Dozens of corporate executives who backed President George W. Bush for re-election in 2004, including some of his top fund-raisers, are now helping Democrats running for president.
John Mack, chief executive officer of Morgan Stanley, Rupert Murdoch, chairman of News Corp., and Terry Semel, chairman of Yahoo! Inc., are among some 60 executives writing checks to Democrats such as Senators Hillary Clinton of New York and Barack Obama of Illinois, a review of U.S. Federal Election Commission records shows.
While the vast majority of business leaders still back Republicans for 2008, the stature of some of those donating to Democrats suggests that support may be eroding, seven years into the Bush presidency. Some executives expressed concern over Republican positions on issues ranging from the war in Iraq and stem-cell research to global warming and the fiscal deficit.
The shift in spending patterns is "very unusual," says Fred Wertheimer, president of Democracy 21, a Washington-based group that advocates campaign-finance reform.
"Normally, if you have dissatisfaction with the administration, you figure out who in your own party you'll support in the next election," he says. "You don't look at other parties."
The Democratic victory in last November's congressional elections may have also sparked greater interest in the party. "Money tends to follow people who have power," Wertheimer says.
Bush sounded unconcerned on Sept. 20 that he might hurt Republican chances next year. Asked at a White House news conference if he were "an asset or liability" to members of his party seeking election, he replied, "Strong asset."
Nonetheless, some of his strongest supporters are wavering—or at least hedging their bets.
Sig Rogich, president of Rogich Communications Group in Las Vegas, raised at least $200,000 for Bush in 2004, earning the campaign's designation of "Ranger." This year, Rogich gave $2,300 to Governor Bill Richardson of New Mexico, a Democrat, and $4,600 to Senator John McCain of Arizona, a Republican, according to the most recent election records, which go through June 30.
"Conservatives have two hard-core beliefs," says Rogich. "They favor lower taxes and lower spending." Federal spending is "the highest in the history of the nation," he says.
Morgan Stanley's Mack, another of Bush's Rangers, held a fund-raiser for Clinton, in July.
"When it comes to supporting a political candidate, I have always looked beyond party labels to the person I felt was best for the job," Mack wrote to company executives in June, explaining his choice. "I personally believe that person is Hillary Clinton."
Murdoch, who donated $25,000 to the Republican National Committee in 2004, has given Clinton $2,300. Semel of Yahoo!, who gave $2,000 to Bush in 2004 and $50,000 to the Republican National Committee, has given the maximum, $4,600, to Clinton and $2,300 to Obama.
The Republican National Committee says executives will continue to overwhelmingly back the party, citing its candidates' stances on issues such as cutting taxes and curbing lawsuits.
"We fully expect our nominee to have the resources to run a successful campaign," says Dan Ronayne, a spokesman for the RNC.
Spokesmen for former Massachusetts Governor Mitt Romney and former Senator Fred Thompson of Tennessee say they're also confident of their corporate backing.
"We're very happy with the level of giving from individuals in the private sector," says Romney spokesman Eric Fehrnstrom. Among executives who have donated to Romney are Richard Farmer, chairman of Cintas Corp., the largest U.S. uniform supplier, and Ray Irani, chairman of Occidental Petroleum Corp.
Spokesmen for former New York Mayor Rudy Giuliani and McCain didn't return calls seeking comment.
Most of the executives declined requests to comment.
Jeffrey Volk, a managing director at Citigroup in New York, was an exception. He says he grew disenchanted with Republicans after Hurricane Katrina. He says he remains a Republican, although he's supporting Clinton.
"It was absolutely inconceivable to me that after 9/11 another catastrophe could hit a major American city, and the United States government was not prepared," he says.
Elaine Wynn, who has donated to Republicans in previous cycles along with her husband, Steve Wynn, chairman of Wynn Resorts Ltd., is backing Obama.
Wynn says she grew weary of two decades of leadership under two President Bushes and President Bill Clinton.
"That's a big chunk of my life overseen by two families," she says. "I'd like to think this is a broad country with more people to weigh in."
Richard Kelly of Xcel Energy Inc., who donated $1,000 to Bush last time, has contributed $2,000 to Richardson. Raymond Mason of Legg Mason Inc. gave Bush $2,000 in the last cycle and $2,300 to Democrat Christopher Dodd of Connecticut, chairman of the Senate Banking Committee, this time.
Other former Rangers and Pioneers helping Democrats are Lance Weaver, vice chairman of FIA Card Services, who gave $4,600 to Senator Joseph Biden of Delaware, and Robert Congel, senior managing director of Pyramid Cos., who gave Clinton $4,600.
Richard Notebaert, who recently retired as CEO of Qwest Communications International Inc., contributed $25,000 to the Republican National Committee in 2004 and thousands more to candidates in both parties. This cycle, he has given Richardson and McCain $2,300 each.