J
Joe S.
Guest
QUOTE
Sept. 21 (Bloomberg) -- Dozens of corporate executives who backed President
George W. Bush for re-election in 2004, including some of his top
fund-raisers, are now helping Democrats running for president.
John Mack, chief executive officer of Morgan Stanley, Rupert Murdoch,
chairman of News Corp., and Terry Semel, chairman of Yahoo! Inc., are among
some 60 executives writing checks to Democrats such as Senators Hillary
Clinton of New York and Barack Obama of Illinois, a review of U.S. Federal
Election Commission records shows.
While the vast majority of business leaders still back Republicans for 2008,
the stature of some of those donating to Democrats suggests that support may
be eroding, seven years into the Bush presidency. Some executives expressed
concern over Republican positions on issues ranging from the war in Iraq and
stem-cell research to global warming and the fiscal deficit.
The shift in political-spending patterns is ``very unusual,'' says Fred
Wertheimer, president of Democracy 21, a Washington-based group that
advocates campaign-finance reform.
``Normally, if you have dissatisfaction with the administration, you figure
out who in your own party you'll support in the next election,'' he says.
``You don't look at other parties.''
The Democratic victory in last November's congressional elections may have
also sparked greater interest in the party. ``Money tends to follow people
who have power,'' Wertheimer says.
`Strong Asset'
Bush sounded unconcerned yesterday that he might adversely affect Republican
chances next year. Asked at a White House news conference if he were ``an
asset or liability'' to members of his party seeking election, he replied,
``Strong asset.''
Nonetheless, some of his strongest supporters are wavering -- or at least
hedging their bets.
Sig Rogich, president of Rogich Communications Group in Las Vegas, raised at
least $200,000 for Bush in 2004, earning the campaign's designation of
``Ranger.'' This year, Rogich gave $2,300 to Governor Bill Richardson of New
Mexico, a Democrat, and $4,600 to Senator John McCain of Arizona, a
Republican, according to the most recent election records, which go through
June 30.
``Conservatives have two hard-core beliefs,'' says Rogich. ``They favor
lower taxes and lower spending.'' Federal spending is ``the highest in the
history of the nation,'' he says.
Morgan Stanley's Mack, another of Bush's Rangers, held a fund-raiser for
Clinton, a New York senator, in July.
`Beyond Party Labels'
``When it comes to supporting a political candidate, I have always looked
beyond party labels to the person I felt was best for the job and most able
to lead the country forward,'' Mack wrote to executives of the New
York-based company in June, explaining his choice. ``I personally believe
that person is Hillary Clinton.''
Murdoch, who donated $25,000 to the Republican National Committee in 2004,
has given Clinton $2,300. Semel of Sunnyvale, California-based Yahoo!, who
gave $2,000 to Bush in 2004 and $50,000 to the Republican National
Committee, has given the maximum, $4,600, to Clinton and $2,300 to Obama.
The Republican National Committee says executives will continue to
overwhelmingly back the party, citing its candidates' stances on issues such
as cutting taxes and curbing lawsuits.
``We fully expect our nominee to have the resources to run a successful
campaign,'' says Dan Ronayne, a spokesman for the RNC.
Outdoing Republicans
Through the latest FEC reporting period, the three leading Democrats --
Clinton, Obama and former North Carolina Senator John Edwards -- out-raised
the three leading Republicans -- former Massachusetts Governor Mitt Romney,
former New York City Mayor Rudy Giuliani and McCain, $145.2 million to
$103.3 million.
Spokesmen for Romney and the latest Republican to enter the field, former
Senator Fred Thompson of Tennessee, say they're also confident of their
corporate backing.
``We're very happy with the level of giving from individuals in the private
sector,'' says Romney spokesman Eric Fehrnstrom. Among executives who have
donated to Romney are Richard Farmer, chairman of Cintas Corp. of
Cincinnati, the largest U.S. uniform supplier, and Ray Irani, chairman of
Los Angeles-based Occidental Petroleum Corp., the fourth-largest U.S. oil
company.
Spokesmen for Giuliani and McCain didn't return calls seeking comment.
Personal Choices
Mack, Murdoch and Semel declined to discuss their political choices. Tom
Nides, chief administrative officer for Morgan Stanley, agreed to read aloud
parts of Mack's letter.
Most of the executives declined requests to comment through spokesmen,
saying the donations reflect personal choices.
Jeffrey Volk, a managing director at Citigroup in New York, was an
exception. He says he grew disenchanted with Republicans after the federal
government failed to provide more help to the Gulf region after Hurricane
Katrina in 2005. He says he remains a Republican, although he's supporting
Clinton.
``It was absolutely inconceivable to me that after 9/11 another catastrophe
could hit a major American city, and the United States government was not
prepared,'' he says.
John Canning, a deputy board chairman of the Federal Reserve Bank in Chicago
and CEO of Madison Dearborn Partners LLC, expressed similar misgivings.
A Bush Pioneer in 2004 who has given Obama $2,300, he described the
Republican Party in an April interview as ``neanderthal'' for its positions
on stem-cell research and global warming. He says he liked Obama's
opposition to the war in Iraq and his approach to reducing greenhouse gases.
Not On `Same Page'
``I no longer find myself on the same page,'' he says of Republicans.
The Bush administration opposes more federal spending on human embryonic
stem-cell research. On global warming, the administration has been
criticized by scientists for a slow response to evidence of climate change.
Elaine Wynn, who has donated to Republicans in previous cycles along with
her husband, Steve Wynn, chairman and CEO of Wynn Resorts Ltd. in Las Vegas,
is serving as a member of the Obama campaign ``steering committee'' in
Nevada.
Wynn, whose husband is a trustee of former President George H.W. Bush's
presidential library, says she grew weary of two decades of leadership under
two President Bushes and President Bill Clinton, with the possibility of
another Clinton ahead.
`Two Families'
``That's a big chunk of my life overseen by two families,'' she says. ``I'd
like to think this is a broad country with more people to weigh in.''
She says she remains a Republican yet was attracted to Obama more by seeing
young adults drawn to him, rather than any disenchantment with the current
president.
``I jumped on their bandwagon,'' she says.
Gerald Keim, associate dean of MBA programs at Arizona State University who
has written extensively on corporate political activity, says executives
would have little to gain by discussing their political preferences because
shareholders and customers might not hold the same views.
``Most of this is very pragmatic,'' Keim says. ``This is about having
relationships so an executive can have a voice heard on issues that affect
the current or future operations of their companies.''
Number Will Grow
Keim says the number of Republican business leaders supporting Democrats
will ``absolutely grow as it becomes clear who the Democrat nominee is.''
Among others who have already given are Richard Kelly of Xcel Energy Inc. of
Minneapolis, who donated $1,000 to Bush last time and has given $2,000 to
Richardson. Raymond Mason of Legg Mason Inc. in Baltimore gave Bush $2,000
in the last cycle and Christopher Dodd of Connecticut, a Democrat and
chairman of the Senate Banking Committee, $2,300 this cycle.
Other former Rangers and Pioneers helping Democrats are Lance Weaver, vice
chairman of FIA Card Services, who gave $4,600 to Senator Joseph Biden of
Delaware, and Robert Congel, senior managing director of Pyramid Cos., who
gave Clinton $4,600. Neither responded to requests for an interview.
Richard Notebaert, who recently retired as CEO of Denver- based Qwest
Communications International Inc., contributed $25,000 to the Republican
National Committee in 2004 and thousands more to candidates in both parties.
This cycle, he has given Richardson and McCain $2,300 each.
He called Richardson ``a good man'' and McCain ``an outstanding individual''
but says it was still too early to choose sides.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=afaR_KaZJEds
END QUOTE
Sept. 21 (Bloomberg) -- Dozens of corporate executives who backed President
George W. Bush for re-election in 2004, including some of his top
fund-raisers, are now helping Democrats running for president.
John Mack, chief executive officer of Morgan Stanley, Rupert Murdoch,
chairman of News Corp., and Terry Semel, chairman of Yahoo! Inc., are among
some 60 executives writing checks to Democrats such as Senators Hillary
Clinton of New York and Barack Obama of Illinois, a review of U.S. Federal
Election Commission records shows.
While the vast majority of business leaders still back Republicans for 2008,
the stature of some of those donating to Democrats suggests that support may
be eroding, seven years into the Bush presidency. Some executives expressed
concern over Republican positions on issues ranging from the war in Iraq and
stem-cell research to global warming and the fiscal deficit.
The shift in political-spending patterns is ``very unusual,'' says Fred
Wertheimer, president of Democracy 21, a Washington-based group that
advocates campaign-finance reform.
``Normally, if you have dissatisfaction with the administration, you figure
out who in your own party you'll support in the next election,'' he says.
``You don't look at other parties.''
The Democratic victory in last November's congressional elections may have
also sparked greater interest in the party. ``Money tends to follow people
who have power,'' Wertheimer says.
`Strong Asset'
Bush sounded unconcerned yesterday that he might adversely affect Republican
chances next year. Asked at a White House news conference if he were ``an
asset or liability'' to members of his party seeking election, he replied,
``Strong asset.''
Nonetheless, some of his strongest supporters are wavering -- or at least
hedging their bets.
Sig Rogich, president of Rogich Communications Group in Las Vegas, raised at
least $200,000 for Bush in 2004, earning the campaign's designation of
``Ranger.'' This year, Rogich gave $2,300 to Governor Bill Richardson of New
Mexico, a Democrat, and $4,600 to Senator John McCain of Arizona, a
Republican, according to the most recent election records, which go through
June 30.
``Conservatives have two hard-core beliefs,'' says Rogich. ``They favor
lower taxes and lower spending.'' Federal spending is ``the highest in the
history of the nation,'' he says.
Morgan Stanley's Mack, another of Bush's Rangers, held a fund-raiser for
Clinton, a New York senator, in July.
`Beyond Party Labels'
``When it comes to supporting a political candidate, I have always looked
beyond party labels to the person I felt was best for the job and most able
to lead the country forward,'' Mack wrote to executives of the New
York-based company in June, explaining his choice. ``I personally believe
that person is Hillary Clinton.''
Murdoch, who donated $25,000 to the Republican National Committee in 2004,
has given Clinton $2,300. Semel of Sunnyvale, California-based Yahoo!, who
gave $2,000 to Bush in 2004 and $50,000 to the Republican National
Committee, has given the maximum, $4,600, to Clinton and $2,300 to Obama.
The Republican National Committee says executives will continue to
overwhelmingly back the party, citing its candidates' stances on issues such
as cutting taxes and curbing lawsuits.
``We fully expect our nominee to have the resources to run a successful
campaign,'' says Dan Ronayne, a spokesman for the RNC.
Outdoing Republicans
Through the latest FEC reporting period, the three leading Democrats --
Clinton, Obama and former North Carolina Senator John Edwards -- out-raised
the three leading Republicans -- former Massachusetts Governor Mitt Romney,
former New York City Mayor Rudy Giuliani and McCain, $145.2 million to
$103.3 million.
Spokesmen for Romney and the latest Republican to enter the field, former
Senator Fred Thompson of Tennessee, say they're also confident of their
corporate backing.
``We're very happy with the level of giving from individuals in the private
sector,'' says Romney spokesman Eric Fehrnstrom. Among executives who have
donated to Romney are Richard Farmer, chairman of Cintas Corp. of
Cincinnati, the largest U.S. uniform supplier, and Ray Irani, chairman of
Los Angeles-based Occidental Petroleum Corp., the fourth-largest U.S. oil
company.
Spokesmen for Giuliani and McCain didn't return calls seeking comment.
Personal Choices
Mack, Murdoch and Semel declined to discuss their political choices. Tom
Nides, chief administrative officer for Morgan Stanley, agreed to read aloud
parts of Mack's letter.
Most of the executives declined requests to comment through spokesmen,
saying the donations reflect personal choices.
Jeffrey Volk, a managing director at Citigroup in New York, was an
exception. He says he grew disenchanted with Republicans after the federal
government failed to provide more help to the Gulf region after Hurricane
Katrina in 2005. He says he remains a Republican, although he's supporting
Clinton.
``It was absolutely inconceivable to me that after 9/11 another catastrophe
could hit a major American city, and the United States government was not
prepared,'' he says.
John Canning, a deputy board chairman of the Federal Reserve Bank in Chicago
and CEO of Madison Dearborn Partners LLC, expressed similar misgivings.
A Bush Pioneer in 2004 who has given Obama $2,300, he described the
Republican Party in an April interview as ``neanderthal'' for its positions
on stem-cell research and global warming. He says he liked Obama's
opposition to the war in Iraq and his approach to reducing greenhouse gases.
Not On `Same Page'
``I no longer find myself on the same page,'' he says of Republicans.
The Bush administration opposes more federal spending on human embryonic
stem-cell research. On global warming, the administration has been
criticized by scientists for a slow response to evidence of climate change.
Elaine Wynn, who has donated to Republicans in previous cycles along with
her husband, Steve Wynn, chairman and CEO of Wynn Resorts Ltd. in Las Vegas,
is serving as a member of the Obama campaign ``steering committee'' in
Nevada.
Wynn, whose husband is a trustee of former President George H.W. Bush's
presidential library, says she grew weary of two decades of leadership under
two President Bushes and President Bill Clinton, with the possibility of
another Clinton ahead.
`Two Families'
``That's a big chunk of my life overseen by two families,'' she says. ``I'd
like to think this is a broad country with more people to weigh in.''
She says she remains a Republican yet was attracted to Obama more by seeing
young adults drawn to him, rather than any disenchantment with the current
president.
``I jumped on their bandwagon,'' she says.
Gerald Keim, associate dean of MBA programs at Arizona State University who
has written extensively on corporate political activity, says executives
would have little to gain by discussing their political preferences because
shareholders and customers might not hold the same views.
``Most of this is very pragmatic,'' Keim says. ``This is about having
relationships so an executive can have a voice heard on issues that affect
the current or future operations of their companies.''
Number Will Grow
Keim says the number of Republican business leaders supporting Democrats
will ``absolutely grow as it becomes clear who the Democrat nominee is.''
Among others who have already given are Richard Kelly of Xcel Energy Inc. of
Minneapolis, who donated $1,000 to Bush last time and has given $2,000 to
Richardson. Raymond Mason of Legg Mason Inc. in Baltimore gave Bush $2,000
in the last cycle and Christopher Dodd of Connecticut, a Democrat and
chairman of the Senate Banking Committee, $2,300 this cycle.
Other former Rangers and Pioneers helping Democrats are Lance Weaver, vice
chairman of FIA Card Services, who gave $4,600 to Senator Joseph Biden of
Delaware, and Robert Congel, senior managing director of Pyramid Cos., who
gave Clinton $4,600. Neither responded to requests for an interview.
Richard Notebaert, who recently retired as CEO of Denver- based Qwest
Communications International Inc., contributed $25,000 to the Republican
National Committee in 2004 and thousands more to candidates in both parties.
This cycle, he has given Richardson and McCain $2,300 each.
He called Richardson ``a good man'' and McCain ``an outstanding individual''
but says it was still too early to choose sides.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=afaR_KaZJEds
END QUOTE
