Friday, June 4, 2021

There Goes All of That Wall Street Money

 


Jamie Dimon is the public face of J.P. Morgan Chase & Company and this is a huge deal:

JPMorgan Chase & Co (JPM.N) will resume making political donations to U.S. lawmakers but will not give to Republican members of Congress who voted to overturn President Joe Biden's election victory, according to an internal memo on Friday seen by Reuters.

 The bank was among many corporations that paused political giving following the deadly Jan. 6 Capitol riots when supporters of former president Donald Trump tried to stop Congress from certifying the election.

 Just hours later, 147 Republicans, the vast majority of them in the House of Representatives, voted to overturn the Electoral College results which Trump falsely claimed were tainted by fraud.

 Following a review, the country's largest lender will this month resume giving through its Political Action Committee (PAC) but will continue its freeze on donations to a "handful" of the 147 lawmakers whom it had previously supported, the bank said.

Dimon was not really mentioned or named in the news release about this policy decision so I have to wonder if he had anything to do with it at all. He probably approved it, and I doubt very much that this means that a whole lot of the bank's money is going to be donated to re-electing Senator Elizabeth Warren. 

I can't stress this enough--this absolutely hurts a vast number of Republicans who are comfortable taking money from Wall Street. There are a number of them that are wallowing in Hate Money--cash that is donated specifically because someone or some entity hates Democrats. They are not going to survive watching corporate donations dry up. This is the lifeblood of establishment Republicans who don't want to go meet with the Goobers of the world and shake them down for five bucks a pop.

Other banks and financial institutions will follow. Corporate America will take notice. Again, this is a pretty effing big deal.

And, no. It's not the same things as the Jake Tapper Ban on these same Republicans. They can still go on local news, Fox News, the right wing hate channels, and everyone who is squishy about these things. Tapper's refusal to let a certain subset of Republicans come on his show is welcome, to be sure. You can still do a number of horrible things and continue to enjoy free access to the American public. The GOP is proof of that.

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