The Giant Corporate Giant Slush Fund Bankrolling the Extremist GOP
Corporations are being lauded for halting PAC donations to the Republicans after the Capitol riot — but they are not shutting down the $500 million pool of cash that bankrolled authoritarian extremists.
Senate majority leader Mitch McConnell speaks as House minority leader Kevin McCarthy and President Donald Trump listen during a signing ceremony for the CARES Act in the Oval Office of the White House on March 27, 2020 in Washington, DC. (Erin Schaff-Pool / Getty Images)
In response to the violent insurrection at the US Capitol, the Charles Schwab Corporation yesterday announced it will shut down its political action committee, which gave less than a quarter million dollars to Republican lawmakers in 2020.
“In light of a divided political climate and an increase in attacks on those participating in the political process,” the company said, “we believe a clear and apolitical position is in the best interest of our clients, employees, stockholders and the communities in which we operate.”
While the news generated headlines, the company did not respond to questions from the Daily Poster about whether it will review or try to restrict the much larger political contributions made by the company’s billionaire chairman Charles Schwab.
This article is for subscribers only. Please login or subscribe to access our full archives and beautiful print and digital magazine starting at just $3 a month.