Political Ads Off Limits, Goldman Promises

[onehandle]

Source: New York Times

Facing pressure from critics of Wall Street to limit its role in elections, Goldman Sachs has pledged not to spend any of its vast corporate reserves on political advertising.

The move was an unexpected sign of restraint after a major Supreme Court ruling this year that gave corporations the power to devote unlimited amounts to electing or defeating candidates for federal office.

The investment bank quietly revised its statement on political activities on its Web site last week, adding a sentence addressing the powers that were granted under the Supreme Court decision in January, known as Citizens United v. Federal Election Commission. “Goldman Sachs also does not spend corporate funds directly on electioneering communications,” the firm said in its statement. Those communications are generally interpreted to mean advertisements on radio and television broadcasts in the run-up to an election.

The decision came after weeks of talks with the New York City public advocate, Bill de Blasio, who has lobbied for greater transparency from companies seeking to sway the outcome of elections.



Read more: http://www.nytimes.com/2010/08/03/nyregion/03goldman.html

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That guy looks a little like my father-in-law. I wish it was him. We could use the money.

[MineralMan]

1. In a country as evenly-divided politically as the USA,

corporations need to think long and hard before taking partisan positions on candidates. Target Corp. is learning that lesson right now, and seems surprised at what they're finding out.

It's a stupid move. As my father, who owned a small business, told me once, "Politics and religion have no place in business. Whatever position you take, you'll offend some of your customers. Offending customers is stupid."

[Blue_Tires]

6. there are too many ways to hide money/donations

they only do it in public when they want to make a statement

[nyy1998]

7. was there anything new on the Target story?

I haven't heard anything since the initial story(although I did get a MoveOn email about it).

[MineralMan]

8. Not a lot, but it's gone national now, and people are beginning to

respond in larger numbers.

[nyy1998]

9. Ok, well hopefully it could lead to something positive from Target

Fingers crossed

[uberblonde]

2. "Directly"?

No, they'll donate the money to a PAC, which in turn will pay for the ads.

[russspeakeasy]

3. They promised? Oh well, then everything should be fine...

[tom_paine]

4. Well, then, I guess astroturfing and money laundering will be the order of the day.

Seriously, is anyone unconscious enough to believe a promise like that coming from an institution like Gold Sacks?

Answer: yes...millions of people. Perhaps a majority of us. Perhaps a vast majority of us.

And that is why human history hasn't changed for the last 6000 years. One reason, anyway.

[saigon68]

5. Insightful