The front-page squib reads: "Private-equity firms are giving more to Republican candidates than to Democrats, who are proposing to tax executives more heavily."

The W$J story comes with the tagline: "Democrats' Idea Of Increasing Taxes Stunts Donations." In the story:

The numbers could be the first indication that private-equity managers are reversing their trend of giving most of their donations to Democrats. Since the 2000 election, the same private-equity firms were the source of an increasing share of their donations to Democrats, according to historical data provided by the nonpartisan Center for Responsive Politics.

Before you get carried away, however, note that this dramatic conclusion is based on an analysis of "donations to the six leading presidential candidates from the 11 private-equity companies that make up the Private Equity Council, an industry trade association." Those donations sum $493,000, and Republican candidates received 53.1%.

But here is the real kicker: among the 11 private-equity companies in the Council is Bain Capital, Mitt Romney's old firm, and employees of Bain donated $100,000 of the $156,000 received by the Romney campaign.

Not counted in the study was $150,000 contributed to the Edwards campaign by Fortress Investment Group LLC. As noted in the W$J story, "Mr. Edwards worked at the firm after losing the 2004 presidential race."

So what's the real news here? Private equity funds support candidates with whom they have relationships.

Not very dramatic.

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