executives who think they have not been treated well based on their support of Democrats over the past four years, according to lawmakers, party strategists and fundraisers. …

More than 600 regular donors from the New York area  — whose four- and five-figure checks added up to $10 million … have so far abandoned their effort to retain the Democratic majorities.