Republicans have lengthy relied on company political motion committees to assist fund their campaigns, and people within the monetary providers sector have been notably a fan of them. After all, what Wall Street titan can say no to decrease taxes, much less regulation and a usually sympathetic ear?
JPMorgan Chase & Co. and Citigroup Inc. mentioned they’re pausing all PAC donations to Republicans and Democrats within the coming months. Other corporations, together with the Blue Cross Blue Shield insurance coverage group and Marriott International Inc., mentioned they might pause donations to Republican lawmakers who objected to President-elect Joe Biden’s Electoral College win after supporters of President Trump stormed the Capitol on Wednesday…. The JPMorgan and Citigroup PACs each gave extra money to federal candidates who’re Republicans in comparison with Democrats, based on the Center for Responsive Politics.
Goldman Sachs… is suspending political donations and conducting “a thorough assessment of how people acted during this period.”/That evaluation won’t embrace reviewing the funding financial institution’s ties to 1 politician specifically: Ted Cruz, whose spouse, Heidi Cruz, serves as a managing director in Goldman Sachs’ Houston workplace.
“Heidi is a valuable member of our private wealth team, and we don’t judge any of our employees by the records of their spouses or partners,” Goldman Sachs spokesperson and former Clinton White House press secretary Jake Siewert tells Forbes.
And, anyway, these corporations aren’t getting much bang for their G.O.P. buck lately.
The private-equity trade’s standing hopes for a divided authorities have been dashed, and the trade is now prone to face a better tax invoice and stricter oversight under the incoming Congress…. In Georgia, these bets didn’t repay. Republican candidates David Perdue and Kelly Loeffler acquired round $674,000 and $496,000 from workers of private-equity and funding corporations, respectively, as of Dec. 26, based on the Center for Responsive Politics, a nonprofit that tracks cash in politics. Messrs. Ossoff and Warnock acquired about $357,000 and $321,000, respectively.
Mr. Purdue ranked second within the quantity of marketing campaign contributions candidates acquired from the trade within the 2020 races, behind solely Mr. Biden, whereas Ms. Loeffler ranked ninth.
Capitol Riot Prompts Some Big Banks and Companies to Pause Political Funding [WSJ]
Big companies pause their political contributions. [NYT]
How Goldman Sachs Is Still Indirectly Supporting Ted Cruz Despite Stopping Political Donations [Forbes]
Democratic Control Sparks Unease in Private Equity [WSJ]