VEA Vice Chair Nell Minow is quoted in this article about corporations withdrawing support for elected officials who supported or incited the attack on the Capitol.
In the past 48 hours, American Express, Marriott, Dow, Blue Cross Blue Shield Association, Morgan Stanley, Commerce Bank and others have suspended their donations to Republican lawmakers who objected to certifying the votes of the Electoral College. Deutsche Bank (DB) said it would no longer do business with the president.
This weekend, Apple, Google and Amazon effectively wiped conservative social network Parler off the internet. And, late last week, Facebook and Twitter, the president’s preferred disinformation platform, pulled the plug on him. Even more companies are reviewing their political contributions and putting donations to both parties on hold.
Many of their press releases frame the move as a defense of democracy and a commitment to their values. Donald Trump’s money faucet is getting turned off “It’s not a hard call for them,” says Tony Fratto, who served in the George W. Bush Treasury Department and now advises companies. “This is meaningful. These companies are saying we are not going to be there for you because your actions crossed this particular line — aid and comfort to an effort to overthrow an election.”
This boardroom backlash is the final act in the uneasy marriage between the Trump administration and American business. Enriched by his tax cuts, but irritated by his tariffs and embarrassed by his tone, company executives have struggled to stay out of his line-of-Twitter-fire. close dialog We read all day so you don’t have to.
Taken together, Corporate America has done more in the past 48 hours than in five years of the Trump campaign and presidency….”Whether companies are doing this because they are disgusted with the politicians or because they think their customers, employees, and investors are, that’s exactly how markets are supposed to work,” says corporate governance expert Nell Minow….”Corporate political contributions and lobbying expenditures are a massive distorting factor that erodes the credibility of our system of government.,” says governance expert Minow. “This is not the first time corporations have been embarrassed by their support. I hope, however, it is the beginning of more thoughtful and principled and transparent policies in the future.”No, big business hasn’t suddenly come to Jesus about Trump – CNN
HOWEVER — as noted on Daily Poster:
Name-brand companies have issued press releases about halting or reviewing the relatively small PAC donations to the lawmakers who egged on the mayhem. However, The Daily Poster contacted scores of companies linked to top SLF and CLF donors, and virtually none committed to taking steps to restrict top corporate officials from continuing to make far larger donations to the super PACs that bankroll congressional Republicans.
Halting PAC donations while doing nothing to stop corporate titans’ bigger super PAC donations is a head fake: The maneuver lets companies clean their reputations by pretending they are taking decisive actions to punish insurrectionist Republicans, even though they will not stop corporate officials from recapitalizing the slush fund that those lawmakers will rely on for reelection. And the vast majority of these companies do not publicly disclose if and when they make donations to dark money groups that also spend on elections.
The bait and switch is underscored by the data: SLF and CLF together raised more than $578 million to support Republican lawmakers in the 2020 election, while their affiliated dark money nonprofits, One Nation and American Action Network, spent another $50 million on unregulated TV ads, according to OpenSecrets.