Legal Law

Financial institution PACs ought to take into consideration funding efforts to destroy the Structure for a brief time period

Republicans have long relied on corporate action committees to fund their campaigns, and those in the financial services sector have been particularly fond of them. After all, what Wall Street titan can say no to slashing taxes, less regulation and a generally personable ear?

So less government, yes. Overthrow the government? Mob rule? Anarchy? No government at all? Not as much.

JPMorgan Chase & Co. and Citigroup Inc. announced that they are on hold on all PAC donations to Republicans and Democrats in the coming months. Other companies, including the Blue Cross Blue Shield insurance group and Marriott International Inc., said they would pause donations to Republican lawmakers protesting President-elect Joe Biden’s victory on electoral college after supporters of President Trump stormed the Capitol on Wednesday had. According to the Center for Responsive Politics, the PACs gave JPMorgan and Citigroup more money to federal candidates who are Republicans compared to Democrats.

Fortunately, some of them don’t need PAC money for a bank to continue funding their riot.

Goldman Sachs … suspends political donations and conducts “a thorough assessment of people’s behavior during this time.” / This assessment does not include a review of the investment bank’s relationship with one particular politician: Ted Cruz, whose wife Heidi Cruz serves as a director in the Goldman Sachs Houston office.

“Heidi is a precious member of our private wealth team, and we don’t judge any of our employees by their spouse or partner’s records,” Jake Siewert, spokesman for Goldman Sachs and former Clinton White House press secretary, told Forbes.

And anyway, these companies aren’t getting much for their GOP money these days.

The private equity industry’s hopes for a split government have been dashed, and the industry is now likely to face higher tax burdens and tighter oversight under the upcoming Congress. In Georgia, those bets didn’t pay off. Republican candidates David Perdue and Kelly Loeffler received approximately $ 674,000 and $ 496,000, respectively, from employees of private equity firms and investment firms as of December 26, according to the Center for Responsive Politics, a nonprofit that pursues money in politics. Messrs. Ossoff and Warnock received approximately $ 357,000 and $ 321,000, respectively.

Mr Purdue finished second in the campaign entries received by industry candidates in the 2020 races, behind only Mr Biden, while Ms. Loeffler finished ninth.

Capitol Riot is urging some major banks and corporations to stop political funding [WSJ]Big companies interrupt their political contributions. [NYT]How Goldman Sachs still indirectly supports Ted Cruz despite ceasing political donations [Forbes]Democratic control creates discomfort in private equity [WSJ]

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