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CEOs Say No Donations For Incumbents

CEOs Say No Donations For Incumbents

 

What happens when big business dollars dry up in Washington?  We’re about to find out, as Starbucks CEO Howard Schultz leads 100 CEOs in a pact to refuse to donate to politicians until they stop the partisan gridlock.

According to CNN, Shultz isn’t planning to just stop at businessmen and women, either:

“All it seems people are interested in is re-election,” Schultz told CNNMoney last week. “And that re-election — the lifeblood of it is fundraising.”

While Schultz’s original appeal was to CEOs, he hopes that everyday Americans will join in.

“This is just the beginning of what I think is going to be a groundswell of support to hold back contributions,” he said Tuesday.

So who’s involved so far in the pledge to just say no?  Politico reports that Tim Armstrong, the chairman and CEO of AOL; Mickey Drexler, the chairman and CEO of J. Crew Group; Bill Campbell, the chairman of Intuit; Duncan Niederauer, the CEO of NYSE Euronext; and billionaire investor Pete Peterson are all publicly ready to close their wallets and more may be getting ready to do the same.

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45 comments

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9:43PM PDT on Aug 29, 2011

Koch is one of the mega corps funding the gridlock and other smarmy business. Its going to take more than 100 of them to challenge that monster, but I wish them all the luck.

7:12AM PDT on Aug 29, 2011

lets hope this grows. something tells me it wont.

7:19PM PDT on Aug 27, 2011

If they want to run they should finance their own lies.

2:14PM PDT on Aug 27, 2011

Term limits and public financing for all politicians. It's the ONLY way we'll ever get our democracy back. While Schultz's idea is a good one, but I think there are just too many powerful and greedy corporations that have taken over our country and I doubt they will be willing to give up their ability to buy politician's favors.

12:35AM PDT on Aug 27, 2011

Hope this movement takes hold. If they don't have the money, then they can't get re-elected. Nice payback for trashing the economy last month. We have got to stop this gridlock stupidity, and really start thinking before we vote in group of clowns to our government (Tea Party). Another election like the last one, and we will all be living in caves and rubbing two sticks together to make a fire. Save America from Tea Party stupidity, vote Democratic!

7:34PM PDT on Aug 26, 2011

Maybe this is a first step. I will be interested to see where this leads. I am cautiously optimistic.

5:43PM PDT on Aug 26, 2011

Good for them; I hope this really catches on. Money will be the death of our democracy yet.

5:32PM PDT on Aug 26, 2011

YES PLEASE ! STOP CONTRIBUTING $$ TO GREEDY INCUMBENTS.

5:32PM PDT on Aug 26, 2011

Surprise, Surprise!! The wealthy find another way to exert their power, the country be damned. Nice to know we're all in this together. So much for democracy. Hopefully we'll see the error of our ways and run things the way they like. In case no one told them, representatives represent constituents, maybe we shouldn't have differing points of view.

4:53PM PDT on Aug 26, 2011

It's funny how excited some people get over empty, symbolic and futile posturing. There is more money flowing into these elections than ever before. Shultz can grandstand all he wants, but it has no real effect.

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