Banks join Marriott in halting political contributions after Capitol riot

Citigroup, Goldman Sachs, Chase reviewing campaign donation policies

National /
Jan.January 11, 2021 09:33 AM
From left: Donald Trump, Goldman Sachs’ David Solomon and Marriott CEO Arne Sorensen (Getty)

From left: Donald Trump, Goldman Sachs’ David Solomon and Marriott CEO Arne Sorensen (Getty)

In the wake of last week’s violence at the U.S. Capitol Building, corporations are thinking twice about funneling money to political candidates.

Marriott International was the first big company to announce it would cut off campaign contributions to politicians who did not vote to certify President-elect Joe Biden’s win in the presidential election, as was first reported by the newsletter Popular Information. The hotel chain had previously donated a total of $2,000 to entities associated with Missouri Sen. Josh Hawley, who contested the Electoral College results.

Major financial institutions soon followed suit: Goldman Sachs, Citigroup, JPMorgan Chase and Morgan Stanley announced they are suspending or reviewing their policies for political contributions, according to Bloomberg News. While some have instituted a blanket pause on donations to candidates, Goldman specified that its updated policies may target politicians who challenged the results of the 2020 election.

Similar actions have yet to be taken by the real estate industry, whose major players typically funnel millions of dollars to political campaigns.

In the lead-up to the 2020 election, Blackstone chairman Stephen Schwarzman donated $3 million to America First, a PAC that supports President Donald Trump, while the company’s CEO, Jonathan Gray, donated more than $1 million to Biden and other Democrats. Related Companies chairman Stephen Ross and CEO Jeff Blau each donated thousands of dollars to Senate Republicans.

But some of those same industry players swiftly condemned the violence at the Capitol and Trump’s role in inciting it.

“The insurrection that followed the President’s remarks [Wednesday] is appalling and an affront to the democratic values we hold dear as Americans,” Schwarzman said in a statement. “I am shocked and horrified by this mob’s attempt to undermine our Constitution. As I said in November, the outcome of the election is very clear and there must be a peaceful transition of power.”

[Popular Information, Bloomberg] — Amy Plitt






    Related Articles

    arrow_forward_ios
    President-elect Joe Biden's relief plan focuses on the coronavirus and opening schools. (Getty)

    Biden’s $1.9T package would extend eviction ban, boost rent relief

    Biden’s $1.9T package would extend eviction ban, boost rent relief
    House republicans Kevin McCarthy, Blaine Luetkemeyer and Steve Scalise have all received more than $100,000 from real estate PAC donations. (Getty)

    Real estate trade groups reconsider donations after Capitol unrest

    Real estate trade groups reconsider donations after Capitol unrest
    Ray McGuire photographed by Axel Dupeux.

    The Closing: Ray McGuire

    The Closing: Ray McGuire
    Airbnb Brain Chesky and President-elect Joe Biden (Getty)

    Airbnb cancels all DC-area bookings for inauguration week

    Airbnb cancels all DC-area bookings for inauguration week
    Walmart suspends political contributions to GOP lawmakers who opposed President-elect Joe Biden’s election certification (iStock; Getty)

    Walmart cuts off cash to pols who opposed election certification

    Walmart cuts off cash to pols who opposed election certification
    President Donald Trump (Getty)

    Banks, business partners cut Trump Org ties after Capitol attacks

    Banks, business partners cut Trump Org ties after Capitol attacks
    From left: Sen. Roger Marshall, Sen. Josh Hawley, Sen. John Kennedy, Sen. Ted Cruz and Senator Cindy Hyde-Smith (Getty, iStock)

    National Association of Realtors among biggest donors to “sedition caucus”

    National Association of Realtors among biggest donors to “sedition caucus”
    JLL CEO Christian Ulbrich, Trump International Hotel in Washington DC and Donald Trump (Getty; Trump Hotels)

    JLL backs out of selling Trump’s DC hotel

    JLL backs out of selling Trump’s DC hotel
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...