Following in the footsteps of Marriott (NASDAQ:MAR), JPMorgan Chase (NYSE:JPM) and Citigroup (NYSE:C), a growing number of big businesses have decided to suspend or review their campaign donations in the wake of last week's riot at the U.S. Capitol. The storming led to five deaths, including one police officer, prompting many C-suite executives to take action. There is widespread anger in the business community at what they see as a challenge against any disruption in the "peaceful transition of power," or the democratic stability on which business depends. Pausing all political spending: American Airlines (NASDAQ:AAL), Archer Daniels Midland (NYSE:ADM), BlackRock (NYSE:BLK), Boston Scientific (NYSE:BSX), BP (NYSE:BP), Charles Schwab (NYSE:SCHW), ConocoPhillips (NYSE:COP), Facebook (NASDAQ:FB), Google (GOOG, GOOGL), Kroger (NYSE:KR), Marathon Oil (NYSE:MRO), Microsoft (NASDAQ:MSFT), Union Pacific (NYSE:UNP), U.S. Bancorp (NYSE:USB) and UPS (NYSE:UPS).
Suspending donations to Republicans who objected to electoral votes: Airbnb (NASDAQ:ABNB), Amazon (NASDAQ:AMZN), American Express (NYSE:AXP), AT&T (NYSE:T), Comcast (NASDAQ:CMCSA), Dow Inc. (NYSE:DOW), General Electric (NYSE:GE), Mastercard (NYSE:MA) and Verizon (NYSE:VZ).
Some statistics: In the 2020 election, Republican candidates and committees received a total of $205M in campaign donations from corporate PACs, according to the Center for Responsive Politics, while Democratic candidates and causes received $155M.
Thought bubble: This is not the period in the political cycle when candidates are out raising money. Since most PACs donate closer to presidential and legislative votes, it'll be interesting to see how much lasting pain Corporate America will inflict as the midterm elections approach in November 2022. (Thanks to Seeking Alpha)
Portfolio Return as of 05/20/22:
Since Biden was elected president with his declaration of war against fossil fuel production, the oil price has spiked from $60 a barrel to ...
Climate change activists are not just interested in reducing carbon emissions in order to "save the planet." Their underlying desi...
High-yield bonds are sending the stock market a warning sign. This is not a prediction, but a leading indicator. Just because it's happe...
There are numerous posts on this blog, and millions on other blogs and news sites, on the subject of what the rich do different, but it'...