For a long time, Republicans have relied on corporate political action committees to fund their campaigns, and financial services committees are particularly biased towards them. After all, can the Wall Street giants refuse to lower taxes, reduce regulation and general sympathy?
JPMorgan Chase & Co. and Citigroup Inc. stated that in the coming months they will suspend all PAC donations to the Republican and Democratic parties. Other companies, including Blue Cross Blue Shield Insurance Group and Marriott International Group, said they will suspend donations, after the electoral college who opposed President-elect Biden’s electoral victory, supporters of President Trump rushed into the Republican Congressman on Wednesday.. ….. Data from the Center for Responsive Politics show that JPMorgan Chase and Citigroup (PAC) provide more money to Republican federal candidates than Democrats.
Goldman Sachs… is suspending political donations and “doing a thorough evaluation of people’s behavior during this period.” / The evaluation will not include a review of the investment bank’s connection with a politician, especially: Ted Cruz (Ted Cruz), his wife Heidi Cruz (Heidi Cruz) is the general manager of Goldman Sachs’ Houston office.
Jake Siewert, a Goldman Sachs spokesperson and former Clinton White House press secretary, said: “Heidi is a valuable member of our private wealth team. We will not judge any of our employees based on the records of his spouse or partner.” Forbes.
Moreover, these companies Their Republican money did not explode too much these days.
The private equity industry’s long-term hopes of splitting the government have been dashed. Under the incoming Congress, the industry may now face higher tax bills and stricter supervision… In Georgia, these bets have not paid off. According to data from the non-profit research center that tracks political money, as of December 26, Republican candidates David Perdue and Kelly Loeffler were employees of private equity firms and investment firms. There were about 674,000 US dollars and 496,000 US dollars in income. Osov and Warnock received approximately 357,000 US dollars and 321,000 US dollars in income respectively.
Mr. Purdue ranked second in total campaign donations from the industry in the 2020 election, second only to Mr. Biden, and Ms. Loeffler ranked ninth.
Congressional riots prompted some major banks and companies to suspend political funding [WSJ]
Large companies suspend their political contributions. [NYT]
How did Goldman Sachs indirectly support Ted Cruz despite stopping political donations [Forbes]
Democratic control triggers uneasy private equity [WSJ]