Say, how does a company go about avoiding new regulation under the financial regulation reform legislation pushed by Senator Chris “Countrywide” Dodd (D-CT)? Let’s ask someone in the know:

“Obtaining a carve-out isn’t rocket science,” said a Republican financial services lobbyist. “Just give Chairman Dodd [D-Conn.] and Chuck Schumer [D-N.Y.] a s***load of money.“

Welcome to the present state of financial regulation in Washington. Want to be released from having to abide by new regulation? Just pay off a couple of powerful Senate Democrats and, voila, mission accomplished.

Which, as Jonah Goldberg says, explains why Democrats continue to pull-in more donations despite their record-level unpopularity with the American electorate.

After all, the largest recipients of Goldman Sachs contributions weren’t Republicans. And as we all know, Dodd had to drop his re-election bid after taking too much heat over the favors he received from Countrywide, best known for its subprime mortgages eventual collapse. And, of course, the former CEO of Fannie Mae was once a top adviser to Barack Obama.

It’s simply a myth that these major financial institutions mostly support Republicans. Do Republicans receive donations? Sure. But check to see where most of the political money from Goldman Sachs, Bank of America, and the rest went. You won’t exactly find Democrats shunned.