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business Wednesday 13 January 2021

Business grows skittish about Trump and GOP after riots

By JOSH BOAK, BRIAN SLO- to increase corporate tax-
DYSKO and TOM KRISHER es, a sign that they may not
Associated Press fully align with one political
WASHINGTON (AP) — Cor- party.
porate America is quickly What surprised some ethics
distancing itself from Presi- watchdogs was how quick-
dent Donald Trump and ly companies reacted by
his Republican allies, with suspending their donations.
many of the biggest names "It looks like it is sincere for
in business — Goldman many of the corporations,"
Sachs, Coca-Cola, Ford said Craig Holman, a cam-
and Comcast — suspend- paign finance expert with
ing political donations after Public Citizen, a liberal
a Trump-inspired mob ran- consumer advocacy orga-
sacked the U.S. Capitol in nization. "There was no big
a deadly and violent spree public push or pressure to
last Wednesday. get Marriott and others to
For now, the move is about announce they would no
affirming the rule of law longer make campaign
and the clear results of an contributions. They did it on
election that will elevate their own — they shocked
Democrat Joe Biden to everyone in the campaign
the presidency. But it also finance community."
signals that companies In this Feb. 8, 2019, file photo, the logo for Citigroup appears above a trading post on the floor of The response has not been
are growing skittish about the New York Stock Exchange. uniform by corporations.
lawmakers who backed Associated Press Dow, the chemical com-
Trump's false claims of count for just a small frac- opposing Biden's win. rally and urged them to pany, said it would suspend
election fraud, possibly de- tion of the overall fundrais- "Hallmark believes the march on the Capitol on contributions for the next
priving Republicans of pub- ing picture. peaceful transition of pow- Wednesday. two years to any member
lic backing from business Take Sen. Josh Hawley. The er is part of the bedrock Since then, technology of Congress who objected
groups who until recently Missouri Republican has of our democratic system, companies have de- to the certification of the
were the heart of the GOP's drawn widespread scorn, and we abhor violence of nied the use of services to electoral college. Airbnb
political brand. including from longtime any kind," Hallmark spokes- Trump's political operation. said it would also withhold
"This is spreading like wild- supporters and Senate Re- woman JiaoJiao Shen said The payments firm Stripe support to those lawmak-
fire," said Jeffrey Sonnen- publican leadership, for in a statement. has stopped processing ers. Some companies are
feld, a professor at Yale becoming the first sena- A PAC for the company donations for Trump cam- trying to avoid politics com-
University's management tor to announce he would has donated $7,000 to Mar- paign committees, accord- pletely in the aftermath of
school who consults with oppose the certification of shall, FEC records show. The ing to a person familiar with last week's riots. Citigroup
CEOs. "The U.S. business Biden's victory. company says it has also the matter who requested confirmed Sunday that it is
community has interests Since 2017, when he donated $5,000 to Hawley. anonymity because the pausing all federal political
fully in alignment with the launched his Senate bid, In many cases, though, decision hasn't been made donations for the first three
American public and not only about $754,000 of most companies are only public. The move could months of the year, includ-
with Trump's autocratic big- the $11.8 million he raised suspending their giving for cut off Trump's fundraising ing those to Democratic
oted wing of the GOP." came from corporate PACs several months, leaving arm from what has been a lawmakers.
Yet the pausing of dona- and trade groups. That ac- ample time to ramp up steady stream of small-dol- "We want you to be assured
tions announced by many counts for about 15% of his donations before the 2022 lar donations that are often that we will not support
companies — including total fundraising haul, ac- elections. solicited through emails candidates who do not re-
Marriott, American Express, cording to an analysis of "They are going into hiding and text messages. Stripe's spect the rule of law," said
AT&T, JPMorgan Chase, campaign finance disclo- until the news cycle moves decision was first reported a memo from Candi Wolff,
Dow, American Airlines and sures. on," said Erik Gordon, a by the Wall Street Journal. Citi's head of global gov-
others — was unlikely to de- What's more, Hawley law and business professor Shopify, an e-commerce ernment affairs. She added
liver a serious blow to Re- wasn't the biggest spender at the University of Michi- platform for merchants to that once the presidential
publicans in Congress who in his race. Outside con- gan. "They will be back sell goods, shut down the transition is completed, the
voted to overturn Biden's servative groups, including with their checkbooks, and Trump campaign's mer- country can "hopefully"
win. "These are symbolic those affiliated with Re- politicians who already are chandise website as well, emerge "from these events
pledges," said Sheila Krum- publican leadership, were gearing up for the 2022 as other tech companies stronger and more united."
holz, executive director the ones who dropped the congressional contests are including Twitter, Facebook The decision by Citigroup
of the Center for Respon- lion's share of money that waiting at the back door." and Amazon are putting and others to pause all
sive Politics, a nonpartisan helped him oust former Even if Trump sold himself to new restrictions on Trump's political contributions out-
group that traces the role Democratic Sen. Claire voters as a billionaire guru movement because of the raged some Democrats,
money plays in politics. "This McCaskill. Such groups are with a Midas-like grip on the violence. who said they were being
is just one source of reve- largely insulated from the economy, many business Leading business groups punished for violence that
nue and for some it's van- corporate donation pause. leaders had already quietly such as the National Asso- originated with Republi-
ishingly small, particularly in Still, greeting card maker backed away from a presi- ciation of Manufacturers, cans and left five people
the Senate." Hallmark went a step fur- dent who had cracked the Business Roundtable dead. "This is not a time to
Corporate-sponsored polit- ther than most companies. down on trade, inflamed and the U.S. Chamber of say both sides did it," said
ical action committees are The Kansas City-based racism, curtailed immigra- Commerce all condemned New York's Rep. Sean Ma-
limited to donating $5,000 company has asked both tion and failed to contain a the insurrection. Yet these loney on MSNBC. "What the
per candidate each year. Hawley and recently elect- deadly pandemic. same groups also worked in hell did the Democrats do
In races that often cost in- ed Kansas Sen. Roger Mar- But the rejection acceler- support of Trump's 2017 tax this week except stand up
cumbents millions of dol- shall to return its contribu- ated after he egged on cuts and will face a Biden for the Constitution and the
lars, such contributions ac- tions because of their votes a crowd at a Washington administration that wants rule of law?"q