Trump: The corporate backlash

Business Daily

BBC

News, Business

4.4 • 796 Ratings

🗓️ 14 January 2021

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

Will it last and why have stock markets been shrugging off political developments? A slew of companies have cut off all funding to political parties in the wake of Trump-supporting mobs storming Capitol Hill after the President and other Republican politicians claimed the US election had been stolen. The list of firms who’ve halted funding through their political action committees - or PACs as they’re known - is long. JP Morgan Chase, Citigorup, Facebook, Microsoft, American Express, Morgan Stanley, the chemical company Dow, the hotel chain Marriott and the card company Hallmark which went a step further, admonishing their local senators. Manuela Saragosa speaks to Jason Karaian from the New York Times newspaper who says his paper has run an editorial calling on the country to look again at how corporate America funds the country’s politics. Plus Mohamed El Erian tells her why the share markets were unfazed by all of this.

(Picture: US President Donald Trump. Credit: BBC.)

Transcript

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0:00.0	Hello and welcome to Business Daily from the BBC with me, Manuel Saaragossa.
0:06.7	Coming up, as Donald Trump becomes the first American president to be impeached twice,
0:12.0	his Republican supporters in government face a backlash from the corporate sector.
0:16.2	It will be trickier for some representatives and senators who rely very heavily on corporate money
0:22.6	because there is this, you know, really stampede, you could say, of companies to announce
0:27.7	that they're putting a pause to their giving. But how long will the outrage last and why
0:34.3	America's financial markets are taking no notice.
0:40.5	I think the marketplace is like a surfer.
0:45.9	They see a massive wave, a massive liquidity wave caused by central bank.
0:48.4	It is extremely attractive.
0:53.1	They have no reason to believe that that wave is going to break anytime soon. That's all here on Business Daily from the BBC.
0:59.2	What does it take, politically speaking, to get corporate America really riled up?
1:05.0	Well, over the past week, we've had an answer.
1:07.8	Well, let us start by saying the business community must respond, must react.
1:13.5	Silence is no longer an option, honestly, in my view, because silence is assent.
1:20.2	Carly Fiorina there speaking on Bloomberg TV. She's a former CEO of Hewlett-Packard and herself,
1:26.2	a former Republican presidential candidate.
1:28.8	And she was, of course, referring to the slew of companies who've cut off all funding to political parties
1:34.2	in the wake of Trump-supporting Mob, storming Capitol Hill,
1:38.0	after the president and other Republican politicians claimed the U.S. election had been stolen.
1:44.0	The list of companies who've halted funding
1:45.9	through their political action committees, or PACs, as they're known, is long. J.P. Morgan Chase,
	...

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