From the New york times


Wall Street to Toast Its G.O.P. Overseers During Convention
By MICHAEL SLACKMAN
Published: May 21, 2004
Despite the talk about protesters overwhelming the Republican National Convention in New York City this summer, one sector of the city is rolling out the red carpet: Wall Street and its investment banks. They are showering the conventioneers with money for parties and other events to make the Republicans feel right at home.
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Some of the main parties will be for Republican members of Congress who oversee the financial services industry. There will be brunches, dinners, dancing and late-night concerts for the conventioneers throughout the city.
One of the most celebrated guests will be Representative Michael G. Oxley of Ohio, chairman of the House Committee on Financial Services, which oversees Wall Street, banks and the insurance industry. Mr. Oxley will be toasted at a dinner party in the Rainbow Room, at a loft with sweeping views of the Hudson River and at a financial services round- table brunch, according to people who work in the financial industry, who say their firms plan to contribute to the three events.
But the partying does not stop there.
J. P. Morgan Chase & Company is planning a reception to honor convention delegates from the roughly 20 states where it does most of its business; Goldman Sachs has discussed sponsoring a party to honor Representative Thomas M. Reynolds of western New York, chairman of the National Republican Congressional Committee; Credit Suisse First Boston plans a reception to honor Senator Mike Enzi of Wyoming, who serves on the Banking Committee.
Though the corporation-financed parties are legal, and commonplace at political conventions, they take on added significance this year because of new laws that prohibit corporations from giving large donations known as soft money to national political parties and also forbid federal officials to raise such contributions, government watchdog groups said.
"There is no other loophole for corporate soft money," said Steven Weissman, associate director for policy with the Campaign Finance Institute, a nonpartisan group in Washington. "This is normal politics. They want to maintain a relationship which emphasizes access in order to achieve more influence."
There are two ways Wall Street plans to roll out the welcome wagon. Firms will sponsor their own events, or they will contribute to events sponsored by other organizations. Companies in other industries are also staging events; The New York Times, for instance, is helping sponsor a night out for the delegates at Broadway shows.
But the financial sector is among the most active. Some of the top Wall Street firms have agreed to contribute money to a party honoring Senator Richard Shelby, chairman of the Banking Committee, and the rest of the Alabama delegation, said people who work in the industry and are involved in making convention plans.
Like many large American corporations, financial powerhouses tend to hedge their bets, giving to both Republicans and Democrats. Some of the Wall Street firms, like J. P. Morgan Chase, have similar plans for the Democratic National Convention in Boston. A study shows that the financial industry is one of the biggest political contributors, outspent only by lawyers and the real estate industry, according to the Center for Responsive Politics in Washington.
But some of New York's top financiers have a record of giving large contributions to Republican causes.
Henry M. Paulson Jr., chief executive and chairman of Goldman Sachs, is a finance co-chairman of the New York City Host Committee and has called around to his colleagues asking them to contribute to the convention's operating budget. As a co-chairman, he personally agreed to help raise $5 million to help pay for the convention, according to the host committee.
Employees of Morgan Stanley and their immediate family members gave more to the Bush campaign than the employees and family members from any other company, contributing $518,225 since the president began raising money in May 2003, said Steven Weiss, spokesman for the Center for Responsive Politics.