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CCV - Churchill Capital V News Story

$10.12 -0.1  -0.8%

Last Trade - 09/04/21

Sector
Financials
Size
Mid Cap
Market Cap £507.6m
Enterprise Value £506.5m
Revenue £n/a
Position in Universe 3199th / 6827

Big U.S. companies slash donations to politicians after Trump election challenge

Sun 21st February, 2021 1:25am
WASHINGTON, Feb 20 (Reuters) - Ten U.S. corporations slashed donations to candidates seeking federal office by more than 90% in January, after pledging to cut off giving to the Republicans who supported former President Donald Trump's attempt to overturn his election defeat. None of the political action committees of 10 major companies reviewed by Reuters, including Microsoft Corp MSFT.O , Walmart Inc WMT.N , AT&T Inc T.N and Comcast Corp CMCSA.O , donated to any of the 147 congressional Republicans who voted to support Trump's claims just hours after his supporters launched a deadly assault on the U.S. Capitol. Disclosures to the Federal Election Commission ahead of a Saturday filing deadline showed the group of corporate PACs affiliated with those 10 companies made $13,000 in new donations to candidates in January. The reports were the first by the PACs to detail contributions made since the Jan. 6 Capitol attack. The money donated during the month was less than one-tenth the roughly $190,000 the 10 company PACs gave candidates in January 2017, and tiny relative to the roughly $10 million donated to candidates during the 2019-2020 election season. The 147 lawmakers who voted to overturn President Joe Biden's victory had received more than $2 million from those 10 PACs during the last two-year political cycle. urn:newsml:reuters.com:*:nL4N2JM3DX urn:newsml:reuters.com:*:nL1N2JM1LB Only committees tied to two of the companies - General Electric Co GE.N and American Express Co AXP.N - reported any new giving to federal candidates in January. American Express' PAC gave $5,000 to Republican Senator John Thune of South Dakota, while GE's gave $5,000 to Representative Adam Kinzinger of Illinois, a prominent Republican Trump critic, and $1,000 to Representative Rick Larsen of Washington, a Democrat. Political giving usually slows down in the months after a U.S. general election and money from corporate political action committees is a small slice of the funds raised by political campaigns. But the paucity of corporate-affiliated giving in January points to a slower start in one corner of political finance ahead of the 2022 midterm elections. Corporate PACs cannot donate money from the company treasury but generally serve as a conduit for contributions from managers and shareholders. Committees affiliated with Best Buy BBY.N , State Street Corp STT.N , Dow Inc DOW.N and Nike Inc NKE.N did not report new donations to any candidates in January. While more than a thousand PACs are associated with corporate America, the 10 reviewed by Reuters include major companies which made clear public statements that they would throttle back donations following the Jan. 6 Capitol attack. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ FACTBOX-U.S. companies suspend political donations after Capitol attack urn:newsml:reuters.com:*:nL4N2JM3DX ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Jason Lange; Editing by Scott Malone and Richard Chang) ((jason.lange@thomsonreuters.com; +1 202 310 5487; Twitter @langejason; Reuters Messaging: jason.lange.thomsonreuters.com@reuters.net))
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