AUGUST was the best money-spinning month so far for the presidential candidates. In that month both men beat their fund-raising records. John McCain's campaign, heartily boosted by Sarah Palin, brought in $47m; but Barack Obama raised $66m, more in a single month than any candidate for political office in America's history.

Mr Obama has helped to change the direction of corporate giving. By late July, the political action committees of American companies had contributed almost $214m to the Democrats and Republicans. For the first time in over two decades, the cash was evenly divided: each party received roughly $107m.

Traditionally Democrats have always lagged in attracting money from business. During the 1996 election cycle, for instance, Republicans received almost 73% of corporate donations while Democrats received 27%, according to the Federal Election Commission. This uneven ratio persisted almost up to the present. In the last presidential election, in 2004, Republicans received close to 68% of the money that businesses gave.

The new trend is not simply important for the war-chests of Democratic candidates. It also suggests that corporations are betting on a Democratic victory in November. The trend of giving to Democrats accelerated, and giving to Republicans declined, as soon as the Democrats won control of Congress in 2006. This year Democrats expect their congressional majorities to swell, and corporations may be positioning themselves for a long Democratic ascendancy.

But many corporations may also think that a Democrat will win the presidency, which could explain why corporate donations to the Democrats have risen so much. Darrell West, a vice-president of the Brookings Institution, a think-tank, says that because many corporations anticipate a victory for Mr Obama, they consider their gifts to Democrats an investment in their company's future. Among the top contributors are sectors with special interests, including banks, telecoms companies and the health-care industry.

Corporations were conspicuous at the Democratic convention, which boasted 141 business sponsors. According to the non-partisan Campaign Finance Institute, the Republican convention has announced only 91 sponsoring companies. The Republicans may not yet have disclosed all their sponsors; but nonetheless, so far, fat cats are contributing the Democrats' way.