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Axios Re:Cap

Jeffrey Sonnenfeld says corporate bans on political donations will remain

Axios Re:Cap

Axios

Daily News, News

4.5705 Ratings

🗓️ 23 February 2021

⏱️ 15 minutes

🧾️ Download transcript

Summary

Many companies last month stopped making political donations, particularly to members of Congress who voted against certifying the presidential election results, with the movement owing much to a CEO meeting held just hours before the Capitol insurrection. Dan talks with Yale School of Management's Jeffrey Sonnenfeld, who convened that gathering and says CEOs are standing firm.‪

Transcript

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0:00.0

Hi, I'm Dan Pramak and welcome to Axios Recap.

0:06.0

Today's Tuesday, February 23rd.

0:08.0

U.S. COVID deaths are up past half a million.

0:12.0

Tech stocks keep going down and we're focused on corporate America's soured relationship with politicians.

0:20.0

Google yesterday announced it will resume accepting political advertisements this Wednesday. relationship with politicians.

0:20.9

Google yesterday announced it will resume accepting political advertisements this Wednesday

0:25.5

on all of its platforms, including search and YouTube.

0:29.1

This comes about five weeks after it banned such ads in the aftermath of the Capitol

0:33.0

Hill insurrection.

0:34.8

Why it matters isn't because there's all sorts of political advertising right now.

0:38.4

There isn't, given where we are in the election cycle. Instead, it matters because Google

0:43.4

might be on the leading edge of all sorts of companies that backed away from politics

0:48.4

last month, but might slowly slink back. The most obvious comp here is Facebook, which also banned political ads and

0:56.0

so far as sticking with it. But there also is a much larger list of companies that publicly

1:01.2

decided to stop making donations to federal politicians, really seeming to reexamine

1:06.3

whether it was a proper use of resources. Again, this is giving donations instead of accepting ads,

1:11.8

but it was a similar thought process. And some of those companies specifically said they'd

1:16.8

stop giving just to those who oppose certification of the presidential results. Others said

1:22.0

they'd stop donating altogether. Now, a lot of these corporate decisions came after a series of

1:27.2

hastily called CEO conversations, convened by Jeffrey Sondonfeld, a lot of these corporate decisions came after a series of hastily called CEO conversations

1:29.3

convened by Jeffrey Sondonfeld, a Yale School of Management professor.

1:33.3

One attendee told me afterwards that the amount of anger directed at the senators who oppose certification

...

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