Three Major Corporations Give Obama Cold Shoulder

Friday, 20 Jul 2012 11:13 AM

By Patrick Hobin

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Three major U.S. companies have not reciprocated President Barack Obama’s attention by declining to donate to his campaign, a collective snub that shows their contempt for his business policies and a reflection of his struggle to ingratiate himself with corporate America, the Washington Post reported.

Obama has shown support for the three commerce giants GE, Boeing, and JPMorgan by praising their leaders and pushing for policies that help the companies, the Post reported, including the $200 million stimulus package for GE, selling Boeing airplanes around the world and deciding against breaking up big banks after the financial crisis, of which JP Morgan is the biggest.

The leaders of the companies are not smitten with Obama’s anti-business rhetoric and policies and have not backed his proposals and their employees have dialed back their donations to his campaign as a result, the Post reported.

“I’ve gotten disturbed at some of the Democrats’ anti-business behavior, the attacks on work ethic and successful people,” JPMorgan head Jamie Dimon said in May on NBC’s “Meet the Press.” Dimon is a longtime Democrat and has spent millions of his company’s money lobbying against provisions of the Dodd-Frank overhaul of financial regulation, the Post reported.

Dimon has given more than $500,000 to Democrats over the past 20 years and $50,000 to Obama’s inaugural festivities, the Post reported. But this year Dimon has just given to two Democrats and two Republicans, including Senate Minority Leader Mitch McConnell of Kentucky.

“I would call myself a barely Democrat, at this point,” Dimon said in May, according to the Post.

Boeing chief executive W. James McNerney Jr. was outraged by the National Labor Relations Board’s bid to prevent Boeing from creating a non-union plant in South Carolina.

McNerney has also accused the Food and Drug Administration and the Environmental Protection Agency of having an attitude of “guilty until proven innocent” in their oversight of companies, according to the Post.

And GE chief executive Jeffrey Immelt shares many of the concerns of the other chief executives, the Post reported, even as he is in the role of chairman of Obama’s Council on Jobs and Competitiveness, a group which advises Obama on job creation.

Immelt’s employees are making their preferences known in the form of campaign support, with donations to Republican nominee Mitt Romney tallying $135,450 so far to Obama’s $38,032. That’s a reverse from 2008 when GE employees supported Obama with $530,000 to Sen. John McCain’s $102,000, according to the Post.

Dimon, McNerney and Immelt have yet to give campaign contributions directly to a presidential candidate this year, the Post reported.

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