Political Parties Get Early Holiday Gift from New York Corporations
Area Businesses Among Nation's Top Soft Money Contributions
WASHINGTON, Dec. 17 /PRNewswire/ -- Tis the season to give, and New York businesses gave plenty this year to political parties. During the 1997-98 election cycle, 52 New York businesses donated $9,712,265 in soft money, making New York corporations the largest donors in the nation, according to the Campaign Reform Project.*
Businesses headquartered in New York topping the list, with soft money contributions of $50,000 or more, include:
-- Philip Morris, $1,779,845;
-- American Telephone & Telegraph, $821,993;
-- RJR Nabisco, $701,422;
-- Bell Atlantic, $683,169;
-- Pfizer Inc., $516,550;
-- Travelers Group Inc., $488,579;
-- Bristol-Myers Squibb Co., $409,975;
-- Ernst & Young LLP, $361,066;
-- American International Group, $320,500
-- Metropolitan Life & Affiliated Co., $306,500;
-- Time Warner Inc., $271,000;
-- Paine Webber Inc, $241,500;
-- American Express Co., $213,250;
-- Bear, Stearns & Co., $191,000;
-- New York Life Insurance Co., $190,975;
-- Loews Corp., $190,250;
-- Price Waterhouse, $179,270;
-- Deloitte & Touche LLP, $156,025;
-- Revlon Group Inc., $150,000;
-- Chase Manhattan, $128,050;
-- Sony Corp., $114,965;
-- RGI Group, Inc., $100,000;
-- Morgan Stanley, Dean Witter & Co., $95,000;
-- Lehman Brothers Inc., $70,250;
-- Granite Broadcasting Corp., $70,000;
-- United Refining Co., $69,182;
-- Goldman, Sachs & Co., $58,250;
-- Harris Chemical Group, $55,000;
-- Asarco, $53,500; and
-- Trump Organization, $50,000.
"The American public is well aware that big contributions buy influence, not just access. And soft money is buying big influence. Let's face it, it's easier for corporations to have their opinions heard when they are accompanied by a big check," said Jerome Kohlberg, founder of the Campaign Reform Project.
In slightly more than 18 months of the current 24-month election cycle, the national political parties have raised more than $160 million in soft money. Corporations in the following cities together donated more than 14 percent of the money raised so far: New York, Washington, Atlanta, San Francisco, Houston, Los Angeles, Chicago, Dallas, Philadelphia, and Seattle.
An analysis by the Campaign Reform Project reveals new details behind the gross soft money figures. With the number of corporations donating $100,000 or more up by 62 percent from the 1993-94 cycle, businesses have upped the ante substantially. And, unlike the last mid-term election, a large majority of the money has gone to Republicans.
The analysis also identified the following emerging trends.
-- More corporations are making larger contributions. Seventeen companies donated more than $500,000 each, with Philip Morris Companies, Inc. giving the largest amount ($1,779,845).
-- Soft money is increasingly being raised in small amounts. In 1993-94, the parties received donations of $10,000 or less from 9,346 donors. This number has increased to 15,345 in this cycle.
-- The Republicans are winning the soft money race. Republicans have a 5 to 1 advantage on the number of small donors and a 2 to 1 advantage for donors giving more than $100,000.
-- Corporations that are subsidiaries of foreign companies have donated at least $3 million in soft money so far in this cycle.
-- Soft money contributions from individuals are divided evenly between the two parties.
-- Labor unions have contributed significantly less soft money in this cycle than in 1993-94. Labor organizations have given $3.5 million so far, nearly two-thirds less than they gave in the last mid-term election cycle.
The analysis is part of The Campaign Reform Project's educational efforts to draw attention to the need for campaign finance reform with particular emphasis on the business community. CRP's Business Advisory Council includes prominent business leaders committed to ending the current system of campaign financing.
* Findings are derived from a list of the nation's top 500 soft money contributors compiled by Public Disclosure, Inc. for the Campaign Reform Project. Additional information is available at CRP's Web site, www.campaign-reform.org.
The Campaign Reform Project is a nonprofit, nonpartisan, 501(c)(3) organization that focuses on revitalizing democracy through educational programs which draw attention to the need for campaign finance reform.
SOURCE Campaign Reform Project
CO: Campaign Reform Project |
